Research On The Impact Of Marketization And Equity Structure On Corporate Environmental Information Disclosure

In recent years,environmental issues have become increasingly prominent along with the rapid social economic development and the continuous improvement of people's living standards.Such as the frequent occurrence of hazy weather,sewage leakage incidents,oil pollution incidents,etc.,are worthy of thought-provoking indeed.The enterprises are the main producer of environmental pollution,and are naturally responsibility for environmental protection.At present,the government and the public are paying more and more attention to the environmental performance of enterprises.Companies,especially those of heavily polluting industries,are faced with enormous pressure of environmental governance.Environmental information disclosure,as the bridge between companies and the outside world,is also attracting much more attention.Therefore,it is of great theoretical and practical significance to analyze the influencing factors of environmental information disclosure and then put forward relevant suggestions and policies for improving the level of environmental information disclosure.As an external factor affecting environmental information disclosure,the higher the degree of marketization,the more mature and perfect the local market mechanism,the development level of intermediary organizations,the level of legal environment,and the regulatory mechanism,the more beneficial to the improvement of environmental information disclosure quality of the public companies.The equity structure is the core of the corporate governance structure and is the internal factor that affects environmental information disclosure.On the one hand,the quality of corporate environmental information disclosure is closely related to management's behavior,and ownership structure affects the quality of environmental information disclosure by affecting manages' behavior and decisions.On the other hand,a sound company equity structure can strengthen the company's internal control,and can reduce the frequency of occurrence of the information asymmetry,and can provide a high-quality information disclosure environment.Then,as an external influencing factor,will the degree of marketization have an effect on the relationship between equity structure and environmental information disclosure?Therefore,the marketization process and the equity structure are respectively the external and internal factors that affect the disclosure of environmental information.It is necessary to incorporate the same framework for research and further analyze the regulatory role of the marketization process on the relationship between equity structure and environmental information disclosure so as to be able to provide some theoretical and empirical evidence to the research on the influencing factors of environmental information disclosure of local companies in China.Firstly,based on the theory of stakeholder theory,information asymmetry theory and corporate social responsibility theory,this paper sorts out domestic and foreign literature from the perspectives of marketization process,ownership structure,and the regulatory effect of marketization process.It is found that the research on the influence of the marketization process and equity structure on environmental information disclosure has been studied,but the research on the regulatory role of marketization is still in a blank state.Secondly,it defines the related concepts,including the quality of environmental information disclosure,marketization process and equity structure,and puts forward the research hypothesis through theoretical analysis.Finally,based on the heavy-industry A-Shares data of Shanghai and Shenzhen from 2012 to 2016,using a combination of normative analysis and empirical analysis,the paper first,conducts descriptive analysis to the sample data in terms of year,industry,and ownership,then carries on the Pearson relevance analysis to the variable involved in the model,finally uses the multiple regression analysis method to carry on the regression analysis to the sample data through the constructed model.On the basis of studying the effects of marketization process and ownership structure on environmental information disclosure,we have thoroughly discussed the regulatory effect of marketization on the relationship between equity structure and environmental information disclosure quality.The empirical results of this paper suggest that the degree of marketization bears a positive correlation with the level of environmental information disclosure significantly;Equity concentration and ownership check and balance can promote the improvement of environmental information disclosure quality,and the regression results between institutional investors' shareholding and environmental information disclosure is inconsistent with the assumptions,the influence coefficient of the nature of ownership on environmental information disclosure is also not significant;on the aspect of the regulatory role,the marketization process has a significantly positive adjustment effect on equity concentration and environmental information disclosure quality;the higher the degree of marketization,the better promotion for the positive relationship between equity check and balance and disclosure of environmental information;the intersection coefficient between marketization level and institutional investors' shareholding and the nature of the ownership is not significant,but it has improved compared with the regulatory item has not been added,indicating that favorable external conditions can promote internal governance mechanisms to play their due role.the primary innovative point of this dissertation is that,unlike the method(content analysis method)that most domestic scholars use to measure the quality of environmental information disclosure,the paper uses the content evaluation score(C value)about environmental information disclosure in the Corporate Social Responsibility Report published by RKS to ensure the authority and reliability of the data.Based on this,we focused on the adjustment effect of the marketization process to the relationship between equity structure and environmental information disclosure.