Research On The Influence Of Environmental Accounting Information Disclosure To Investor Behavior For The Listed Companies Of Energy Sector

Whether the business activities is stable and orderly,the securities in stock market can healthy flow of listed copanies in energy industry,is related to whether energy security and economic operation of the country can be guaranteed.Meanwhile, energy companies also create enormous pressure on the ecological environment.The investors are increasingly concerned about the environmental behavior of energy companies.Studying the investment behavior of companies and investors of the energy industry in Shanghai and Shenzhen Stock Market,using correlation analysis,surveys and other research methods,combining research with empirical research theory,summarizing the impact of environmental accounting information disclosure status,environmental accounting information disclosure on investor behavior. Stock volume and turnover reflect investment behavior of investors.The qualitative information elements of environmental accounting information include environmental objectives, legitimate business, the environmental risks and countermeasures,environmental certification and licensing, environmental protection and other honors.And other quantitative information elements include environmental inputs,environmental incentives, environmental subsidies, pollutant emissions.We recycle129 valid questionnaires,studying the concerned intention of investors on the elements of Environmental Accounting Information Disclosure.We find that(1)the listed companies of energy industry and their environmental accounting information disclosures are general concerned by investors,(2)investors gradually formed a psychological investment and investment habits in the investment process,(3)investors are more concerned about the disclosure of the legal business as well as the information of environmental certification license conditions.By counting and analyzing the quality of environmental accounting information disclosure of 72 listed companies in the energy sector from 2012 to 2014,we find that(1)the information disclosure of corporate which disclosure environmental accounting information is in good condition,more comprehensive range of information.However,quantitative disclosure of environmental accounting information is slightly worse.Information disclosure is not comprehensive.Information disclosure quality is slightly lower.(2)Although the current Chinese energy industry companies is increasing emphasis on environmental accounting information disclosure issue.However,companies which disclose environmental accounting information is not many. The overall quality of information disclosure of environmental accounting information disclosed by companies is not high.It is difficult to achieve a comprehensive and detailed disclosure of environmental accounting information.(3)More listed companies in energy sector disclose environmental goals and environmental risk governance.And these two elements of environmental accounting information get more attention.(4) Listed companies in energy industry disclose environmental accounting information more fully, lower stock turnover,more stable situation shareholders will be, the greater the volume of stock.Whether the volume is caused by buying or selling,it suggests that the company’s investors are more concerned about the company.(5)There is no direct relationship between investment behavior, the degree of concern of listed companies in energy sector,the content of environmental accounting information disclosure and the size and status of audit institutions.(6)The larger the scale,the more fully environmental accounting information disclosure,the state-owned capital further promote the environmental accounting information disclosure.Based on these conclusions,the energy industry companies should conduct environmental accounting information disclosure in accordance with the needs of investors.Small-scale energy companies should pay attention to environmental accounting information disclosure to meet the needs of the investment behavior of investors.Private energy companies would like to learn from state-owned enterprises and the internal control information disclosure mechanism.Investors should pay attention to education to make more scientific and rational investment behavior.States should establish environmental accounting disclosure standards in line with China’s national conditions to promote the healthy development of China’s securities market,promote stable operation of the energy sector enterprises,achieve energy saving and environmental protection and sustainable development of the magnificent goal.