Research On The Legal System Of Environmental Information Disclosure Of Listed Companies In China

Listed companies,with their large scale,extensive business and influence,are important subjects in the financial market.The status of their environmental information disclosure has a direct impact on the investment behaviour of investors and will also have a role in national macro-control.Therefore,the construction of a systematic environmental information disclosure system for listed companies can not only strengthen supervision,but also help prevent environmental risks from being transformed into market risks,which is a proper intention for the stable growth of the capital market.However,in terms of the current legislative situation,there are still deficiencies in the environmental information disclosure system of listed companies,such as the low level of legal norms,fewer and scattered environmental information disclosure provisions specifically for listed companies,narrow scope of mandatory environmental information disclosure and insufficient binding force,the legal norms of voluntary disclosure are too lax and not strong guidance.This makes the environmental information disclosure system for listed companies fail to achieve a good supervisory and supervisory role.On the other hand,through an empirical study of the environmental reports,sustainability reports and social responsibility reports disclosed by listed companies in Shanghai and Shenzhen from 2017 to 2021,it can be seen that currently in the securities market,most of the listed companies only focus on improving their economic interests,but do not pay enough attention to environmental information disclosure,which causes the level and quality of environmental information disclosure between industries There is a large gap between the level and quality of environmental information disclosure in the industry,and most disclosure reports are not specific and comprehensive,and there is even the phenomenon of concealing negative information.Combining the current situation of the legal system of environmental information disclosure of listed companies and the results of empirical research,the existing problems in this area are summarized and corresponding suggestions are made,such as strengthening legislation and raising the level of legislation,while also gradually broadening the scope of mandatory disclosure and improving the guidance on voluntary disclosure.Refine the specific content of environmental information disclosure and enhance the endogenous motivation for disclosure with green finance.In terms of improving the regulatory mechanism for the review of environmental information disclosure,internal and external regulatory cooperation should be formed,management’s environmental awareness should be raised,and a transparent and efficient audit mechanism for third-party institutions should be established.