Determinants Of The Environmental Information Disclosure By Listed Companies Of Environmentally Sensitive Industry

World environmental information disclosure system has been developed for decades, and global corporate environmental and social responsibility are becoming increasingly mature. How sensitive environmental companies to voluntarily disclose such information public attention while improving economic growth has been a debatable issue, especially in China. In recent years, with water pollution, food safety and other issues continuing to be exposed, the importance of the environment of the community have continued to strengthen. At the same time, strengthen research on environmental information disclosure status and influencing factors are also urgently needed.This paper studies use the legitimacy theory which foreign study used, and the sustainable developmentreporting guidelines of the Global Reporting Initiative standards as the guidance, using two sub-indices, and multivariate statistical analysis method of combining descriptive to analysis Chinese environmental information disclosure type of sensitive industry, levels and factors affecting. This paper selected the annual report from 2010 to 2013 of 217 environmentally sensitive industries-mining, power, chemical in the Shenzhen Stock Exchange and Shanghai Stock Exchange as a data source. Seven factors are proposed in the theory of legitimacy basis, including government ownership, management mechanism, members of industry associations, profitability, operating leverage, firm age and size of the company. In addition, environmental information disclosure differences between the various sectors were also discussed and compared.The results showed that the overall level of environmental information disclosure is low in environmental sensitivityindustries and disclosure species is very narrow. The overall regression results show that, in addition to profitability, the remaining six variables are statistically significant.The sector regression results showed:management mechanism and members of industry associations are statistically significant in the three sectors. Age of listed companies is also a key influencing factors in mining industry and power industry, although it did not show a significant p-value in chemical industry, it is close to a moderate level significance. Government ownership, profitability and firm size were only in chemical industry, power industry and mining industry significantly, while showing no obvious significant in other industries.