Research On Legal Regulaiton Of Environmental Information Disclosure Of Listed Companies

The eighteenth National Congress of the CPC proposed to build a beautifulChina, established a new goal for the ecological construction and the environmentalprotection. Environmental problem is a worldwide problem, solving this problemnot only requires the national legislation on decision-making guidelines in themacroscopic，but also needing the countries’ securities regulation and insurance onsupervision of capital market in the microcosmic. As more and more seriousenvironmental problems restricted the economic development and social progress,sustainable development has become the only path chosen by the world. In order tosolve the contradiction between economic development and environmental pollution,it is necessary to establish and perfect the system of information disclosure of listingCorporation environment to protect benefit of the investors and stakeholders.Domestic and foreign scholars from the perspective of law on environmentalinformation disclosure research gradually increased, related theories include socialresponsibility theory, information asymmetry theory, environmental right theory andstakeholder theory. All of these theories from different angles support the rationalityof the establishment of environmental information disclosure system.Due to earlier process on economic development, The developed countriessuch as America, Europe, Japan and others are facing environmental problems, how toprotect environment in the development of economy，the developed countries haveexplored suitable to their own national conditions.And the establishment of the listingCorporation of environmental information disclosure system have received attentionin these countries, which has accumulated many successful experiences for reference.China should conclude these valuable experience, integrate to the relevant provisionsof laws and regulations in the amendments, and establish the system of environmentalinformation disclosure for listing Corporation in China. At the same time, becauseunexpected events have the feature of sudden, harmfulness, urgency and uncertainty,environmental information disclosure of listing Corporation have more stringentrulesTo improve the listing Corporation environmental information disclosure system,the system needs to establish mandatory disclosure and voluntary disclosure ofinformation combination; to establish a system of legal liability of combining punishment with Leniency; to set up the third party review mechanism; to establish ascientific and reasonable rating system and the environmental report system.