The Impact Of Environmental Information Disclosure On Financial Performance Of Mining Listed Companies

With the development of economy,many environmental problems such as global warming,air pollution emerge increasingly.These environmental problems have had huge threat on the lives of everyone in the world,so almost all the governments attach great importance to environmental protection.Companies make the most contribution to the environment pollution,which coincides with their contribution to the economic growth.The disclosure of environmental information reflects the companies' responsibility,which make the public known about the companies' environmental conditions.The environmental issues have attracted more and more attention from the public,which has forced companies to disclose more environmental information.The financial performance reflects the financial situation,the study on the impact of environmental information disclosure on financial performance can reveal the relationship between the environment responsibility and the economic interest.It has certain value to research how to increase the enterprises' environmental information disclosure level.As a high-polluting industry,mining industry has caused a series of environmental pollution problems,although it has improved the national economic strength greatly.And some pollution caused by mining industry draw the public attention.This study is based on the sustainable development theory,stakeholder theory,signal transmission theory,reputation theory and decision usefulness view,and deeply analyses the mechanism of the environmental information disclosure influencing financial performance.45 mining industry listing corporations during 2011 to 2015 in Shanghai and Shenzhen A-shares are selected as samples,the company's annual reports,social responsibility reports,sustainability reports,environmental reports and other information disclosed about environmental information are summarized to present the situation of the industry's environmental information disclosure.The environmental information is classified into financial information and non-financial information to build environmental information disclosure evaluation system.Three indicators are selected from each financial performance of the company's profitability,solvency,operational capacity and development capacity.Based on the factor analysis method,the comprehensive performance index is calculated,which can represent the financial performance of the listed companies in the mining industry.The multiple regression equation is constructed,and the influence of environmental information disclosure quality on comprehensive financial performance is analyzed by empirical analysis.The results show that the level of environmental information disclosure has a positive impact on financial performance,that is,the high level of environmental information disclosure is more conducive to the improvement of corporate financial performance;The environmental financial and non-financial information disclosure levels,have significant positive correlation with financial performance,but the impact of environmental financial information disclosure on financial performance is more significant;There is also a significant positive correlation between the financial performance and the level of environmental information disclosure,in which the annual report and the independent report are both the comprehensive disclosure carriers.However,the impact of the environmental information disclosure level on the financial performance is not significant,when the annual report is the only disclosure carrier.Finally,some countermeasures and suggestions are made to improve the environmental information disclosure level of mining industry listed companies from the perspective of government and enterprises,based on the previous analysis.