Research On Media Attention,internal Governance Structure And Environmental Information Disclosure Quality

Since the reform and opening up,especially since the 18 th National Congress,China’s economy has entered the "fast lane",and the speed of economic development is remarkable,which has laid a solid foundation for achieving good economic development.But at the same time of economic development,we have to admit that our economic structure is not reasonable enough,heavy industry and heavy polluting enterprises occupy a large proportion of our GDP.These enterprises bring us rich economic benefits,but also let us deeply wake up and feel,using the environment in exchange for economic benefits is the "hemlock" type of harm.According to relevant data,80% of environmental pollution in China comes from heavy polluting enterprises,which,as the pillar of national economic development,have become the "culprits" of environmental pollution.Thus,how to balance the contradiction between economic development and environmental pollution is particularly prominent and important.Admittedly,the issue of environmental pollution has been highly valued by the central government and governments at all levels,and has been put on the important agenda.In order to achieve an green,ecological and environmentally sustainable economic model,the state has formulated and introduced a series of environmental protection regulations and policy measures.For example,the Environmental Protection Law was revised in 2021,which illustrate all kinds of pollution and hazardous substances produced in the production process,especially pollutants that endanger people’s normal production and life,will be rectified and eliminated in strict accordance with national standards with "zero tolerance".Based on theoretical analysis,this paper extends the research perspective from the internal governance mechanism of heavy polluting enterprises to external supervision.While studying the intrinsic correlation between the internal governance structure of enterprises and the quality of environmental information disclosure,we introduce the external factor of media attention.By mobilizing the enthusiasm of social media and using the media to monitor the production and operation of enterprises,the quality of environmental information disclosure of enterprises can be improved.Through the combined effect of internal governance structure and media attention,we can provide a solid guarantee for the quality of corporate environmental information disclosure to reach a higher level,and realize the purpose of mutual promotion and control among the three.It shortens the time from awareness to action of environmental pollution by business operators,and plays a role in promoting the overall image of enterprises and solving pollution problems.By collecting five-year annual reports,environmental protection reports and social responsibility reports from 132 listed companies in the heavy pollution industry in Shanghai and Shenzhen A-shares,660 valid sample data were obtained in this paper,and these data were sorted out and summarized,resulting in relatively objective and scientific realistic results and actionable suggestions and measures.The study found that the current problems in environmental governance and environmental information disclosure of major heavy polluting enterprises are not optimistic.From the perspective of internal governance structure,the concentration of equity,the number of independent directors,the proportion of management shareholding and the separation of two positions are the key factors affecting the quality of environmental information disclosure of heavy polluters.Increasing media attention can promote the separation of two positions and the proportion of management’s shareholding,which in turn can improve the quality of environmental information disclosure of enterprises and play a positive moderating role.Thus,this paper puts forward the following suggestions: enterprises should enhance their own environmental protection awareness and continuously improve their own internal governance mechanisms;the government should standardize the form and content of environmental information disclosure of enterprises as soon as possible;the media should play more of a role of public opinion supervision and weathervane;strengthen the role of third-party institutions to authenticate and supervise the mandatory disclosure of environmental information;and establish an integrity mechanism for environmental information disclosure.