Research On The Impact Of Government Subsidies And Corporate Governance On Environmental Information Disclosure

In October 2017,the 19 th National Congress formally proposed the “Five in One” overall layout of economic,political,cultural,social,and ecological civilization.With the layout proposed at the 18 th National Congress,the related researches on environmental information disclosure have been increasing,and will receive more attention.However,there are still many companies that target their own development and profit maximization,especially the heavily polluting industries such as steel,which are in conflict with environmental assessment and supervision,and are unwilling to take their social responsibilities.With the lack of true disclosure of environmental information,these companies select to reveal information that is prone to be favorable to create or maintain a good image of the company,deliberately conceal unfavorable,and so on.Therefore,taking environmental information disclosure as the research focus,it conforms to the requirements of the times,and it has been becoming a hot issue that the academic circles are paying close attention to.The research shows that both government subsidy and corporate governance have important implications for the disclosure of environmental information.The government environmental subsidy is essentially an environmental governance policy and is generally considered to be an efficient policy incentive.The difference in internal corporate governance is another major cause of the differences in information disclosure.Under the internal and external pressures of government subsidy and corporate governance,companies have to increase the level of environmental information disclosure to establish a good image and increase public confidence,thereby achieving the goals of attracting investment and expanding the scale.The strengthening of national macro management measures can promote the enthusiasm of steel listed companies in the disclosure of environmental information.However,the overall level of disclosure of environmental information is not high on major issues such as pollutant discharge.Therefore,this paper takes the theory of information asymmetry,stakeholders,resource dependence and social responsibility as the theoretical basis and support of this paper.We take listed companies in the steel industry as the research object,and conduct empirical research by selecting 196 sample data from 2010 to 2016 listed companies in the steel industry.Using factor analysis,the four indicators of board size,board of supervisor size,proportion of independent directors,and proportion of shares held by the largest shareholder constitute a comprehensive indicator of corporate governance.Descriptive statistics and correlation tests are applied to the three hypotheses in the text to further use panel data.The regression analysis is conducted and the robustness test is conducted.The three assumptions in this paper are verified and relevant conclusions are drawn:(1)Government subsidy can positively promote environmental information disclosure;(2)Corporate governance also can play a positive role in promoting the disclosure of environmental information of listed companies;(3)At the same time,with the participation of external government,the government provides more subsidies or tax incentives,then the governance structure of listed companies is positive for the disclosure of environmental information.The promotion has also been promoted.It shows that under the influence of external pressure,the internal structure of corporate governance can prompt companies to actively disclose more high-quality environmental information.At last,this paper considers internal and external factors comprehensively,and puts forward relevant recommendations from both government and corporate levels.It has certain reference value and guiding significance for establishing and perfecting related environmental information disclosure policy systems and mechanisms.