The Research Of Political Connection, Environment Regulation And Environment Information Disclosure

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 has to a certain extent, the success, but many people are confused with the implementation of regulations because of the political connection.The main manifestations of political connection is the alliance between political and companies, due to China’s specific national conditions, this phenomenon is particularly prominent, which caused a lot of social problems as well. Companies are interested in building political association, because the companies which have political connections usually can get more political resources. Companies with more political resources can do things other ones can’t do, and create a better living environment. According to the relevant research, in general, the better the level of environmental regulation is in the area, the better the companies’ environmental information disclosure index will be with the political constraint, Political connection and environmental regulation can influence corporate behaviors, so how about our level of disclosure, and what impact will it cast on corporate environmental information disclosure? We also hope to explore in the paper, at the same time, give some useful advices.In this context, this study present situation of environmental information disclosure of listed companies in China by selecting 323 heavy pollution private listed-companies as samples of 2011-2013 in Shanghai, then the paper choose the legitimacy theory,government regulation theory,principal-agent theory, signaling theory as the basis, put forward the research hypothesis combined with China’s specific national conditions to do the research by using theoretical analysis and empirical research method. At last, the study found:(1) corporate environmental information disclosures in China are not good, the overall level is low;(2) For a large enterprises, which make more contribution to the local tax revenue, the environment information disclosure will improve with the further relationship with the government; for the small enterprises, during the development of political relations, environmental information disclosure and the political connection is positively correlated, and show the relationship of mutual promotion, but during the mature period of political relations, the level of environmental information disclosure is negatively correlated with political connection;(3) the economic pressure will amplified the negative influence between the political connection and environment information disclosure for small or medium enterprises, even show a linear negative correlation; and environmental regulation will strengthen the positive effect between the political connection and environment information disclosure. Respectively, the paper offers some suggestions, and points out the deficiencies and future research prospects in this paper.