On Environmental Information Disclosure System Of Listed Companies In China

Today,with the increasingly serious environmental problems,the global economy has begun to strive to build a global green financial market.It is hoped that,while the economic development is getting better and better,it will be able to assume social responsibility and improve environmental pollution,so as to enable the world to achieve sustainable development.As the main participants in the green financial market,listed companies should shoulder the burden of environmental protection and take the lead in carrying out beneficial projects for environmental improvement.At the beginning of the 21 st century,our government established the environmental information disclosure system for listed companies to undertake environmental protection obligations,and began to explore.At present,the environmental information disclosure system of Listed Companies in China is not yet complete,and there are still many shortcomings.At present,there is no specific regulation of environmental information disclosure system of Listed Companies in China's basic law,but more through the administrative rules and regulations issued by the Ministry of Ecology and the Securities Regulatory Commission and other documents to regulate the rules and specific operations.By collecting the data of environmental information disclosure of listed companies from 2001 to 2017,we find that there is a huge gap in the industry disclosure of Listed Companies in China.Our country adopts the disclosure principle of combining compulsory and voluntary,which leads to the high proportion of enterprises in heavy polluting industries that are required to be disclosed by the state,and the quality level of disclosure is better than that of ordinary enterprises.Laws and regulations require listed companies to regularly disclose environmental information and issue interim reports on major environmental incidents.Therefore,listed companies in China now disclose environmental information in the form of CSR report,sustainable development report,ESG report,environmental report and company annual report.Through combing the current situation of environmental information disclosure of Listed Companies in China,we find that there are many problems: from the legislative point of view,there are some problems,such as low rank of legislative documents and limited compulsory force;low rank of legislative documents and limited compulsory force;small scope of specific subjects of disclosure and narrow scope of disclosure content.From the execution status of listed companies,there are some defects,such as low overall disclosure ratio of listed companies,large gap of industry disclosure ratio,lack of uniformity of disclosure form,low disclosure content,low quality,lack of practicability and so on.From the analysis of supervision situation,there are some problems,such as the lack of self-examination mechanism of listed companies,the poor joint supervision of various regulatory departments,the low supervision effectiveness of the SFC and the stock exchange,the lack of certification and public supervision system of third-party institutions,and the imperfect reward and punishment mechanism of disclosure.According to the reasons for the problems,this paper summarizes the following suggestions: strengthening the top-level establishment of legislation,improving the legal level of disclosure system;constantly improving and coordinating environmental law and securities law and regulations;refining disclosure standards,increasing the scope of disclosure,and unifying disclosure methods;establishing a hierarchical evaluation mechanism for environmental information disclosed by listed companies;and strengthening the information of regulatory authorities.Sharing and administrative collaboration,etc.These suggestions have perfected the environmental information disclosure system of Listed Companies in China from various aspects.It is hoped that our government and listed companies will abide by the socialist ideology with Chinese characteristics in the new era of Jinping and the spirit of the Nineteenth National Congress of the Communist Party of China,take Xi Jinping's ecological civilization thought as the guidance,and comprehensively implement the goal of improving the environment and building an ecological civilization society.