The Empirical Study On Influencing Factors Of Environmental Information Disclosure On Heavily Polluting Industries In Shandong Listed Companies

With economic development, environmental issues become increasingly prominent. An increasing number of governments at all levels are committed to environmental issues, issuing a series of environmental regulations and requiring environmental information disclosure. Meanwhile, with the development of social and ecological civilization, environmental information disclosure has become a new trend of sustainable socio-economic development. This paper proposed the importance of environmental information disclosure, learned about literature, research methods and conclusion at home and abroad. Combining with the research of heavily polluting industries in Shandong Province, this paper put forward the hypothesis of this article, respectively, from the corporate governance structure, the audit report type, company size, debt capacity, profitability, etc., study various factors impacting on environmental information disclosure of listed companies of heavy polluting industries in Shandong Province, and finally put forward the corresponding policy proposals.This paper constructed index of environmental information disclosure of listed companies, selected 47 annual reports of listed companies of heavily polluting industries in Shandong Province as the research object from 2006 to 2008 in Shanghai and Shenzhen A shares in the stock market, and empirically studied factors affecting the disclosure. The conclusions are:the proportion of state-owned shares has a significant impact on information disclosure; the higher proportion of state-owned shares, the higher level of information disclosure. If the chairman and CEO is one person, the level of information disclosure is lower, inversely relating to the disclosure of environmental information. However, company size has a positive correlation with the environmental information disclosure. The high-quality listed companies are apt to disclose more environmental information. Through information transmission, they reveal their value. At the same time, through the annual report of listed companies of the heavy pollution industries in Shandong Province, it inspected and found that the proportion of corporate environmental information disclosure is not high, but there is a gradually rising trend. Till 2008, the rate had reached 76.6%. In the report, the content of environmental information disclosure is lack of relativity and comparability. It is mainly the historical issue and the single question, with non-standard form and scattered environmental information, so it's not conducive for the information users to evaluate and compare. Finally, this paper put forward the corresponding policy proposals for improving the environmental information disclosure of listed companies of heavily polluting industries in Shandong Province, and standardizing environmental information disclosure of listed companies.