Information Disclosure In China Research Articles

The divergence and driving factors of corporate environmental information disclosure in China

Abstract Corporate environmental information disclosure (EID) has been a widely acknowledged issue in the field of ecological environment research. This paper explores the spatiotemporal evolution characteristics of EID in China from 2008 to 2022, and discusses the industry and regional heterogeneity. It reveals significant differences in EID between heavy and non-heavy polluting industries, as well as among different economic regions, revealing that there is still significant potential for improvement in corporate environmental governance. Further, this paper establishes a two-way fixed effects model and empirically investigates the effects of internal and external driving factors on EID. In addition, Lasso regression model is used to screen the vital driving factors and analyze their relative importance. The empirical results show that enterprise size, management age, operating capacity, supervisory board size, and debt capacity have relatively more substantial explanations for changes in EID, which are more critical driving factors. The contribution of the study is to provide valuable reference for constructing corporate EID indicator system, and to points out the direction for the sustainable development of enterprises in different industries and regions. At the same time, it has theoretical guiding significance for finding the factors that promote EID and strengthening regional environmental governance.

When blame avoidance meets transparency: local governments’ bandwagon strategy in environmental information disclosure in China

ABSTRACT Despite the ample literature on government transparency, our knowledge about local governments’ strategic responses to transparency mandates, especially those in non-democratic regimes, is limited. This study sets out to fill this gap by investigating local governments’ strategic behaviours in implementing environmental information disclosure (EID), a specific form of government transparency, in the context of China. We assert that local governments in China are largely steered by the motivation of blame avoidance (BA) in EID and tend to adopt the bandwagon strategy, a specific form of anticipatory BA strategy. Moreover, having patronage ties with political superiors weakens local governments’ tendency to engage in the bandwagon strategy. Using city-level governments as the unit of analysis, we apply spatial econometric models in various specifications and find strong evidence that substantiates our arguments.

Green finance, management power, and environmental information disclosure in China—Theoretical mechanism and empirical evidence

AbstractGreen finance plays a crucial bridge as an intermediary between finance and the environment, facilitating resource allocation. The disclosure of environmental information (EID) is vital for promoting sustainable economic development. This study utilizes panel data covering the period from 2012 to 2019, focusing on Chinese companies listed in high‐polluting industries. The findings demonstrate that green finance policies have a significant positive impact on EID, while increased managerial power has a detrimental effect. However, green finance policies can mitigate the negative consequences arising from moral hazard and adverse selection resulting from managerial power. They enhance the quality of EID by restricting long‐term loan resources for polluting entities. The heterogeneity test reveals that the effectiveness of green finance policies in promoting EID varies across different regions of China. In non‐state‐owned companies, green finance policies are more effective in constraining managerial power. The moderating effect of green finance on managerial power is weakened by improvements in internal control. Green financing can offset the adverse impact of managerial power on EID when debt levels are high. Our research plays a crucial role in advancing micro‐academic studies in the field of green finance. By strengthening internal controls for corporate managers and promoting EID policies, we provide essential support and guidance to decision‐makers.

Current Situation and Consequences of Environmental Information Disclosure in China's Automobile Manufacturing Industry --Taking SAIC Motor Corporation Limited as an Example

A sincere commitment to establishing a community of human destiny is made through achieving carbon peak and carbon neutrality. Following the pace of affluent nations, China has incorporated carbon peak and carbon neutrality into overall economic and social development. Environmental information disclosure is the most basic and major part of environmental accounting, following the sustainable development strategy because of daily accounting supervision and accounting. In this research, a case study of SAIC Group's environmental information disclosure in China from 2019 to 2022 is chosen, and analyzes SAIC Group's operating capacity, profitability, solvency and development capacity by combining information asymmetry theory and stakeholder theory. This paper investigates the roots of environmental information disclosure in the automobile manufacturing industry, chooses a representative SAIC Group to summarize its environmental information disclosure, assesses the current level of corporate environmental information disclosure, and provides relevant departments with pointers and relates for the development of an environmental information disclosure system for enterprises in this industry. Finally, optimization recommendations are offered for the growth of listed businesses' environmental information disclosure in China's vehicle manufacturing sector.

