Study On Influencing Factors Of Environmental Information Disclosure Of Listed Companies

In recent years,resource and environmental problems caused by economic growth have become increasingly prominent.The issue of corporate environmental information disclosure has become the focus of government departments and the public.It has gradually become a hot topic in academic circles too.The study has a crucial impact on promoting the development of enterprises and social progress.At present,most of Chinese corporate environmental information disclosure is mandatory disclosure,and disclosure of the overall proportion is low,the disclosure content is not independent as well incomplete.therefore,the research of corporate environmental information disclosure problems for the specification of environmental information disclosure system,has important significance in improving the quality of corporate environmental information disclosure.We choose 636 listed companies in 2016 Shanghai A shares which from the manufacturing and mining industry as the sample,reading a lot of literature,related to the principal-agent theory,accountability theory,stakeholder theory and public pressure theory,and defined the concept of environmental information,environmental information disclosure and affecting factors of environmental information disclosure.Then,we choose corporate environmental information disclosure index as the explanatory variable,the internal factors(profitability,executive compensation factors)and external influence(social reputation,media attention)as explanatory variables,analysis the overall situation of environmental information disclosure of Listed Companies,and further subdivided industry,property rights and area to observe corporate environmental information the status quo of the disclosure,and do correlation analysis of influence factors.The empirical study shows that,from the level of industry pollution,more environmental information is disclosed in heavy polluting industries than in non heavy polluting industries;From the perspective of the nature of property rights,the disclosure of environmental information by state-owned enterprises is obviously better than that of non-state-owned enterprises;From the perspective of regional development and environmental input level,enterprises with well-developed and environmentally friendly investment areas will disclose more environmental information;From the perspective of internal and external factors,profitability,executive compensation,social reputation and media attention are positively correlated with corporate environmentalinformation disclosure index,and the correlation degree between factors is basically the same.Based on the above conclusions,the relevant policy recommendations should be "both inside and outside" when improving the environmental information disclosure of Listed Companies.We should not only focus on improving the profitability of enterprises,improve executive compensation incentive mechanism,but also pay attention to the construction of good social reputation outside the enterprises,strengthen the media's attention to the environmental behavior of enterprises,supervise and support the government,and improve the disclosure system of corporate environmental information.Finally,in order to improve the overall level of environmental information disclosure of Listed Companies in China,and to further improve the environment and promote the sustainable development of the society.