Implementing Effect of Chinese Corporate Environmental Information Disclosure Policy: Empirical data from A-Share Listed Companies in Heavy Pollution Industry

摘要

Corporate environmental information disclosure policy (CEIDP) is a system tool for solving the asymmetry problem of corporate environmental information. Relevant literature suggests that there are obvious differences on implementing effect of CEIDP in different countries, regions, and industries. As far as implementing effect of CEIDP is concerned, the domestic researches have distinct opinions. Because of relating the single corporate environmental governance, environmental protection and environmental investment decision-making in microscopic scales and China’s sustainable development strategy goals in macroscopic view, it is of theoretical value and practical significance to estimate implementing effect of CEIDP. Based on the mechanism of CEIDP, this article analyses comprehensively the relationship between corporate environmental disclosure and its system, builds a comprehensive index system by system function analysis, taking 2008-2010 A-share listed companies in heavy polluting industries for the study sample, and makes use of Wilcoxon rank sum test to appraise implementing effect and its lagged effects. The research results show that CEIDP is not only a statistically significant effect, but also has a lagged effect. This paper builds an operable and reflecting effect of CEIDP index system, and introduces non-parametric test method to the Evaluation of CEIDP, thus enriching the theory of CEIDP.