Study On The Level Of Environmental Information Disclosure, Environmental Performance And Financial Performance Of Manufacturing Industry Listed Companies

Environmental pollution is becoming severer in China, the national solid waste is nearly8billion tons, occupies and destroys more than330000acres land, which caused serious pollution of water resources. Although the problem of environmental pollution has caused attention of government and society, most listed corporations still blindly pursue economic interests; regardless of the environment pollution threats to human, and with poor environmental performance. The environmental laws and regulation systems have not been established in our country, many laws and regulations are of the blind spots to the enterprise environment supervision. Many companies haven’t really improved environmental performance in practice. At the same time, there also exist many problems in the environmental information disclosure, and different listed corporation’s environmental information lack comparability, environmental information disclosure is lack of a perfect system. Based on the above background, clarifying the relationship between environmental information disclosure, environmental performance and financial performance is so significant to improve the information disclosure system and promote the enterprises to improve environmental performance.This paper is divided into five parts. The first part mainly introduces the research background, research significance, review of existing research results, and summaries about the research ideas and research methods, and put forward the innovation and deficiency of this paper. The second part is basic research. The author mainly discusses the basic theories of environmental information disclosure, environmental performance and financial performance, defines the relevant concepts, and lists the laws and regulations of environmental. The third part is the action mechanism and current situation of the level of environmental information disclosure and environmental performance and financial performance, analyzing the action mechanism between the three variables, and the current situation of the level of environmental information disclosure and environmental performance. The fourth part is empirical research. The author selects a sample of enterprises and related variables, making descriptive statistical analysis of the level of environmental information disclosure and environmental performance, using Eviews software to carry out regression analysis of equations model. The results show that, the environmental performance and financial performance have significant forward direction on the environmental information disclosure, environmental information disclosure has significant forward direction on environmental performance, and environmental information disclosure has forward direction on financial performance. The fifth part summarizes the conclusion of this paper, puts forward policy suggestions according to the study results and prospects the future study direction.The innovations and features of this paper are that researches on environmental problems existing in China mainly focus on the basic theories of environmental accounting, influencing factors of the environmental disclosure and construction evaluation system of environmental performance, and lack of the researches of the relations of the three variables. This paper describes the mechanism of action on the three variables combined with the sustainable development theory, resource dependence theory, accountability theory and information asymmetry theory. The author constructs the level of environmental information disclosure and environmental performance indicators on the basis of relevant theories. Based on the Shanghai A stock manufacturing listed Corporations, combined with the specific data during2009-2011, the author gets the relationship about the environmental information disclosure, environmental performance and financial performance according to the correlation analysis, then puts forward to the policy recommendations. This paper is helpful to find problems of environmental information disclosure, in order to provide the basis of promote environmental information disclosure and improve environmental performance, thus speeds up the implementation of the environmental protection work.