The Institutional Environment Research On The Influence Of The Environmental Information Disclosure Of Listed Companies

The party’s16th national congress put forward, in the21st century first20years we should improve resource utilization based on the steady development of China’s environmental protection cause and improvement of ecological environment. We should improve resource utilization in order to increase the capacity for sustainable development. We should promote the harmonious development between man and nature to make sure that our community healthily sustainable development. In December2011, the seventh National Congress was held in Beijing, the environmental protection meeting fully affirmed the "11th five-year plan" environmental protection, objectively analyzed the "twelfth five-year" environmental protection trend and comprehensive deployed of "twelfth five-year" priority of environmental protection work. Above the meeting showed that national emphasis on environmental protection problem is gradually enhanced. Enterprises as an important component of China’s economic and social should take on the important mission and responsibility and actively respond to national call to implement the environmental policy is the most direct and effective way to do a good environmental protection work. Enterprise environmental information disclosure and environmental protection have close relations. On the one hand, the enterprise through the environment information disclosure conveys its environmental risk and environmental performance to different stakeholders; On the other hand, the enterprise environment information disclosure is the important medium for the public to understand and supervise the enterprise environmental activities. As a result, environmental information disclosure as an important content of enterprise environmental protection activities has received the widespread attention.In this paper, author analyzed the related literature at home and abroad, based on the theory including asymmetric information theory, stakeholder theory, agency theory, signaling theory, corporate social responsibility theory, combined with our unique research status put forward the research hypothesis, and use the content analysis, packet inspection, multiple linear regression test to check the marketization process, government regulation impact on environmental information disclosure of listed companies of our country. This article selects in2008-2012as a sample interval, for all heavy polluting industries in the Shanghai Stock Exchange and the Shenzhen Stock Exchange-listed A-share companies. The heavy polluting industries selection primarily based on "environmental inspection of listed companies Industry Classification Catalogue"(Central Office letter [2008] No.373) and the "Environmental Information Disclosure of Listed Companies Guide"(Central Office letter [2010] No.78) which is issued by the General Office of the Ministry of Environmental Protection. Firstly, through content analysis method, the environmental information will be divided into the situation, environmental management, environmental cost, environmental liabilities, environmental investment and environmental performance and environmental governance and regulation, or government agency certification seven parts. Then the author will score the parts and get enterprise environmental information disclosure of the total sum, divided by the possible maximum score to get environmental information disclosure index (EIDIS). Finally the author researches the marketization process, government regulation, social responsibility system of the three environmental elements to the enterprise environment information disclosure. Conclusion shows that the marketization of enterprise environmental information disclosure failure; Positive effective government regulation of enterprise environmental information disclosure plays a significant role in promoting.Finally, this article based on the results of the study, combined with the particularity of China’s institutional environment, to provide the following Suggestions about improving the level of environmental information disclosure of listed companies in China:Speed up the reform of state-owned enterprises, Improve environmental information disclosure legal system construction, Unified enterprise environmental information disclosure legal standards, set up environmental information disclosure of listed companies joint management mechanism, encourage private organizations to join the environmental information disclosure regulation system to auxiliary government regulation efficiency, improve the listed company’s environmental protection consciousness.