Market Institutions, Fair Value, and Financial Analyst Forecast Accuracy

This study investigates the valuation usefulness of fair values and related information disclosure in China and examines how regional‐level market institutions influence the valuation usefulness of fair value information. Based on a sample of Chinese listed companies during 2007 to 2016, the empirical results show a negative association between overall fair values and analyst forecast accuracy. Further analyses suggest that the negative association is likely driven by biases and/or errors in fair value estimates. Using a difference‐in‐difference research design, the study also documents that the implementation of ASBE 39 in 2014 has improved the valuation usefulness of fair values. There is evidence that different aspects of market institutions—including the extent of government intervention in the market and the legal environment—influence analysts’ use of fair value information. This study contributes to the literature by providing new and different evidence on the usefulness of fair values to financial analysts outside developed countries. Moreover, by taking advantage of the uneven institutional development across China, the study shows that different aspects of market institutions influence the valuation usefulness of fair value information.

ESG Information Disclosure and Corporate Earnings Management——Research on the Moderating Effect Based on Media Attention

ESG information disclosure includes environmental conservation, social responsibility and corporate governance. It concerns the sustainable development of the company. The internal relationship between ESG disclosure level and earnings management and its action mechanism is an urgent problem to be solved. This paper takes A-share listed companies in Shanghai and Shenzhen from 2009 to 2021 as the research object to empirically study the correlation between ESG disclosure and corporate performance management. While introducing media attention as a moderating variable, we will empirically study the moderating effect of media attention on the relationship between ESG disclosure and enterprise performance management. The empirical results show that: (1) there is a negative correlation between the level of ESG disclosure and earnings management, that is, the higher the level of ESG disclosure, the lower the level of earnings management; (2) Media attention makes up for the gap caused by the lack of ESG information disclosure. In companies with low media exposure, ESG disclosure has a more significant deterrent effect on corporate performance management. The research in this paper reveals the governance effect of ESG information disclosure on corporate earnings management, verifies that ESG information has the effect of transmitting higher quality earnings information, and provides a reference for the research on ESG information disclosure in China.

Does Public Participation Reduce Regional Carbon Emissions? A Quasi-Natural Experiment from Environmental Information Disclosure in China

Does Public Participation Reduce Regional Carbon Emissions? A Quasi-Natural Experiment from Environmental Information Disclosure in China

Comparison of R&D information disclosure of Chinese and foreign listed pharmaceutical enterprises – Take Hengrui Pharmaceutical and Pfizer Pharmaceutical as examples

Recently, the demand for epidemic prevention equipment and therapeutic drugs at home and abroad has surged. In order to improve their competitiveness, enterprises have invested a lot of money in drug research and development and medical device innovation.This paper focuses on the research and analysis of the background conditions of drug research and development and information disclosure in China in recent years, and combines and expounds two scientific theoretical foundations related to information disclosure and disclosure, namely information disclosure, asymmetry theory and information transmission theory. Based on the actual situation, a detailed analysis of the Chinese enterprise Hengrui Pharmaceutical and the American enterprise Pfizer Pharmaceutical, the R&D expenditure and the disclosure of R&D expenses of the company in recent years were explained, and the problems and the gap between the two enterprises were found. Finally, suggestions for improvement are made for the above problems.

Defects and Solutions of Accounting Information Disclosure under the Background of Informatization Construction

With the continuous progress of science and technology, the Internet technology has been widely used in various fields. The application rate of information technology in various enterprises is constantly improving, and the Internet technology is closely integrated with accounting and financial management, which has promoted the reform and innovation of traditional accounting work. This paper analyzes the relevant concepts and roles of accounting information disclosure in the context of informatization construction, describes the development of accounting information disclosure in China, points out the shortcomings in the current accounting information disclosure, and proposes countermeasures to improve the quality of accounting information disclosure, trying to provide some help for enterprise accounting information disclosure to better adapt to the information age and better apply information technology.

