Research On The Influence Of External Governance Environment On Environmental Information Disclosure Level

“Construction of ecological civilization” was listed as one of the“five one” general layout of the construction of socialism with Chinese characteristics at the eighth National People's congress,the ecological civilization concept that we must respect nature,comply with the nature,protect the nature was set up.In 2015,Premier Li Keqiang said in his government work report that the environmental pollution is of people's livelihood,and the pain,to a firm.Visibly,the state attaches great importance to environmental protection work.Enterprise as the main environmental pollution sources,should actively respond to the state environmental protection policy.Environmental information disclosure,as basic work of environmental protection,is not only an important way of promoting the enterprise to perform environmental responsibility,but also an important content of strengthening the external supervision.on the one hand,Environmental information disclosure,mainly is the window of the examination and assessment for the enterprise,both for examination of enterprise environmental behavior and for assessment of environmental performance,on the other hand,Enterprises through the environmental information disclosure may convey good environmental performance and social image to the world.therefore,research on the environmental information disclosure level is of important theoretical significance and practical significance.our country is a large country,regional resources endowment and economic development level is quite different,and these differences in external governance environment will affect the environmental information disclosure level,therefore this research used data of A-Share listed companies of heavy pollution listed in Shanghai stock exchanges in period 2012-2014 as a sample,adopted content analysis method to measure the environmental information disclosure level,and from following aspects to measure the external governance environment,such as the extent of government intervention,the degree of marketization and the lever of the rule of law,using the multivariate linear regression analysis method,this research empirically studies the external governance environment influence on environmental information disclosure level.At the same time,market economy in our country exists different property nature of the enterprise: state-owned companies and the non-state-owned companies,to a certain extent,the external governance environment may have effect on different nature of property rights of enterprises.Therefore,from the perspective of the nature of property rights,this paper respectively studied of external governance environment influence degree on the level of corporate environmental information disclosure for state-owned company and non-state-owned company.The empirical results show that:(1)From the point of the whole sample,the higher the degree of government intervention with the higher environmental information disclosure level.Further research shows that,compared with non-state-owned listed companies,the government intervention lever for a state-owned listed companies has the greater effect on environmental information disclosure lever.(2)From the point of the whole sample,the higher the degree of marketization,the higher environmental information disclosure level.Further research shows that,compared with a state-owned listed companies,the degree of marketization of region for a non-state-owned listed companies has the greater effect on environmental information disclosure lever.(3)From the point of the whole sample,the environmental information disclosure level is related to the level of the rule of law but failed to pass the test of significance.Further research shows that both for the state-owned listed companies and non-state-owned listed companies,the lever of the rule of the law is insignificant on environmental information disclosure level.