| In order to implement environmental protection work and solve the implementation of environmental protection policies,the environmental protection supervision group carried out environmental protection supervision in the name of the central government.By mobilising public scrutiny and media attention,the central environmental protection inspection not only improves the environmental governance of local governments,but also has a direct impact on the ability of enterprises to innovate greenly,enterprise performance and enterprise stock price,representing a major reform of China’s environmental governance model.However,there are certain dilemmas in the implementation of the central environmental protection inspection.On the one hand,local governments is facing the pressure for economic development in addition to environmental protection responsibilities,which leads to the problems of perfunctory response.On the other hand,central environmental protection inspection is only an environmental governance program,which is not legally binding,so it is difficult for grassroots governments to achieve the desired effect of supervision.Then,how does the development of central environmental protection inspection influence corporate environmental information disclosure through the transfer of pressure from multiple parties? What is the extent of the impact on corporate environmental information disclosure when there is a dilemma with the central environmental protection inspection? This paper will draw conclusions from a case study to address these questions.This paper selects the heavy polluting enterprise Anhui Liuguo Chemical Co.,Ltd.,and collects the company’s central environmental protection inspection data,local government supervision data,media supervision data,mass supervision data,and case enterprise environmental information disclosure during the four years from2016 to 2019.Content analysis and textual analysis are used to clearly show the mechanism of the influence of the central environmental protection inspection on the environmental information disclosure of the company: the central environmental protection inspection firstly brought direct regulatory pressure to the case company through political pressure transmission by the local government;they also brought direct supervisory pressure and indirect regulatory pressure to the case company by mobilising the power of the masses;and then brought direct public opinion pressure to the case company by directing the attention of the local media,it brings direct public opinion pressure and indirect regulatory and economic pressure to the case enterprises;finally,the launch of central environmental protection inspection will directly cause stock price fluctuations in the capital market,bringing economic pressure to the case enterprises.This set of multi-party linkage and effective coordination pressure system finally promoted the case enterprises to significantly improve the quality and quantity of environmental information disclosure.The research results show that: the environmental information disclosure of enterprises will continue to improve with the advancement of the central environmental protection inspection;the development of the central environmental protection inspection can effectively solve the problem of selective disclosure of enterprises;government regulatory pressure is the most direct and effective external pressure on corporate environmental information disclosure,and social supervision pressure plays an important supervisory role in the environmental governance system.Therefore,the government should strengthen the governance effectiveness of environmental protection inspection and improve governance;enterprises should disclose true and effective environmental information to enhance their competitiveness. |
