The Practice of Policy About Corporate.docx

The Practice of Policy About Corporate.docx

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ThePracticeofPolicyAboutCorporate

Researchareas:

Environmentalaccountingandesourceeconomics

　　[b]Ph.D.,Professor.DepartmentofAccounting,CollegeofEconomicsandManagement,SouthwestUniversity,Chongqing,China.

　　Researchareas:

Environmentalaccountingandruraleconomy

　　[c]Accountinggraduate.DepartmentofAccounting,CollegeofEconomicsandManagement,SouthwestUniversity,Chongqing,China.

　　*Correspondingauthor.

　　Supportedby2010NationalPhilosophyandSocialFund:

China’sCorporateEnvironmentalResponsibilityInformationDisclosureSystemResearch（No.10XGL001）,themajorprojectsofthe2009HigherEducationReformResearchofChongqing（09-1-010）:

BasedonCapacity-OrientedtheAccountingUndergraduateTeachingModeReform,and2010SouthwestUniversityEducationReformFocusedResearchProject:

AccountinginformationsystemscurriculumsystemandteachingcontentReform（No.2010JY034）.

　　Received6December2013;accepted10February2014

　　Abstract

　　Corporateenvironmentaldisclosurepolicyisasystemtooltosolvetheenvironmentalinformationasymmetryproblem,ithasanextremelyimportantsignificancetoimprovepublicparticipationinenvironmentalactivities,andpromotetheimprovementofcorporateenvironmentalperformance.However,thereislessliteratureaboutthedirectcorporateenvironmentalinformationdisclosurepolicy,andthesestudiesaremostlyqualitativeorsmallsamplestudies,reliabilityislow.Inthispaper,allthelistedcompaniesofAsharesheavilypollutingindustriesarestudiedasalargesampletoresearchthehealthofcorporateenvironmentalinformationdisclosuresystem,inordertofindoutthatthesystemoperationrunslowperformance,thequalityofenvironmentalinformationdisclosureisnotgoodenough,revealingthemainreasonliesinthesystemisunreasonabledesign,thepoorindependenceoftheregulatoryauthorities,andthen,putforwardsomespecificproposals.

　　Objective:

Toinvestigatethepracticeofcorporateenvironmentalinformationdisclosurepolicy,revealitscause.

　　Results:

aroundseventypercentofheavilypollutingindustrieslistedcompanieshavedisclosedenvironmentalinformation;thedisclosureoftheinformationmostlydescribedintextordata;majorityofenvironmentalinformationdisclosedintheReportoftheBoardofDirectorsorAccountingStatements;thedisclosureofthemainlycontentsofenvironmentalmanagementandenvironmentalgovernance;largegapbetweeninter-industryenterprisesinthequalityandquantityofenvironmentalinformationdisclosure.　　Researchlimitationsandsignificanceofresearch:

Thisarticleexaminesonlythedataofcorporateenvironmentaldisclosurepolicyoperationof2010,isacross-sectionalstudy.Follow-uplongitudinalstudiesshouldbecarriedouttostudythechangesincorporateenvironmentaldisclosurebeforeandaftertheimplementationofthepolicy,empiricaltestwhetherthepolicyhasasubstantialimpactoncorporateenvironmentaldisclosure.

　　Practicalsignificance:

thisarticlesummarizestheproblemsofcorporateenvironmentaldisclosure,revealsitscause,andputsforwardareasonableproposal,whichhasanimportantreferencevalueforgovernmentdecision-making.

　　Innovationandvalue:

selectallthelistedcompaniesofheavilypollutingindustriesof2010asstudysamplefirstly,toreflectthemostimportantaspectsofcorporateenvironmentalinformationdisclosurepolicyruns.

　　Keywords:

Corporateenvironmentinformation;Disclosurepolicy;Implementingproblems;Causeanalysis

　　TANGJian,PENGJue,&ZHOUYang（2014）.ThePracticeofPolicyAboutCorporateEnvironmentalInformationDisclosureinChina:

DataFromA-ShareListedCompaniesofHeavyPollutingIndustries.CanadianSocialScience,10

（1）,-0.Availablefrom:

　　DOI:

http:

