A Study On Environmental Information Disclosure Of Listed Companies In China's Steel Industry

From reform and opening up,China's steel industry has made significant progress and become the world's steel production power.However,Steel industry is inevitably faced with the problems of resources and energy consumption,environmental pollution and so on.There is a big gap between the requirement of green sustainable development and the situation.In March 2015,we put forward Green for the first time,which made the ecological civilization to the new level about people's livelihood and sustainable development.China's steel industry must be in accordance with the development of green.It must become a more efficient,more benefit,lower consumed,less emissions,more environmental eco-industry,to meet the requirements of the times.The new Environmental Law in 2015 has further refined the content of environmental information disclosure.Besides this,the Ministry of Environmental Protection(MEP)issued ‘Environmental Protection Archives Management Measures' in March 2017,which required the pollution of various projects to be recorded.From ‘Guidelines of Environmental Information(Trial)' in 2007,‘Guidelines on Environmental Information Disclosure of Listed Companies' in 2008,‘Guidebook for Environmental Information Disclosure of Listed Companies' in 2010,‘Guidelines for the Preparation of Corporate Environmental Reports' in 2011 to ‘Interim Measures for the Disclosure of Environmental Information for Enterprises and Institutions' in 2015,the requirements for environmental disclosure increase fast.However,according to the Chinese steel companies' green rating results by China Metallurgical Industry Planning and Research Institute at the end of 2015,it shows that less than 100 steel companies indicate their green environmental data,which are less than 20% of the sample companies.So the disclosure on environmental information of China's steel industry is still not satisfied.It is an urgent situation to establish a scientific and perfect system for improving the quality of environmental information disclosure.Based on the theory of stakeholder theory,sustainable development theory,fiduciary duty theory and information asymmetry theory,this paper introduces the research background,significance and frame.It analyzes the overall situation,the problems and causes of environmental information disclosure through all listed companies in China's steel industry and the case of M Steel Co.,Ltd.It is necessary to improve the quality of environmental information disclosure of listed companies in China's steel industry.It must be implemented from three aspects: government,enterprise and society.At the same time,we should use inside and outside sheet for the disclosure.We hope that this paper can provide help and exploration for the disclosure of environmental information of listed companies in China's steel industry.