Venture Capital Firms' Intervention,Corporate Governance And Enterprises' Environmental Information Disclosure

Enterprises' environmental information disclosure is the one of the prerequisites for the ecological environment management and the construction of ‘Green China'.All fields of society has been paying attention on enterprises' environmental pollution problem.As the enterprise stakeholders,venture capital firms,along with the government and the creditors,has a common impact on enterprises' environmental information disclosure.By using the data from the industrial enterprise of SME board from 2010 to 2016,this article examines the impact of the venture capital firms on enterprises' environmental information disclosure as well as its mechanism of action,based on the stakeholder theory and the ‘the environment information disclosure guide on the listed company' enacted by environmental protection department and China Securities Regulatory Commission in 2010.The research shows that the intervention of venture capital institutions can effectively improve the behavior of enterprises in environmental information disclosure.The intervention of venture capital institutions can not only promote the decision of enterprises to disclose environmental information,but also improve the quality and level of enterprise environmental information.And the impact is different due to the background of the venture capital firms and the industry the enterprise belongs to.Relative to the heavily polluting companies,venture capital firm significantly improves the level of non-polluting enterprises' environmental information disclosure,which are under the principles of voluntary disclosure.Compared to the privately owned venture capital firms,the venture capital firms of state property are more focused on the environmental information disclosure.In the process of further explore mechanism,this paper finds that the corporate governance serves as a partial intermediary role between the venture capital firms' intervention and the enterprises' environmental information disclosure.