//dx.doi.org/10.3968/j.css.1923669720141001.4222

　　INTRODUCTION

　　Environmentalissuesaffectthesurvivalanddevelopmentofmankind,whilethebusinessesactivitiesaretheimportantreasonfortheenvironmentalissues.Environmentalinformationdisclosurecanbeeffectiveinreducingtheenterpriseenvironmentofinformationasymmetryinthestockmarket（Cormier,Ledoux,&Magnan,2011）.Environmentalinformationdisclosurereflectsthecorporateenvironmentalperformanceimprovement,andenvironmentalinformationdisclosurereportisaprogressofaccountingreport（Perry&Sheng,1999）.Therefore,corporateenvironmentaldisclosureisoneofthemonitorsofnationalsustainabledevelopment.Corporateenvironmentalinformationdisclosurepolicy（ab.CEIDP）isanimportantsystemtoolstoreduceenvironmentalpressurewhichiscausedbyhumanactivities.TherearedifferentCEIDPindifferentcountries,sothepracticeeffectisquietdifferent.AfterAustralia’smandatorydisclosureofenvironmentalinformationguidelinesweretakenintopractice,thequantityandqualityofcompanydisclosureofenvironmentalinformationincreasedsignificantly（Frost,1997）.ButAustraliancorporateenvironmentalreportinglagsbehindsomedevelopedcountries（Carol,2001）.Spaincarriedoutareformofthesystemofenvironmentalaccounting,itprovesthatCEIDPcanincreaseenterprises’abilityofenvironmentalresponsibility（Larrinaga,Carrasco,Correa,Llena,&Moneva,2002）.TheLibyansocialresponsibilityinformationdisclosureisinalowerlevel,whichissignificantlydifferentwithwesterndevelopedcountries（Pratten&Mashat,2009）.MostIndiancompanieshavebeguntodiscloseenvironmentalinformation,andenvironmentalinformationinitsWEBsiteissignificantlymorethantheenvironmentalinformationintheannualreport,butIndiaisnomandatoryrequirementsofcorporateenvironmentaldisclosure（Chatterjee&Mir,2008）.However,Indiainter-industryenvironmentalinformationdisclosureisinlargedifferenceandnotnormative（Sen&KuhaliMukherjee,2011）.ThelevelofIndonesia’senvironmentalinformationdisclosureoflistedcompaniesisnothigh,andthedisclosurepolicyneedstobeperfected（Mirfazli,2008）.BasedonPartsof1987-2005’Norwegiancompanies,theCEIDPhasanimportantandimmediateimpactoncorporateenvironmentalinformationdisclosure（Fallan&Fallan,2009）.InSwazilandofAfrica,mostcompaniesdidnotdisclosesocialandenvironmentalinformation,butdisclosedintheperiod2007-2008,thecompanyshowedanincreasingtrend（Kabir&David,2012）.Otherliteraturesalsoshowthattheenvironment-relatedpoliciesorsystemshaveasubstantialimpactoncorporateenvironmentalinformationdisclosure（Barth,1997;Hughes,2001;Lyon,2010）.　　Asadevelopingcountry,Chinahasassumedanimportanttaskinreducingpollutantemissions,energyconsumptionandcarbonemissions.Tothisend,theChinesegovernmenthasformulatedapositiveenvironmentalpoliciesandsystems.ChinahascarriedoutenvironmentalinformationdisclosurepolicyinMay2008,whichenforcesheavypollutingcorporatetodiscloseenvironmentalinformation.HowmanyChineseheavypollutingenterprisesabidedCEIDP?

DidCEIDPbestrictlycarriedoutbytheseenterprises?

Theseissuesreflectedthelevelofcorporateenvironmentaldisclosure,andreflectsenvironmentalresponsibilityassumedbytheenterprise.Wang（2007）listed144Corporationasanexample,andfoundthatundertheexistingsystem,thevastmajorityofcompaniesonlydiscloseinthe“ReportoftheBoardofDirectors“’and”importantmatters“intextexpression,andthereisnodisclosureoftheimpactofenvironmentalactivities;Wan（2008）considerthatcorporateenvironmentalinformationdisclosuresystemisnotonlyoffragmentedcontent,butalsonon-systemandnonstandard,defectivedesignofenvironmentalinformationdisclosuresystemisamainreasonleadingenvironmentalinformationdisclosureinalowlevel;Tian,Liu,andYu（2009）pointedoutthatChinahasnotestablishedenvironmentalinformationdisclosuresystemcoveringallpollutingenterprises,thecontentandmethodoftheenvironmentalinformationdisclosurearenotperfectandunified;LuandLi（2010）listed2007-2008ShanghaiAsharesmanufacturingcompaniesforexample,studyingtheeffectoftheofenvironmentalinformationdisclosuresystem,theresultsshowedthataftertheintroductionofthesystem,thecontentandstrengthofenvironmentalinformationdisclosureoflistedcompanieshaveasignificantimprovement.

　　Insummary,thecurrentdomesticandinternationalresearchesaremainlyincorporateenvironmentaldisclosure（Rockness,1985;Al-Tuwaijri,2004;Alciatore,Dee,Freedman,&Bikki,2006）andcorporateenvironmentalperformance（Verfaillie&Bidwell,2000;Ren,2000;Clarkson,Li,Richardson,&Vasvari,2008）,environmentalinformationdisclosureimpactfactors（Landgraf&Riahi-Belkaoui,2003;Boesso&Kumar,2007;AlArussi,Selamat,&Hanefah,2009）,andresearchoncorporateenvironmentaldisclosurepoliciesandtheeffectisless,existingstudiesaremostlyqualitativeresearchorstatisticalstudiesofthesmallsample,andlesssystematicresearchandlargesamplestudies.Therefore,allheavilypollutingindustriesofChina’sA-sharelistedcompanieshavebeentakenasresearchsamplesinthisarticle,toexaminecorporatedisclosuresystemoperatingconditionsinthesecompanies,toanalyzethemainproblemsintherun,revealthereasonandthenputforwardspecificrecommendationsforimprovement.　　1.THEOPERATINGSTATUSOFENTERPRISEENVIRONMENTINFORMATIONDISCLOSURESYSTEMINCHINA

　　1.1RelatedDefinitionandDataSourceDescription

　　1.1.1StudySampleSelection

　　Therootcausesofenvironmentalinformationdisclosuresystemistheproblemofenvironmentalpollution,“ChinaCorporateCitizenshipReport（2