The Research Of Institutional Investors Shareholding Ratio On The Level Of Corporate Environmental Information Disclosure

The 18th National Congress of the Communist Party of China was held in 2012 to promote ecological progress to a national strategic height.The concept of lucid waters and lush mountains are invaluable assets was emphasized and implemented in practices.The government and various departments have issued many laws and regulations to improve and standardize the disclosure of environmental information,and the actions of heavily polluting companies in environmental information disclosure have received more attention.At the same time,institutional investors with extraordinary development have become more and more involved in corporate governance due to their professional and scale characteristics.The issue of corporate environmental information disclosure has received special attention,and institutional investors have gradually played an active role in the capital market.Based on this background,it is of great significance to explore the impact of institutional investors on the level of corporate environmental information disclosure.The paper reviewed relevant literature and summarized relevant theories firstly,and then proposed the hypothesis.There is currently no fixed evaluation system for the quantitative analysis of enterprise environmental information disclosure level since it is a a qualitative problems.By combining the relevant laws and regulations and the actual situation in China,the paper builds an evaluation index system to quantitatively analyse the environmental information disclosure of listed companies in heavy pollution industries.The paper choose the A-share listed companies in the heavily polluting industry from 2008 to 2014 as the research sample,using Poisson regression model,fixed effect model model and double difference model(DID)to test the relationship between institutional investors’ shareholding and corporate environmental information disclosure level,and passed the robustness test.The results show that:(1)Institutional investors can improve the level of environmental information disclosure in heavily polluted industries;(2)Institutional investors can improve the level of environmental information disclosure of enterprises with the characteristics of state-owned,male chairman,long established or high asset-liability ratio;(3)Pressure-resistant institutional investors are more capable of promoting the level of corporate environmental information disclosure,compared withpressure sensitive institutional investors;(4)After the 18 th CPC National Congress,the impact of institutional investors on corporate environmental information disclosure has been significantly enhanced.