An Empirical Research On Factors Impacting The Environmental Information Disclosure Of The Listed Companies In China

In today’s world, economic development and the environment have become increasingly prominent, and sustainable development has become the common human demands.Enterprises, as the backbone of sustainable development, inevitable assume to environment protection, as well as the social responsibility of environment information disclosure. The paper chooses the listed companies as the samples to discuss the environmental information disclosure due to listed companies have the abroad social impression.Based on theory analysis about the factors impacting the environmental information disclosure of the listed companies, the paper builds the items system of environmental information disclosure from the dimensions of relevance and reliability. And then choose A-share Shanghai and Shenzhen 300 index constituent stocks which came into effect on July 1,2013, according to their disclosure of Social Responsibility Reports(including Sustainable Development Reports and the Environment Reports), to calculate environmental information disclosure indexes from two perspectives of quality and quantity. It can be found that he level of environmental information disclosure in china is not high, and listed companies of heavy pollution industry is better than other industries, the Shanghai stock exchange slightly ahead of the Shenzhen stock exchange.Further empirical research, environmental information disclosure level(EDI) as the dependent variable, the factors such as company characteristics, corporate governance factors, external legal pressure, industry type, location and public place,etc as independent variables, this paper applies multiple regression analysis, to explore the above factors on the impact of company environmental information disclosure level. The results show that company size and operation ability, HERF, media bias and industry type have a significant correlation between environmental information disclosure, and other factors on the impact of company environmental disclosure level is not significantly.Finally, in basis of the above study, the paper puts forward the relevant suggestions: to establish an environmental information disclosure system which is the combination of mandatory and voluntary environmental disclosure, advocate to establish the authority evaluation system of environmental information disclosure, to enhance awareness of environmental responsibility, to transform government’s policy from controlling to guidance, in order to improve the level of company environmental information disclosure.