The Research On Economic Consequence Of Environmental Information Disclosure On Heavy Polluted Industry In Listed Companies

The development of human society is increasingly inseparable from the level ofprotection and management of environment. Since entering the new century, the vicious“environmental events” has sounded the alarm of environmental protection to humans.Therefore, governments have to balance the human development and the environmentprotection. The Chinese government in nearly10years consistently followed theguideline of sustainable development, in order to achieve the coordination betweeneconomic development and environment and build beautiful China.As one of the basic units of making profits, enterprise also take strong socialresponsibility: how to play a part in the environmental protection and economicsustainable development as a main subject of responsibility. For listed companies, theenvironmental information disclosure is the cornerstone of corporate finance, but alsoan important reference for investors and creditors to make decisions. The governmentput the laws of corporate environmental information discourse in recent years. Theacademic community strengthened this aspect of the inquiry and achieved certain results.Compared with foreign research, China’s research emphasis on normative research andthe empirical research based on descriptive study. The outcome of the economicconsequences of disclosure of environmental information in the study is not yet in-depth.So the research of the economic consequences of corporate environmental disclosuremultiple use of theoretical and empirical research, especially from the perspective ofcorporate finance, has a double meaning on the academic and practical application.The first part of this paper introduces the research background and significance ofrelevant environmental information disclosure of domestic and international literaturereview, and the research content, method and research innovation. The second part ofthe environmental information disclosure of the definition of related concepts andtheoretical basis. This part defines the concept of "environmental accounting","information disclosure","economic consequences", and membership in order to studythe theory expounded. Part three is the current situation of the heavy pollutingindustries disclosure of environmental information, analyzing system and overall level of the heavy polluting industries disclosure of environmental information. The forthpart is the empirical design, which combines the current situation with the backgroundof "green credit", the green economy policy system. Then use the Shanghai-A-Share ofheavy pollution industry from2009to2011as samples to build multiple linearregression models. The fifth part of this paper is the analysis of the results ofempirical research, mainly analysis the descriptive statistics and regression results in thecost of equity capital and debt maturity structure in heavy polluting industriesenvironmental information disclosure.Through the empirical analysis we found that:(1)The environmental informationdisclosure level and the company’s equity capital cost have a significant negativecorrelation relationship in the listed companies of heavy pollution industry in China.(2)The environmental information disclosure level and the company’s equity capitalcost have a stronger relationship in the listed companies of heavily polluting industrieswhich Prepare an additional independent reports.(3)The level of environmentalinformation disclosure and the company’s new bank lending has significantly positivecorrelation in the listed companies of heavy pollution industry in China.(4)Theempirical study found that the environmental information disclosure level to the newshort-term borrowing influence is bigger than the new long-term borrowing do. That isthe company can get more short-term borrowing through improve the environmentalinformation disclosure level.(5)Preparing additional independent reports of listedcompanies can get more new long-term bank borrowings. This also indicates that thetrend of corporate environmental disclosure carrier, from the simple disclosure in theannual report only transformed into both disclosed in the annual report and thedisclosure of environmental information in a separate report.Finally combining with the research conclusion and the present situation ofenvironmental information disclosure, this paper puts forward pertinent suggestionsrespectively to the listed companies, government regulators and investors, and pointsout the deficiency existing in this article and subsequent research outlook.