Study On Environmental Information Disclosure Of Listed Companies

Environmental informations include environmental risk, the environmental impact, environmental policy, environmental objectives, environmental costs,environmental debt and environmental performance. Environmental disclosure refers to influence the company listed company production and business operation related environmental policy, environmental costs and environmental risk, environmental liabilities performance of many aspects, such as information, through specific methods, to the general public and the public disclosure for investors. This concept originated in the early 1970s, the social accounting in the middle of 1980s, is one of the social responsibility report part. In China, the environment information disclosed in 1996 and not before due attention, disclosure quality is poorer; From 1996 to 2002 environmental information disclosure model mature gradually, the disclosure of which quality improved; Since 2002, China's environmental disclosure behavior has entered a new stage of try to explore.As a reflect forms of environmental information in listed companies for environmental economic accounting and environmental management control.Compared to other information that is disclosed, its characteristic is mainly integrated, commercial and generalization. A listed company shall disclose the environment information in follow a special standards, namely usefulness, relevance, comparability, reliability and difference. When the disclosure rules shall also execute differentiation. At present the environmental disclosure forms, mainly has currency unit environmental accounting books, the monetary unit of the environmental accounting books and comprehensive environmental accounting books these three. Effective environmental information disclosure, the environmental performance of listed companies is to evaluate the foundation, is the internal and external stakeholders are correct and timely an important basis for decision-making, which is beneficial to the company set up the good public image.The theoretical explanations of Environmental Information Disclosure in Listed Companies include a voluntary disclosure environmental information and mandatory disclosure. First, voluntary disclosure refers to appear on the market company from their own interests and value orientation consideration, to the outside of the active disclosure environmental information a revelation means. Explain the listed company voluntary disclosure of environmental information theory mainly has: behavior, CSR agency theory and the theory of enterprise voluntary disclosure theory. These theories is a complementary relationship between, not completely opposing relationship. For listed companies in the environment information voluntary disclosure motivations research is still in the early stage. Overall the reason is divided into three categories: admiral, namely, external pressure, social responsibility and market factors. Secondly, the listed company mandatory disclosure environmental information, it is the disclosure of environmental information in listed companies in accordance with the unified standard requirements of national legislature and the functions of the government sector by formulating the environment information disclosed the normative documents. Its theoretical basis is the information asymmetry theory, from evade risk of adverse selection and moral hazard two explanations for the mandatory disclosure is necessary. Listed companies reluctant to disclose the relevant environmental information, there are three main reasons, namely environmental awareness, operating pressure and listed company self protection. Among them, the listed company self insurance is reluctant to the main cause of environmental information disclosure.In order to the analysis of the theory and practice, the author selected combined 32 home chongqing listed company as sample, to made empirical research about the disclosure of information in listed companies environment. Among them, the environment information disclosure prospectus mainly embodied in "risk factors and countermeasures" and "to raise funds use"; The annual report of listed companies, the main environmental information disclosure of the board of directors is important matters of the report, and the three accounting statements of the related environmental information disclosure project are analyzed and summed up. Through empirical analysis, the author summarizes the main characteristics of the environment information disclose in listed company: covers listed company growing, the proportion of environment information release in various professions difference, between the environment information release content choice has obvious interest preference, environmental disclosure forms in accordance with international examples. Meanwhile,the current environmental information disclosure listed company also exist deficiencies in the following aspects, namely, the listed company environment information disclosure system standard are not perfect; Publicly traded companies to disclose the motivation of environmental information are "reiterated the phenomenon of operation" lightly; Listed companies the scope of environment information release without realizing full coverage; Listed companies the content of the environment information release cannot be fully realized disclosure purpose; Publicly traded companies to disclose information in time in the environment lack of continuity; Listed companies the quality of the environment information disclosed without independent third party evaluation; the form of Listed companies environment information are too scattered.To improve the listed company environment information disclosure system, we first need to unify environmental accounting system,perfect environment information system and establish environment audit report system.