The Research Of The Relativity Of Corporate Governance Structure And Environmental Information Disclosure Quality

With the accelerating process of economic globalization, economic benefit becomes the key indicator of the evaluation of development ability. Our country spared no effort to develope economy but neglected the importance of protecting the environment, leading to diminishing resources, serious environmental pollution and ecological degradation. In order to curb the trend effectively, the Chinese government put forward "guided by the ecological civilization, construct beautiful China" development goals, and formulate related policies and regulations. As the main contributors to social development and the beneficiary, enterprises are difficult to avoid behavior of environmental pollution in the operation. In order to improve the ecological environment and comply with the requirements of the relevant laws, enterprises should optimize the environment behavior and disclose the high quality environmental information to the outside world timely. Environmental information reflects the enterprises' efforts in the environmental protection, and shows the environmental-protection determination and a high degree of social responsibility to the external stakeholders. So How to promote corporate environmental information disclosure? How to guarantee the quality of corporate environmental information? These problems become a focus of scholars. This paper argues that corporate governance structure is the most important factor in influencing the decision of enterprise and the solid foundation to implement environmental information disclosure. Based on this, this paper inspects the correlation of the corporate governance structure and the quality of environmental information disclosure. The result of the study could give suggestions to optimizing corporate governance structure and improving the system of environmental information disclosure.In this paper, the related research was reviewed and combed to clear the current research status. As the theoretical basis of this study, the sustainable development theory, principal-agent theory, stakeholder theory and information asymmetry theory guide to put forward the research hypothesis. This study selects 175 listed companies of heavy pollution industry in shenzhen stock exchange as the research sample and use data from 2008-2014. According to the specific requirements of environmental information disclosure system, this study establishes the index system of EIDQ, use panel data regression method to analyze the correlation between the corporate governance structure and the quality of the environment information disclosure.In addition, this study divides the total sample into two subsamples according to the different nature of equity and different areas.The study has found that:(1) The quantity and quality of environmental information disclosure of listed companies of heavy pollution industry in China improves dramaticlly, but the overall level is still low, some enterprise information disclosure is not up to standard;(2) Good corporate governance can promote higher quality of environmental information disclosure;(3) The corporate governance plays a more important role in promoting the quality of environmental information disclosure in state-owned enterprises;(4) Compared with the listed company in the central and western regions, the governance structure of the eastern listed companies exerts a more significant influence on the quality of environmental information disclosure.Therefore, this paper puts forward the following suggestions: First, formulate relevant laws, regulations and policies to standardize the environmental information disclosure. Second, strengthen the construction of the board of directors and board of supervisors, optimize the system of agent of state-owned shares, improve the managers' shareholding to reduce agency cost and optimize the management behavior. Third, advocate environmental-protection development model, narrow the differences of corporate environmental information disclosure between regions. Last, strengthen supervision and law enforcement to ensure effective implementation of environmental information disclosure system.