Comparative Study On The Environmental Information Disclosure Of Chinese And Foreign Listed Companies

Various environmental issues such as water pollution,smog and climate warming are emerging one after another,increasingly threatening the living environment of human beings.As a result,the trend of environmental protection has gradually emerged.More and more people are paying attention to environmental issues spontaneously.Countries pay more attention to the construction of ecological civilization and environmental protection,raise the construction of ecological civilization to the height of national strategy,build environmental financial system,and promote the transformation of enterprises into environmental production.In order to make the environmental financial system really play its role,we must improve the current status of environmental information disclosure in China at first.Based on the theory of environmental information disclosure,this paper applies green value chain theory and analytic hierarchy process to the analysis of environmental disclosure,constructing environmental disclosure content framework and quality evaluation framework,and taking CNPC and BP as studied cases,analyzes its disclosure work during 2013-2016 from the perspectives of motivation,method,content and quality of environmental disclosure.Finding that both CNPC and BP have centralized disclosure of environmental information in the planning and production links of the internal value chain,but disclosure in procurement,marketing and recycling is relatively weak,among them,the information actually disclosed by “raw materials” and “waste” does not conform to the international disclosure guidelines' requirement;and the external value chain is basically a blind spot.Furthermore,because of the differences in environmental disclosure system,supervision level and shareholding structure,compared with BP,there are still many areas to be improved for CNPC,which is related to the following four aspects: firstly,in terms of motivation,environmental disclosure of CNPC gets no initiative;secondly,in terms of methods,the channels for disclosure are rich and diverse,but the disclosure content of each method is high repetition,making the reading burden much heavier,and the network does not play a disclosure role;thirdly,in terms of contents,the information disclosed by CNPC is relatively small,with the lack of financial environmental information,and the actual environmental information of “water resources”,"greenhouse gas emissions","spills" and "transport" index disclosed by CNPC do not match international information disclosure guidelines;forthly,in terms of quality,CNPC does not considerd the balance of information disclosed,does not update website information timely,does not possess reliability of information for the shortage of the third-party audits.In response to the above problems,on the one hand,it is recommended that the state establishs a multi-level environmental disclosure system,increases supervision and promotes environmental audit work;on the other hand,it is recommended that the enterprise strengthens executive training,discloses the results of senior management environmental performance assessment,uses linked disclosure methods,constructs network disclosure platforms;improves disclosure of weak links in the green value chain,and adds financial environmental information.