Study On Environmental Regulation On China’s Environmental Information Disclosure Of Listed Companies

With the rapid development of our country’s economy, the environment pollution problem increasingly outstanding, not only affects people’s quality of life, and living conditions have also been a certain threat. To this end, the Chinese government more and more committed to environmental protection problems, a series of environmental laws and regulations as well as the environmental information disclosure requirements have issued. With the development of China’s ecological civilization and social democratization, environmental information disclosure has become a new trend for the sustainable development of social economy. Environmental information disclosure of listed companies in China’s legislation and implementation has to a certain extent, the success, but in the specification of environmental information disclosure of listed companies and regulatory still needs further perfecting. The understanding of the environmental information disclosure of listed companies make the public more effectively and to participate in the activities of environmental supervision. Since1990s, China’s listed companies voluntarily to increase the proportion of environmental information disclosure, many enterprises have the content of disclosure is beyond the scope required by the law.In this context, this study present situation of environmental information disclosure of listed companies in China, in2006-2011Shanghai and shenzhen two city in China metal industry listed companies as samples, studied the implementation of the environmental information disclosure system and the impact of environmental regulation intensity of environmental information disclosure. First of all, on the information asymmetry theory, stakeholder theory, principal-agent theory, signaling theory and corporate social responsibility theory related theory as the theoretical basis, and factor of influence for domestic and foreign scholars in the environmental information disclosure reviewed literature, combined with the characteristic of the research background, find the breakthrough point of the research, put forward the research hypothesis. Then to empirical test of the sample company data, and the regression results for robustness tests, to rule out the old and new criteria of the influence of different the comparability of accounting data, through empirical analysis found that:the company features in the company’s scale, financial risk, growth ability and profitability for the company’s environment have significant influence on the disclosure of information; Environmental information disclosure system and implementing environmental regulation intensity of environmental information disclosed exists significant influence. At last combined with the research conclusion and the present situation of environmental information disclosure, respectively, for the government, the public and listed companies targeted Suggestions are put forward. And points out the deficiencies and future research prospects in this paper.