| In recent years, major environmental pollution problems frequently caused public concern and attention of the relevant departments. Environmental information disclosure, as an independent and effective means of pollution control, can rely on the reaction of the market and the public to limit and stimulate pollution sources Enterprises to seek maximum benefits at the same time, also should pay attention to environmental protection and disclosure of environmental information. This article focuses on the study environmental information disclosure level and corporate performance relationship, which is before the scholars did not relate to the field of study, and therefore expand the economic motivation and role of corporate disclosure of environmental information.In this paper,59heavily polluting industries in Shanghai Stock Exchange listed companies between2008-2011data as the study sample to study the correlation between listed company environmental information disclosure level and corporate performance in China’s heavily polluting industries. Paper uses EVA as a measure of the explanatory variables (corporate performance) indicators. With the content analysis, environmental information disclosure level is divided into three dimensions:effect, quantification and timeframe, to quantify its financial reporting and non-financial reporting disclosures environmental information disclosure of the general situation, the quantity and quality characteristics, and the explanatory variables (environmental information disclosure level) were measured.This paper aims to solve the problem as follows:1) Of heavily polluting industries listed company’s current environmental information disclosure level has a certain influence on the current business performance, and this effect relationship is a positive correlation.2) Of heavily polluting industries listed company’s previous environmental information disclosure level has a certain relationship with the current business performance, and this effect relationship is a positive correlation. Whether the previous environmental information disclosure level has a greater impact on the current business performance, compared to the current environmental information disclosure level, On this basis, combing the relevant literature, analysis of the relevant theory, put forward two hypotheses.Text is divided into six chapters:the first chapter is an introduction of the research background, significance and the main content and framework; the second chapter is literature review, from the two perspectives of theoretical and empirical research on the environment information disclosure,this chapter has a comprehensive exposition both at home and abroad of relevant studies, and makes a brief comment; The third chapter of the theoretical analysis and hypotheses focuses on the three relevant theories of environmental information disclosure, summary of the theory to determine the research ideas, and the two key assumptions; the fourth chapter of study design, indicates the sample selection methods and data sources pathway, the specific design of each variable, and sets in accordance with the assumptions of Chapter III of the research model, and finally introduces the relevant statistical methods and applications tools; the fifth chapter of empirical results and analysis makes descriptive statistical analysis of sample data, followed by correlation analysis and collinearity test based on multiple regression analysis, then analyzes regression results, at last, has the model robustness test; the sixth chapter is conclusions and outlook. According to the research hypotheses verification in Chapter V, this chapter has the conclusions and four recommendations from the government and enterprises, and the same time, the limitations, and makes the outlook for future research.By regression analysis of the sample data, the following conclusions:(1) of heavily polluting industries listed companies’current environment information disclosure level has a positive influence on the current business performance. This conclusion put forward a new motivation and the role of corporate disclosure of environmental information economy;(2) of heavily polluting industries listed companies early environmental information disclosure level has a positive influence on the current business performance, and the effect is greater than the current environmental information disclosure level.The main innovation of this paper:(1) innovating topic:First, for the correlation study of environmental information disclosure level and corporate performance, our scholars did not involve this study, and generally studied the correlation study of corporate social responsibility and corporate performance, this study did not involve the level of environmental disclosure variable; Secondly, for the study of the economic motivation and the role of corporate disclosure of environmental information, China’s scholars did not study variables relating to corporate performance. In the same time, the paper limits the study sample industry, the study is only involved in heavy polluting industries to reduce the impact of the uncertainties on the results of the study. In summary, the topic has its originality and significance.(2) innovating method:there is no uniform measure to quantify the explanatory variables (EVA_Return) and explanatory variables (EID).This paper has the references of the relevant literature to select the most appropriate measure to be improved, in order to reach the optimal measure. In particular, this paper has designed a more complete measurement system to quantify the explanatory variables (EID).And this system has overcome individual defects of previous study.In summary, the measure of this paper is innovating.(3) innovating assuming:foreign scholars for correlation of the corporate environmental disclosure level and corporate performance is limited to the impact of the current, we first proposed similar assumption that of heavily polluting industries listed companies’current environment information disclosure level has a positive influence on the current business performance. While doing a literature analysis and data observation, we draw further conclusions that of heavily polluting industries listed companies early environmental information disclosure level has a positive influence on the current business performance, and the effect is greater than the current environmental information disclosure level. The assumption has far-reaching significance to the motivation and the role of the economic analysis of environmental disclosure study. In summary, the assumptions are innovating. |
