Research On The Disclosure Of Environmental Information Of A+H Shares And Its Impact On Corporate Performance

Environmental issues are increasingly concerned by the society.As the basic unit of economic activities,enterprises have also assumed more and more environmental responsibility,and the disclosure of environmental information by enterprises under the voluntary disclosure of environmental information is very limited,so that the implementation of corporate environmental responsibility is not transparent enough.After the 18th National Peopled Congress of the Communist Party of China,The Chinese government wants to promote the mandatory disclosure of environmental information of listed companies and bond issuing companies,and the formulation of policies is under study.In the meanwhile,listed companies in Hong Kong,China,began implementing the "non-disclosure and interpretation"mandatory disclosure of environmental information in 2016.Based on this,the research on mandatory disclosure of environmental information has become a new focus in China.This paper mainly takes A+H shares as the research object,explores the improvement of environmental information disclosure under the mandatory disclosure requirements,discloses the difference of environmental information of various levels in promoting the enterprise performance,and probe whether the disclosure under the mandatory disclosure request can improve the performance of the company compared with voluntary disclosure.Solution of these problems can provide guidance for enterprises to disclose environmental information under the mandatory disclosure policy,and make recommendations for government how to implement the mandatory disclosure policy.This paper is based on the logical thinking of "theoretical analysis-empirical test-suggestion".First of all,through theoretical analysis,the research teases results and theoretical basis at home and abroad,and then the logical inference is made on the research problems.Secondly,following the environmental management ideas of "strategy formulation-strategy implementation-results acquisition-internal and external feedback",combined with the requirements of existing environmental regulations,the "environmental strategy information,"environmental behavior information","environmental effectiveness information" and "environment appraise information"were constructed.It is the main body's environmental information disclosure framework and evaluation system.On the basis of this,the horizontal and vertical comparisons reflect the environmental information disclosure under the mandatory policy of A+H shares from both disclosure quantity and quality.The improvement of environmental information disclosure after mandatory implementation also points out the problems in current corporate disclosure.Afterwards,it is found through empirical test that the environmental behavior information,environmental protection performance information and environmental assessment information disclosed by the company under the mandatory disclosure regulations are positively related to the enterprise performance,and there is no significant correlation between environmental strategy information and enterprise performance,and the mandatory disclosure ratio of environmental information can improve the performance of the company than Voluntary disclosure.Finally,combined with the conclusions of the current situation analysis and the results of the empirical research,the company and the government respectively were proposed how to effectively disclose environmental information and how to better promote the mandatory disclosure policy of environmental information.