Equity Nature,Financing Demand And Corporate Sustainability Information Disclosure

The information disclosure norm of enterprise sustainable development has been paid more and more attention both at home and abroad.The establishment of the Global Reporting Initiative(Global Reporting Initiative,referred to as GRI)in 1997,released the first and the second generation,third generation and fourth generation of "sustainability reporting guidelines"(referred to as G1,G2,G3 and G4)on 2000,2002,2006 and 2013.The international petroleum industry environmental protection association and the American Petroleum Institute released the?Oil and Gas Industry Sustainable Development Report(Second Edition)?in 2010.Since 1995,the Chinese government has made the sustainable development as the basic strategy of the country.In this context,more and more scholars begin to pay attention to the economic,social and environmental performance of the companies in the sustainable development of information disclosure.In the environment where the market plays a decisive role in the allocation of resources and better plays the role of the government,it is the focus of relevant research to promote the level of information disclosure of listed companies to improve the level of sustainable development.This text analyses factors influencing information disclosure of sustainable development based on the equity nature and financing demand,according to the listed company of manufacturing industry in our country,tries to explain the mechanism of the influence on the latter.By referring to the domestic and foreign research on the information disclosure of corporate sustainable development,the disclosure of social responsibility information or the disclosure of environmental information,firstly,it clarifies the theoretical basis of the equity nature,financing demand and the information disclosure of corporate sustainable development.Then the paper analyses the relationship between the equity nature,the financing demand and the information disclosure of corporate sustainable development.On the basis,the paper puts forward the correlation hypothesis between the three.By choosing the A shares of 255 listed manufacturing companies as sample,it designs the index system of the company sustainable development information disclosure,selects variables and measurement methods.Based on the hypothesis,the paper empirically tests the influence of the equity nature and financing demand on the level of information disclosure of corporate sustainable development.Study findings:(1)Ownership property has obviously positive correlation with the information disclosure level of sustainable development;Listed companies with large financing needs are more likely to disclose information about sustainable development.Overall,the positive correlation between financing demand and the quality of information disclosure is more obvious in the state-owned listed companies.(2)Further,the information disclosure of corporate sustainable development can be divided into economic information disclosure,environmental information disclosure and social information disclosure.It finds that financing demand has a significant impact on the sustainable development of listed companies,and has no significant impact on environmental information disclosure and social information disclosure.There is a obvious correlation between the ownership property and environmental information disclosure for sustainable development of listed companies.However,this conclusion does not apply to economic and social information.Under the influence of equity,financing needs to enhance the company's sustainable development of economic information and environmental information disclosure role has been strengthened.There is no significant positive relationship between the interactive items of financing demand and the nature of equity and social information disclosure.In order to improve the sustainable development ability of enterprises,we suggest that the state should encourage state-owned enterprises and non-state-owned enterprises to carry out strategic cooperation,resource integration,so as to promote the sustainable development of non-state enterprises,standardize information disclosure;At the same time,it accelerates the development of the company's sustainable development information evaluation methods,and credit equivalence for the disclosure of information,as an important basis for government and financial institutions,decision making,such as administrative examination and approval,credit review and other.