Research On The Impact Of Negative Media Reports On Environmental Information Disclosure Of Heavy Polluting Enterprises

With the implementation of the socialist market economy,China’s position in the world economic structure has gradually become more prominent,and it has become an irreplaceable trend.However,economic development has also brought damage to the ecological environment.In such a severe ecological environment,how to promote the green and sustainable development of country’s economy has become particularly important.Enterprises are the mainstay of economic development,and environmental information disclosure is an important manifestation of enterprises’ care for the environment,which plays an important role in building an environmentally friendly society.Therefore,how to improve the quality of enterprise environmental information disclosure has become a hot spot in the academic community.With the development of the media,media reports have greatly changed the way and influence of information transmission,which has a significant impact on corporate environmental information disclosure and plays an important role in the capital market.Firstly,the media reports corporate information to the outside world,which increases the information transparency to some extent and alleviates the information asymmetry in the market;secondly,media reports on corporate-related environmental violations,due to its fast dissemination and wide scope.the reported enterprises have quickly become the focus of public attention.Under the pressure of public supervision,enterprises will strengthen the constraints on environmental violations,and improve the level of corporate environmental governance.This paper summarizes the related field researchers about the media reports and the research achievements of enterprise environmental information disclosure,to stakeholder theory,signaling theory,theory of asymmetric information and reputation mechanism for the study of supporting arguments,puts forward the negative media coverage and heavy pollution enterprise environmental information disclosure of related research hypotheses,and builds the empirical models,In Shanghai and Shenzhen A shares in 2013-2017 polluting enterprises,on the basis of relevant data,using multiple regression empirical analysis on the negative reports on the role of enterprise environmental information disclosure,different types of negative media reports on the role of enterprise environmental information disclosure differences and negative reports on different property right nature of enterprise environmental information disclosure of difference,The results show that negative reports can significantly promote the environmental information disclosure of heavy polluting enterprises;The negative reports in newspapers promote the environmental information disclosure of heavy polluting enterprises more than the network;The effect of negative reports on environmental information disclosure of state-owned enterprises is greater than that of non-state-owned enterprises.Therefore,it is necessary to strengthen the supervision role of negative reports on the environmental information disclosure of heavily polluting enterprises by promoting the construction of media marketization,promoting the reform of network media,enhancing the independence of newspapers,and improving the quality of environmental information disclosure of non-state-owned enterprises.