Influencing Actors Of Environmental Information Disclosure Of Listed Companies

Three decades of Reform and opening up, China’s economy has made tremendousdevelopment, people’s living standards have been greatly improved, however, we also paid aheavy price on the aspects of the natural environment. Therefore, from the perspective ofsustainable development, the importance of environmental protection has becomeincreasingly prominent.Corporate environmental information disclosure has important significance forenvironmental protection, on the one hand, environmental information disclosure is acorporate communicated tool Communicated to all stakeholders in their environmentalperformance and environmental risks, On the other hand is also an important way of thebusiness community to understand and supervise activities related to the environment.So, what is the level of the corporate environmental information disclosure? What are thedeterminants? Theses questions are worth exploring.Based on the theoretical discussion, First of all, make a review and evaluation of thestudy of domestic and foreign scholars on the line, Foreign scholars factors for environmentalinformation disclosure focused on external factors, internal factors, firm characteristics,corporate governance structure and the media attention and public opinion, etc. The Chinesescholars generally select a particular year or a particular industry of listed companies, make astudy on Environmental Information Disclosure of Listed Companies Factors. Learn fromexisting research and the SFC and other requirements, disclosure of environmentalinformation in this article will be divided into strategic environmental information,environmental information resource consumption, environmental pollution information,environmental responsibility information, environmental information and environmentalprotection to implement most and others six aspects, And learn Patten (1992) and domesticscholars Shen Tao (2010) method, select three quality dimensions, theses are significant,quantified and temporal. Construct environmental information disclosure index, study thelevel of disclosure of the thermal power industry.By collate and analysis environmental information in the thermal power listed companies’annual social responsibility report and independent preparation, internal control reports,sustainability reports. We find that environmental information disclosure level of the overallupward trend. But there are many problems, mainly reflected in the following aspects: Somecompanies carry out a specific part of the environmental information disclosed in the annualreport, Some companies publish a separate environmental report; disclosure forms differ, being lack of comparability; disclosure is lack of common standards, relevance, comparabilityand reliability is poor; environmental information disclosure reporting system is not formed,practicality is low.Based on the sustainable development theory, game theory, the external pressure on thevoluntary disclosure theory, environmental fiduciary duty theory, decision theory of usefultheory, asymmetric information theory and related theories, we consider six factors associatedwith environmental information disclosure of listed companies, theses are company size,profitability, ownership concentration, refinancing needs, social supervision level,government investment in environmental protection, make an empirical testing and analysisresults.The results show that company size, refinancing needs, and social supervision level thisthree explanatory variables significantly correlated with the level of disclosure ofenvironmental information，profitability，ownership concentration and government investmentthis three explanatory variables did not pass the test of significance. Finally, according to theresearch findings, combined with China’s actual proposal put forward correspondingcountermeasures. The following measures are recommended, improve the environment andthe information disclosure laws and regulations; Establish a complete environmentalinformation disclosure norms early; build green financial mechanism strongly; establish andimprove the audit work of CPA on environmental information disclosure; improve the overallquality of corporate accounting staff, strengthen the follow-up education to the accountingstaff;improve the internal environmental information disclosure and audit system.