The Study Of The Environmental Management Standards Of The Listed Companies Based On The Theory Of The Environmental Information Disclosure

With China’s rapid economic development, environmental problems have become increasingly severe. More and more people pay attention to the environmental issues. Enterprise groups assume more significant social responsibility, as a major environmental impact. Under the pressure of multiple stakeholders, companies have to disclose their relevant environmental information.With the promotion of green economy, the disclosure of environmental information has become an inevitable requirement for the sustainable development.Therefore, to study environmental information disclosure of the corporate has theoretical and practical double meaning.According to stakeholder theory, social responsibility theory, transaction cost theory and asymmetric information theory, summarizing the literature on domestic and foreign scholars of environmental information disclosure level factors, combining with China’s market environment, the factors affecting the disclosure of environmental information of the listed companies are divided intodebt structure, enterprise scale, proportion of the largest shareholder, profitability, industry type, the establishment of safety and environmental protection departments and the location of the company. Select the 2010-2012 annual reports of the 120 listed companies as the study sample. And score the level of environmental information disclosure of listed companies according to certain standards and rules, in order to build environmental information disclosure index.Analyze the impact of various factors on the level of corporate environmental disclosure by Multiple LinearRegression.The results show a positive correlation between the size of the enterprise and environmental information disclosure of listed companies. While asset-liability ratio is negatively related to the level of disclosure. The enterprises that establish safety and environmental protection sector tend to disclose the environmental information. The heavily polluting industries have higher level of disclosure of environmental information. The introduction of laws and regulations contribute to improve the level of disclosure of environmental information. While profitability, the ratio of the largest shareholder, the areas of the companies did not show a significant effecton the level of disclosure of environmental information.Finally, according to the study results, combining with China’s market environment,put forward countermeasures and suggestions to improve the environmental information disclosure of listed corporate level. Also point out the limitations of this study to provide a basis for future research.