Does Public Company Environmental Information Disclosure Quality Affect Institutional Investors' Shareholding Decision?

Environmental protection is not an independent issue but a comprehensive political,economic and social issue that requires continuous and concerted efforts by people from all walks of life.When the threat posed to the living environment and life and health of human beings by industrialization is more and more obvious and perceptible,the motivation to solve these problems will naturally emerge.Green CDP 2.0,the "21st century fiduciary responsibility" round table forum,in full swing,but pollution control is not a single day,nor can it rely solely on national policies and legislation.Our institutional investors continue to grow and develop,occupying a dominant position in the capital market and should assume such a responsibility.However,the degree of development is limited.Whether the quality of environmental information disclosure of Chinese public company will affect the holding decision of institutional investors remains to be tested.This article is to study the relationship between the two,taking into account China's special institutional background,on the one hand,hope to help enterprises change their concept of development,stimulate the inherent motivation to disclose environmental information,on the other hand,trying to regulators to improve the quality of environmental information disclosure and Guide institutional investors to provide a reference.Based on the manual collection of environmental information disclosure data of listed companies in heavily polluting industries in Shanghai and Shenzhen from 2011 to 2015,this paper first analyzes the environment of listed companies in heavy polluting industries in Shanghai and Shenzhen from the overall situation,source and content of environmental information disclosure status.The quality of environmental information disclosure of listed companies in heavily polluting industries in China has been generally improved.However,the content of disclosures is vague,mainly qualitative.In addition to annual reports,social responsibility reports are the main ways for enterprises to disclose environmental information.There is a significant difference in the quality of environmental information disclosure among various enterprises.Through the above analysis,this paper argues that listed companies in China's heavily polluting industries lack the intrinsic motivation to disclose environmental information and require information users to have certain information capture and interpretation capabilities.On this basis,this paper analyzes the mechanism of the impact of environmental information disclosure on institutional investors' shareholding decisions,and further analyzes the heterogeneity of institutional investors and the nature of ownership from the perspective of stability.In this paper,we take 2976 listed companies in heavily polluting industries in Shanghai and Shenzhen from 2011 to 2015 as samples to test the impact of environmental information disclosure on institutional investors' shareholding decisions.The empirical results show that:(1)the quality of environmental information disclosure positively affects institutional investors' shareholding;(2)the quality of environmental information disclosure positively affects the holding of stable institutional investors but has no effect on transactional institutional investors;(3))The limited development of institutional investors in our country and the maximization of economic interests are still the most important concerns of their investment decisions.In state-owned enterprises,the quality of environmental information disclosure positively affects the holding of institutional investors.However,in the private enterprises that are in the inferior position of resources,the quality of environmental information disclosure negatively affects the institutional investors.Finally,combined with the research results of this article,try to make policy recommendations to the relevant departments.