Determinant factors of corporate environmental information disclosure: an empirical study of Chinese listed companies

In order to help understand the environmental disclosure mechanism from the corporate perspective, this paper identifies the determinant factors affecting the disclosure level of corporate environmental information on the basis of stakeholder theory, and gives an empirical observation on Chinese listed companies. The corporate environmental information disclosure (EID) level appears to be marginal in current Chinese context. Nearly 40% of the sampled companies opened no substantial environmental data to the public as could be seen from the content analysis of disclosed information. The present condition is that the EID strategy of Chinese listed companies is oriented to fill up the government's environmental concerns. The corporate EID effort is significantly relative to its environmental sensitivity (a proxy of the pressure from the government) and its size. The role of other stakeholders, like shareholders and creditors tested in this study in effecting the EID, is found to be still weak. Another interesting finding is that the sampled companies are selectively opening their environmental information. Companies operating in eastern coastal regions, where the economy has been relatively developed, are more likely to disclose emission-related data. The better the company's economic performance, the more information on environmental investment and pollution control cost is disclosed. More concerns of the firm's stakeholders on environmental issues shall be promoted in order to encourage Chinese enterprises to disclose more environmental information and accordingly become more proactive for improving their environmental performance.     

上市公司环境信息披露法律研究——以环保部门的监管为视角

随着环境信息公开制度的建立和公众知情意识的觉醒,人们对环境信息公开的呼声越来越高。不仅政府基于其环境监督管理的职能需要公开环境信息,企业基于对环境产生影响也需要依法公开环境信息。而上市公司作为具有特殊地位的企业,其在环境信息披露中的重要性不可小觑。近年来屡屡发生的上市公司环境污染事件也一再提醒环境监管部门和广大社会公众,亟需对上市公司环境信息披露进行有力监管。本文试从环境保护监管部门的角度论述目前法律法规对上市公司环境信息披露在披露内容和披露方式上的不足和改进建议。期望能引起环境保护部门和上市公司相关部门的注意,从而推动上市公司环境信息披露制度的不断完善。     

上市公司环境管理应注意的问题研究

随着公众环保意识的不断增强,上市公司环境行为日益受到关注,对上市公司的环境管理水平也提出了新要求。上市公司应配备专业环境管理队伍,完善并实施企业环境管理制度,在日常环境管理中应注意环境影响评价和“三同时”手续的办理,及时进行排污申报并办理排污许可证,制定并执行环境监测计划,保证环保设施稳定运行,确保污染物达标排放,妥善处理生产过程中产生的一般固废和危险废物,做好事故应急预案,避免出现环境污染事件,并根据相关要求开展清洁生产审核,进行环境信息公开。     

从环保后督查看如何加强涉重金属上市公司的环保监管

对上市公司做出更严格的环保监管,对其他企业来说,具有更大的示范和引导意义。根据中国绿色证券制度实施状况,结合我中心对排放重金属污染物的上市公司开展了环保后督查工作,针对上市公司仍然存在的环保问题,建议从完善上市环保核查工作机制、强化上市公司环境信息披露机制、建立完善环保约束与激励机制、探索上市公司环境绩效评估机制、完善上市公司环保公众参与机制这五个方面加强对涉重金属上市公司的环保监管。     

Is the Swedish environmental technology sector ‘green’?

The Environmental technology (ET) sector delivers environmentally preferably products. Little is known about whether companies in the ET sector set environmental objectives relating to their own production processes. This paper presents results from an online survey on environmental work in enterprises listed by the Swedish Environmental Technology Council (Swentec). The survey found that depending on the specific subsector, only between 21% and 45% of companies provide information about their environmental work on their website. This paper proposes environmental aspects of production and products as bases for corporate greening and for defining ‘green’ and ‘green-green’ business and identifies three main motivations for the companies within ET sector to operate as ‘green-green’ businesses: ‘competitive advantage’, ‘environmental responsibility’ and ‘environmental leadership’.     

中央环保督察“回头看”的市场反应——基于重污染行业上市公司的影响分析

运用事件研究法和非参数检验,探究了中央环保督察“回头看”的宣布实施对于沪深两市A股重污染行业上市公司收益情况的影响及其差异情况,结果显示：事件窗内中央环保督察“回头看”使得重污染行业上市公司的平均累计异常收益率降低至-2.005%,且这一负面冲击在时间上有延长趋势;不同公司性质、子行业的重污染行业上市公司所受影响存在显著差异.就企业性质差异而言,非国有公司累计收益率所受的负面冲击平均比国有公司高1.696%.在不同行业中,建材、制药、石化行业所受负面冲击最大,纺织、造纸、制革行业所受影响则较小.此外,市场对于火电、化工行业企业的反应并非多为负向,注重环境管理使得部分企业在中央环保督察“回头看”中得到了市场的正向回馈.建议持续推进中央环保督察“回头看”制度,以切实促进公司开展节能减排,同时,重污染行业公司特别是非国有公司以及上述行业公司应加强自身环境管理,积极进行环境信息披露,从而尽可能避免在类似的环境规制中受到负面冲击.     

