Disclosure Quality Of Environmental Information,Executive Incentive And Cash Holding Of Corporation

In recent years,the rapid development of the economic,brought a series of environmental pollution problems,become the focus of public attention and the media,how to fulfill environmental responsibility has become the inevitable problem of many listed companies.Environmental information disclosure as an important way for enterprises to transfer environmental information to the outside world,its disclosure degree and disclosure quality will be directly related to many stakeholders on the enterprise environmental information awareness.However,the enterprise's environmental information disclosure from the overall performance is: the disclosure content is not independent and incomplete,the disclosure of information mainly for the historical information,selective disclosure and so on.How to make enterprise managers attach importance to environmental information and improve the quality of environmental information disclosure has become a constant concern of many scholars.Studies have shown that enterprises focusing on the quantity and quality of environmental information disclosure can reduce the environmental risk of investors,break down environmental barriers in some countries and regions,and reduce investment risks.On the other hand,we can establish the green reputation of the enterprise,establish the image of the enterprise environmental protection,reduce the financing constraints and increase the expected cash flow.But there is still little research on the relationship between environmental information disclosure and cash holding of corporation,this paper hopes to study the relationship between environmental information disclosure and cash holding,enrich the value effect of environmental information disclosure,and join the executive incentive this variable to study the executive incentives on environmental information disclosure and corporate cash holdings the relationship between the two,from corporate governance Level,to provide the basis for enterprises to improve the quality of environmental information disclosure.In this paper,the listed companies in Shanghai and Shenzhen were selected as the research samples from 2014 to 2015,and the model was analyzed by using SPSS19.0 to test the correlation of environmental information disclosure quality to corporate cash holdings ? and respectively,to join the salary incentive,equity incentive and environmental information disclosure of the cross,discusses the influence of salary incentive and equity incentive on the relationship between environmental information disclosure and corporate cash holding.Through the empirical study on the three models constructed in this paper,the following conclusions are drawn:(1)The quality of environmental information disclosure has a significant negative correlation with the cash holdings of enterprises,that is,the higher the quality of environmental information disclosure,the lower the cash holding,otherwise the higher.(2)The salary incentive of the environmental information disclosure to the corporate cash holdings of the negative correlation weakened.(3)Equity incentive to environmental information disclosure quality of corporate cash holdings of the negative correlation.Therefore,this article from improve the quality of environmental information disclosure,building a reasonable salary incentive mechanism,attaching the importance to the equity incentive and other aspects to put forward rationalization proposals.