Research On Retraining Factors And Internal Dynamics Of Corporate Environmental Disclosure

Along with the increasingly serious environmental pollution,great attentions have been paid to the environmental protection by the government, the public,corporations and economists. To fully grasp of the corporate environmental information is the important prerequisite and guarantee for scientific formulation of environmental protection policy.The paper analyzes the influences of corporate environmental disclosure from three aspects, including Fiduciary duty theory, Stakeholder theory and Cost management theory. According to different mechanisms of action, the influences consist of restraining factors and internal dynamics. Besides, it predicts theinfluencing direction of each factor.Based on the theoretical analysis, the paper chooses the corporations of the CSI300Index constituent stocksas the sample and also introduces the evaluation index of the corporate environmental disclosure issued by the research center for corporate responsibility of ChineseAcademy of Social Sciences. By collecting the information such as the net asset, the trade, total asset, total liability, the net profit,as well as the revenue through the annual report of the listed companies, collecting the information regarding the securities trading price through the Straight flush software and conducting the empirical validation through the Principal Component Analysis(PCA) and least squares regression analysis, it has been found that the corporate environmental disclosure in China has been subject to the enterprise scale, environmental risk, asset-liability ratio and net profit,etc. What is more, it has the positive correlation with the revenue growth but is not significantly related to the profit growth and the decision-making of investor.According to the result of empirical validation, the paper has come up with a series of policy suggestions on how to make a better system on the corporate environmental disclosure, such as to be based on forcedenvironmentalinformation disclosure, increasing the cost of corporate environmental pollutionactivities, enhancingthe spread of environmental protection knowledge,protecting the small and micro companies properly, etc.