Enterprise Governance?Disclosure Of Enviromental Information And Enterprise Performance

The rapid growth of industrial production and technological progress has greatly improved the material life of mankind,but also the living environment has brought devastating impact.The global environmental crisis had emerged from 1960 s.Enterprises are the main producers of environmental problems,should play an important role in saving resources to protect the environment.As a means of environmental management,environmental information can not only provide the necessary information for decision-making,production and communication;At the same time enterprises' environmental information disclosure can make the stakeholders of enterprises to keep abreast of business environment,the implementation of environmental protection behavior incentive enterprises,formed certain constraint mechanism of enterprise,environmental impact force enterprises pay close attention to their production behavior,consciously assume environmental responsibility.Under the modern enterprise system,the separation of ownership and management rights make the manager has been the actual operator of the enterprise,and the main executor of the environmental information disclosure.Therefore,the management to a great extent has an affect to the quality of enterprise information disclosure,the ownership structure of the major shareholders also has an impact on the behavior of management.Therefore,this article through the corporate governance of the ownership structure,centering on the environmental information disclosure about polluting industries in 2012 the-2015 Shanghai A shares listed 155 heavily polluting enterprises as the research object,to study the influence of the governance structure on the quality of environmental information disclosure,the influence of environmental information disclosure quality on the performance of the enterprise,and then study the influence of the interaction between the two.In the measure of corporate environmental information disclosure quality,selecting four dimensions and fifteen indicators,from the annual report of the enterprise,social responsibility report,access to relevant indicators of information independent environmental report and the sustainable development report,covering the financial indicators and non-financial indicators which may be involved in the disclosure of environmental issues as far as possible.In order to make the results more real,objective,and to invite the experts in the field of accounting in order to make the results more real and objective,scoring index back-to-back involved,and the experts scoring results were collected and analyzed,to get a measure of the quality of environmental information disclosure.In the quantification of corporate governance structure,select five indicators-equity concentration,equity balance,the proportion of executive ownership,institutional investors and equity ratio and the nature of the measure.The level of enterprise performance is measured by the weighted average return on equity(ROE).This article through the social background of the big environment to elaborate the relevant literature.Through the regression analysis the data of the sample firms,this paper draws the following conclusions:Because of the lag,the current enterprise environmental information disclosure level has a positive influence on their next performance;negatively related to ownership concentration and environmental information disclosure,and the interaction between the two and the last period is negatively related to firm performance;equity balance degree and the environment information disclosure is related,and the two the interaction of lagged enterprise performance is positively related to environmental information disclosure level;the proportion of institutional investors holding no significant correlation,two interactive performance and the next phase of the enterprises have no correlation;positive correlation with the size of environmental information executives shareholding disclosure,two interactive with the next phase of enterprise the performance is not;state owned holding enterprise information disclosure level is higher,the interaction between the two also has a positive impact on the lag phase of the enterprise.