| In recent years, many areas in China are often affected by haze weather, more PM2.5 index as the maximum value, air quality were seriously polluted, to the quality of people’s lives and health had a serious impact. Atmospheric pollution problem has already become the main focus of common people and the Chinese government. In "five-year plan" period, with the action plan for the control of air pollution, the understanding and the strength of atmospheric pollution control has achieved an unprecedented level,especially to the regulation of industrial pollution source in increasing year by year, a series of environmental laws and regulations and the requirements of the environmental information disclosure have issued. Environmental accounting information disclosure has become a new trend of the sustainable development of social economy.environmental information disclosure of listed companies in our country’s legislation and implementation has to a certain extent of the success, but in the standard and regulation of the environmental information disclosure are still need further development. With the market began to accept the environment accounting information,a growing number of outside investors began to include environmental accounting information in the assessment index system of enterprise growth and profitability,to a certain extent affect the listed companies’ stock market returns, in which affect the investors decision-making behavior.In this context, this article combined with the present situation of the environmental accounting information disclosure of listed companies in our country, by enlarging the sample and time interval, in 2008-2013 China’s Shanghai and shenzhen two power heat production and supply industry,ferrous metal smelting and rolling processing industry and nonmetallic mineral products of the three industries of air pollution a-share listed companies as samples, analyzed from the perspective of industry environmental regulation intensity of environmental accounting information quality and the relationship between the market reaction. First of all, according to the theory of asymmetric information, signaling theory, sustainable development theory and the theory of corporate social responsibility theory as theoretical basis, the scholars at home and abroad in the environmental quality of accounting information and its effect on the market reaction, the intensity of environmental regulation of the literature reviewed, according to our country’s unique background, find the breakthrough point of the research, put forward research hypothesis, expected market has made a positive response to environmental accounting information disclosure, and played a significant role in the relationship between the intensity of environmental regulation on. Then, on the sample data collected by the empirical test, and the model of two year grouping comparison and analysis. At the same time, adopt the method of project weighted robustness test, the result of the regression to eliminate the subjective influence in the process of content grade evaluation method. Through the empirical analysis found that the environment accounting information and stock market return, there is a positive relationship between and the intensity of environmental regulation as a moderator variable, found that the intensity of environmental regulation on environmental accounting information disclosure quality and positive relationship between stock market returns a boost. Finally, this paper research conclusion and the present situation of environmental quality, and the disclosure of accounting information quality, respectively, the environmental information disclosure laws and regulations, environmental accounting information disclosure of the contents of the specifications and the establishment of environmental accounting information disclosure three aspects such as quality control system is put forward targeted Suggestions, and points out the insufficiences of this study and future research in the future. |
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