An Empirical Study On The Influencing Factors Of Information Disclosure Of Sustainable Development In Listed Companies' Official Websites

The rapid spread of computer and Internet technology makes the information collection costs greatly reduce.It is promoting access to information from the offline to the online.As using company's official website to disseminate information has timeliness,accessibility,university and other advantages,more and more listed companies choose the official website as an important means of information dissemination in recent years.At present,the laws that normalize the work of information disclosure of sustainable development in listed companies' official websites have not been complete.The situation of information disclosure of sustainable development in listed companies' official websites is uneven.The study on influencing factors of driving information disclosure of sustainable development in listed companies' official websites is worth exploring.This paper mainly explores the current situation and influencing factors of information disclosure of the sustainable development in listed companies' official websites in China,to provide advice that government formulates relevant norms and listed companies formulate relevant strategies.The research content includes:(1)Analysis on the situation of information disclosure of sustainable development in listed companies' official websites.This paper built an index system to get the scoring of 2897 sample enterprises from A-share in China about the situation of information disclosure of sustainable development in listed companies' official websites.To comprehend the disclosure situation and problems of 12 evaluation indexes,this paper also compared the disclosure situation between different business,the heavily polluting enterprises and the non-polluting enterprises,the enterprises in the eastern region and the enterprises in western region.(2)Carrying out an empirical study on the influencing factors of information disclosure of sustainable development in listed companies' official website.Empirical study tests these influencing factors,including the scale of the company,the listed years,financial performance,the debt level of corporate,the nature of business,the disclosure of social responsibility report/sustainable development report/environmental,the nature of controlling entity and place of listing.Conclusions are as follows:(1)On the whole,timeliness of information disclosure of sustainable development in listed companies' official websites is relatively good.In terms of disclosure of content,the situation of information disclosure of recruitment and shareholder responsibility is relatively good,but the situation of information disclosure of environmental performance management,energy saving and green operation,environmental protection investment and technology application is relatively poor;the situation of information disclosure of sustainable development in listed companies' official websites in mining,catering and tourism,power industry is relatively good and in nonferrous metals,paper,integrated industry is relatively poor.The heavily polluting enterprises' situation of information disclosure of sustainable development in listed companies' official websites is better than non-polluting enterprises';The situation of information disclosure of sustainable development in listed companies' official websites about the enterprises in the eastern region is better than in in western region.(2)The scale of the company.the debt level of corporate,state-owned holding,the nature of business belonging to heavily polluting enterprises,the disclosure of social responsibility report/sustainable development report/environmental are positively related to the level of information disclosure of sustainable development in listed companies' official website.The number of years of listing is positively related to the information disclosure level of the sustainable development information in the listed company's official website.The financial performance of the company is weakly related to the information disclosure level of the sustainable development information in the listed company's official website.But their relevant relationship is not strong.Place of listing is weakly related to the information disclosure level of the sustainable development information in the listed company's official website.This paper puts forward some policy suggestions from the government level and the corporate level:(1)Based on the China's national situation,government departments should learn from the useful experience of developed countries,accelerate the introduction'of sound laws and regulations about information disclosure of sustainable development in listed companies' official websites,establish and improve an incentive system about information disclosure of sustainable development in listed companies' official websites to guide and promote corporations to publish information of sustainable development in their official websites normally,improving website information quality.(2)Listed companies should actively use the network platform to strengthen information disclosure of sustainable development and make up the traditional annual report's some defects,which include that information disclosure efficiency and quality is not high.So they can mitigate information asymmetry between stakeholders,and differ from competitors to continue to create company value.