Research On The Legal System Of Environmental Information Disclosure Of Listed Companies

The information disclosure system is the cornerstone of the securities regulatory system of all countries.As a new member of the information disclosure system of listed companies,disclosure of environmental information is of great significance for protecting the interests of investors,promoting the optimal allocation of financial capital and promoting sustainable social and economic development.China has done a lot of work in disclosing environmental information of listed companies,but there are still many shortcomings compared with the developed countries in the west.The "Zijin Mining Pollution Door" incident that broke out in 2010 even forced people to torture the question: When is the perfect environmental information disclosure system for listed companies established?In recent years,with the release of the "Guidelines for Environmental Information Disclosure of Listed Companies' issued by the Shanghai Stock Exchange,heavy-polluting enterprises listed on the Shanghai Stock Exchange,based on the"Guidelines," require more environmental awareness or out of the company's development strategy,However,due to the lack of a unified and detailed system of environmental information disclosure,the disclosure level of listed companies is uneven and the overall level is too low,which is far from meeting the needs of environmental information users of listed companies,there is still great room for improvement.The current disclosure system of listed companies environmental information mainly has the following defects: First,it needs to be perfected in the form of regulation;secondly,there is no specific disclosure standard;furthermore,the supervision is not in place and the scope of disclosure is limited.Finally,the responsibility investigation and incentive mechanism are not perfect.In order to perfect the disclosure system of environmental information of listed companies,of course,in the long run,of course,it is more conducive to the healthy development of the environmental information disclosure system of listed companies in the law.However,from the current situation,raising the level of legislation and setting up a multi-level and step-by-step institutional system is an expedient measure for establishing an environmental information disclosure system for listed companies at this stage.In order to make up for the lack of system content,it is suggested torefine the disclosure standards,expand the scope of disclosure to all listed companies in the industry,and establish a unified way of environmental information disclosure.In addition,to enhance environmental information disclosure by strengthening government supervision and establishing and improving third-party supervision system,at the same time it should establish an open list of environmental information to make up for the lack of disclosure of environmental information.Finally,while building a complete responsibility system,a reward system can also be used to encourage listed companies to disclose environmental information.