Research On Enterprises' Environmental Information Disclosure Under The Hypothesis Of Political Cost

With China's economy entering a new normal development stage,the problem of environmental governance has become an important issue the whole society has to deal with.The nineteen major report put the word "beautiful" into the goal of building a modern socialist country.It pointed out that building ecological civilization is a millennium plan for the sustainable development of the China.We can see that the party and the government attach great importance to environmental problems.Enterprises are the main pollutant emissions.The government has promulgated a series of laws and regulations on corporate environmental information disclosure of the content and form of norms,but there are more provisions to encourage voluntary disclosure.China's corporate environmental information disclosure still has many problems such as the overall low level,tremendous disclosure differences between enterprises and poor quality etc.As green development has gradually become the mainstream of economic and social development,and the mechanism of information disclosure is very complex,how to improve the level of environmental information disclosure has become the focus of academic research.From the two perspectives including exogenous events and government regulation,this paper studies the impact of political pressure on corporate environmental information disclosure,and examines the moderating role of corporate governance structure on the relationship between political cost and environmental information disclosure level.This paper puts forward the research hypothesis by analyzing academic achievements and theoretical study.There are two analytical frameworks based on the relevance of political cost and information disclosure: firstly,we used PM2.5 burst as an exogenous event situation,and study the change difference of the political costs who shaping the corporate environmental information disclosure between heavy polluting enterprises and non heavy polluting enterprises through the establishment of the double differential regression model based on PM2.5 burst event;Secondly,use the empirical regression model to test the impact government supervision imposes on corporate environmental information disclosure level.At the same time,we analyze the moderating effect of corporate governance structure in the two frameworks.The study found that the PM2.5 burst event prompts the level of environmental information disclosure of heavy polluting enterprises significantly,but has no obvious change to heavy polluting enterprises;government regulation significantly enhance the corporate environmental information disclosure level;ownership concentration and the nature of property rights have moderating effect in the two perspectives.According to the above conclusion,to further enhance the level of corporate environmental information disclosure,this paper suggests: the local government should undertake the major responsibility of environmental supervision and strengthen information disclosure consciousness;enterprise managements should fully understand the strategic significance of environmental information disclosure,and take information disclosure as effective means to enhance the capacity of sustainable development;the financial means ought to guide the development of green industry using resource allocation function.In general,this paper establishes a multi-dimensional research framework for the relationship between political cost and corporate environmental information disclosure,which is of great significance for the study of influencing factors of corporate environmental information disclosure.