Analysing influencing factors of corporate environmental information collection,management and communication

Relevant and understandable environmental information about production and products is needed in any attempt to mitigate environmental impact from production, products, and consumption. This paper introduces an analytical framework for studying the drivers, barriers and enablers of corporate environmental information collection, management and communication. The framework is built up by two main parts. In the first, we sort out what corporate environmental information is and how to spot gaps in information collection, management and communication. The second part examines the stakeholders and company features that could constitute important influencing factors. The framework is intended to support qualitative and quantitative studies which aim to increase understanding of what shapes the flow of environmental information in companies and product chains.     

会计信息失真与公司治理结构

会计信息质量问题是我国资本市场健康发展的重要因素之一,但信息的不真实在上市公司中一直存在,其原因是多方面的.投资者需要真实相关的会计信息,而会计信息系统又处于公司治理结构的控制之中,因此,要保证会计信息的真实,必须优化和完善公司治理结构,从而达到提高会计信息质量,提高投资者信心,保持资本市场稳定繁荣的目的.     

对比重污染行业上市公司环境保护核查与环境影响评价

摘要通过对重污染行业上市公司的环境保护核查与环境影响评价进行比较,对环保核查和环境影响评价的概念、对象、方法、时间及周期、内容、审批部门、结论等具体内容进行分析,总结上市公司环境保护核查与环境影响评价之间的区别和联系,为相关工作提供参考依据。     

企业环境信息公开的激励经济学研究

企业环境信息公开的意愿以及真实性成为了环境信息公开工作中面临的一个重要问题。本文从激励经济学的角度出发,分析了企业在环境信息公开过程中面临着的外部性内化、公众的逆向选择以及道德风险等问题,提出了政府主导,企业完善,多元参与的对策建议,以期实现环境保护与经济发展的"双赢"。     

Pollution minimisation practices in the Australian mining and mineral processing industries

Research was conducted to identify some of the current pollution minimisation practices adopted in Australia's mining and mineral processing industries. Initially, 84 mining and mineral processing companies were approached for inclusion in the study, with request only made for information that was available to the company stakeholders and the wider general community. Among the responses received, BHP Billiton, BlueScope Steel, Newmont Australia Limited and AngloGold Australia provided the information requested and/or a substantial quantity of information through reports on their company website. Analysis of the data collected for these companies indicated that improvements were made, and that policies had been implemented over the previous few years. The pollution minimisation and policy practices adopted at the operations of these companies include environmental management systems, advanced pollution control technologies, environmental awareness training for employees, and requirement – from company stakeholders – for increased accountability of environmental impacts.     

Study of some explanatory factors in the opportunities arising from climate change

The purpose of this research is to analyze different factors behind the disclosure of corporate information on issues related to opportunities arising from climate change worldwide.To achieve that purpose we formulated a dependency model in which the dependent variable corresponds to the creation of a disclosure index on greenhouse gas emissions based on the opportunities arising from climate change and disclosed by companies on their websites. The sample used comprises companies from different countries and activity sectors considered as the most sensitive to greenhouse gas emissions.The results obtained point out that companies with higher environmental performance disclose a larger volume of information on opportunities arising from climate change on their websites, compared to companies with lower environmental performance. Likewise, companies from countries that have ratified the Kyoto Protocol disclose a higher volume of information on greenhouse gas emissions on their websites, compared to companies from countries which have not ratified it.     

Experiences of and views on third-party assurance of corporate environmental and sustainability reports

This study explores the development of environmental and sustainability reporting in Sweden and the dynamics behind the corporate decision to introduce, or not to introduce, third-party assurance of voluntary reports. The results are based on interviews with 28 Swedish companies, an analysis of corporate environmental/sustainability/annual reports as well as interviews with assurance providers. Between 1990 and 2003, the number of corporate voluntary reports increased and by 2003 approximately one-third of the reports were subject to third-party assurance. In general, the assured companies were positive in regards to the perceived benefits from third-party assurance, e.g. guidance on how to develop efficient internal reporting systems and increased credibility for published data. The companies without assurance were hesitant to adopt the concept. Their main arguments included the high cost of assurance and the lack of evidence that third-party assurance would result in enhanced credibility. According to the companies, the driving forces for the future development of assurance practices will most probably consist of a combination of proactive approaches from leading companies, generally accepted reporting guidelines and assurance methods, increased pressure from stakeholders and the general acceptance that third-party assurance creates benefits for the company and its stakeholders. In conclusion, this study calls for more attention to be paid towards establishing possible links between methods for third-party assurance and increased credibility for corporate environmental or sustainability reports.     

