The Study Of Listed Company Environmental Information Capacity Based On Metallurgy Industry Data In China

At present, China is in the contradiction of economic developing and environmental pollution. As Chinese enhanced public awareness of environmental protection and accession to the WTO, Chinese enterprises will also face environmental information disclosure requirements of the external pressure, similar to developed western countries. As the beneficiaries of economic developing and victim of the environmental pollution, the public need to promote the environment protecting of enterprise from each approach, but the main approach public knows about enterprises'environmental protection behavior is from the environment information that enterprise reveals. Therefore, this essay carried out the analysis on environment information capacity through capital structure of metallurgy industry, which based on the experience data of the listed companies.Metallurgical industry is an important basic industry and an important indicator of the country's economic and social development level. Metallurgical industry is heavily polluting industries and the study about high-energy high-pollution industries of environmental information capacity has the important significance to the sustainable development of China's economy. This article has selected 125 sample companies in the Shanghai and Shenzhen exchanges before the end of 2006 and done the summary and descriptive statistics about environmental information capacity in their annual report. Analyze China's status and problems of environmental information capacity in metallurgical industry listed companies, based on environmental information disclosure relevant theories, according to exploratory research, accounting in earnings from empirical research ideas, introduce variable surplus's basic model and expansion of model ,take environmental information as a virtual environment to test the impact on market value by environmental information capacity of listed companies in China's metallurgical industry, then analyze environmental information disclosure from the capital structure and environmental information capacity perspectives.Through empirical research, we can see that at this stage of China's listed companies, environmental information disclosure can not have the role to enhance the ability to explain stock price volatility and have the impact on investment implications for investors. There are no continuity characteristics in China's environmental information disclosure. The current information disclosure is only the stage, does not have complete system features.Finally, in view of descriptive statistics and empirical findings, the writer put forward countermeasures from incentive mechanism promotion and external control mechanisms stimulating and hopes to have a certain extent help to China's metallurgical industry on the environmental information disposure.