环境法下上市公司信息公开之内容研究——对《上市公司环境信息披露指南(征求意见稿)》的研讨

《上市公司环境信息披露指南(征求意见稿)》(以下简称《指南》)的出台,使得上市公司环境信息公开引起广泛关注。上市公司公开环境信息不仅是其应担负的社会责任,更对保护公众环境利益有着重要意义。健全上市公司环境信息公开,必须在环境法下明确其应公开的环境信息内容。对《指南》的相关规定进行研讨,上市公司应杜绝面面俱到、事无巨细的公开内容,以保护相关公众环境利益为宗旨,运用具有针对性的公开标准对信息内容进行筛选。     

Organising corporate social responsibility in international product chains

This article focuses on how companies can efficiently implement corporate social responsibility in international product chains by taking into account the particularities of their supply chain relationships. The way in which companies can organise chain responsibility will depend on both the diversity and the complexity of the product chain, the power of the company in the chain and the level of ambition set. On the basis of these four factors, a step-by-step plan has been developed to offer guidance to companies in choosing their own appropriate way of organising chain responsibility. In developing this plan, use was made of the experiences of 12 companies who participated in the programme entitled ‘CSR in an international context’ organised by CSR Netherlands.     

刍议环境会计

由于企业经营环境改变,促使企业更加重视生态效能及环境冲击所带来的高昂的外部成本内部化,传统的财务会计已无法满足企业的可持续发展,环境会计将成为传统财务会计的必要补充,且各司其职。通过环境会计资讯报告,既可与企业外部不同重要利害关系人沟通,又可支持企业进行最适宜投资评价的选择,可实现多元化企业目标。     

新发展阶段成品油销售企业生态环境保护工作的探讨

从法律法规升级、执法标准严格、企业“降碳”转型等方面出发,分析了成品油销售企业在新发展阶段面临的形势与机遇。以“碳达峰、碳中和”为目标,在污染治理、环境风险与应急管理、生态保护与修复、低碳企业转型等方面提出了具体的生态环境保护建议和措施,为成品油销售企业“降碳”转型发展提供了思路。最后结合目前地方与国家生态环保法规衔接配套差异和环境保护技术基础弱等问题,对成品油销售企业未来的环境保护发展方向进行了探讨。     

刍议环境会计

由于企业经营环境改变，促使企业更加重视生态效能及环境冲击所带来的高昂的外部成本内部化，传统的财务会计已无法满足企业的可持续发展，环境会计将成为传统财务会计的必要补充，且各司其职。通过环境会计资讯报告，既可与企业外部不同重要利害关系人沟通，又可支持企业进行最适宜投资评价的选择，可实现多元化企业目标。     

Incorporating sustainability into supply management in the automotive industry – the case of the Volkswagen AG

Companies are perceived as important actors in the drive for sustainability. Linked to this, and in response to increasing demands from various stakeholder groups, companies start to look at their supply chain to enhance their overall sustainability profile. Two major triggers can be identified: (1) focal companies are held responsible for environmental and social problems caused by their suppliers, which become more and more important as (2) an increasing share of value is created at the supplier level. In response to such demands, companies have to find ways to incorporate environmental and social aspects into their supply (chain) management. Therefore, environmental and social standards are integrated into supply management by amending the purchasing processes. This paper presents one approach to integrate social and environmental standards into supply policy and supply management at the Volkswagen AG, a focal company of the automobile industry. Therefore, required changes of the sourcing and supply structures were identified during an action research project, and possible options adaptable for company internal integration are shown.     

基于互联网推动环境污染治理变革的主要表现研究

"互联网+"时代环境污染治理工作可以实现环境污染治理的网络化和智能化,进而增强突发环境污染事件预警能力以及促进公众对环境监管的深度参与.本文重点从政府、企业与社会组织三个层面阐释"互联网+"推动环境污染治理变革的主要表现.在政府层面主要表现在通过"互联网+"加强环境污染治理宣传和信息公开对环境危机事件进行舆论引导两个方面;在企业层面则侧重表现在开展环境信息公开、履行企业社会责任以及开展环保宣传、强化环保理念两个方面;在社会组织层面表现在通过"互联网+"开展环保宣传、组织公益行动,促进民意表达渠道畅通、推动公众积极参与两个方面.