Current Situation and Reflections of Environmental Accounting Information Disclosure in China's Iron and Steel Industry under the Background of "Double Carbon"

China plans to reach peak carbon use by 2030 and achieve carbon neutrality by 2060. This "double carbon" target makes the iron and steel industry, a high-consumption, heavy-polluting, energy-intensive industry, face great challenges. In order to achieve green transformation and promote sustainable development, the iron and steel industry, as a national pillar industry, should raise awareness of environmental protection, increase environmental accounting information disclosure, and improve the level of environmental accounting information disclosure. This paper discusses the current situation of environmental accounting information disclosure in the iron and steel industry, summarizes the current problems of environmental accounting information disclosure in the iron and steel industry, and proposes countermeasures to solve them. It is found that the iron and steel industry currently has problems such as low initiative of environmental information disclosure, less disclosure of negative information, scattered disclosure information, non-uniform disclosure carriers, etc. It is recommended to accelerate the construction of the environmental accounting disclosure system and regulations, improve and standardize the environmental accounting information disclosure system, strengthen the construction of third-party audit, improve the awareness of environmental information disclosure of enterprises, and standardize the environmental accounting information disclosure from both national and enterprise levels Content.

Impact of Carbon Information on Enterprise Value: Analysis Model Design Based on Big Data

Investors pay more and more attention to the issue of climate change information disclosure of listed companies. Whether the company can effectively deal with the impact of climate change on its own operations and make reasonable information disclosure will undoubtedly affect the value of the enterprise. Aiming at this, an analysis model based on big data is designed for the impact of carbon information on enterprise value. This study selects the sample stocks of the Shanghai Stock Exchange responsibility index every year as the research sample, counts the carbon information through the social responsibility reports of listed companies, and uses the index method to score the carbon information of each company to measure the quality of carbon information disclosure. Firstly, it analyzes the situation of carbon information disclosure in China through descriptive statistics and then constructs relevant models to conduct an empirical analysis on the impact of carbon information disclosure on enterprise value.

The determinants and value-relevance of voluntary disclosure of supply chain information

We use the voluntary nature of supply chain information disclosure in China’s stock market, including both major customers and suppliers information, to study the determinants and value relevance of proprietary information voluntary disclosure. Consistent with information asymmetry concern, disclosure is more likely when firms are seeking external finance or operating with a more concentrated supply chain where the needs of reducing information asymmetry are higher. Supply chain disclosure is found to be associated with a lower firm valuation on average. Good corporate governance reduces such voluntary disclosure, further confirming protecting proprietary information is one of the key considerations of non-disclosure. The disclosure of supplier identity is less value relevant than customer identity.

Does public participation promote environmental efficiency? Evidence from a quasi-natural experiment of environmental information disclosure in China

Previous literature on improving environmental efficiency largely focuses on the power of the government, ignoring the role of public participation represented by environmental non-governmental organizations (ENGOs). This paper draws on a quasi-natural experiment generated by the Institute of Public and Environmental Affairs (IPE) in China, which has been publishing the Pollution Information Transparency Index (PITI) since 2008, to evaluate the effectiveness of public participation. We utilize the panel dataset of China's 285 cities from 2003 to 2018 and employ the difference-in-differences (DID) method to investigate the causal impact of environmental information disclosure on environmental efficiency. The empirical results show that compared with non-PITI cities, environmental efficiency in PITI cities improves by 21.11% relative to the sample average. This promotion effect is obvious in the short-term, but disappears in the long-term. Furthermore, the paper proves that curbing pollutant emissions is the main mechanism for the improvements in environmental efficiency. Finally, we explore the heterogeneous treatment effect across different cities, and find that most of the effects come from eastern, developed, large and non-resource-based cities. The findings not only demonstrate the importance of public participation in green development, but also provide empirical evidence for a diversified environmental governance system.

Environmental Accounting Information Disclosure in China: A Review of Research

This paper focuses on the relevant literature on environmental accounting information disclosure in China, attempts to analyze the four aspects of disclosure method, disclosure content, disclosure quality evaluation method and influencing factors of disclosure quality, and reviews the new research progress in academia in this regard according to the development context and logical relationship of literature. This paper discusses the development direction of relevant theories and analyzes the latest trends in the methods and contents of environmental accounting information disclosure theory, hoping to provide reference and enlightenment for the research on environmental accounting information disclosure in China. Finally, this paper puts forward the direction of possible further research in the future based on the current research situation in China.

Micro evidence affecting the improvement of carbon accounting information disclosure in China——taking listed companies in high energy consuming industries as an example

Nowadays, the contradiction between socio-economic development and environmental governance seems to be the top problem perplexing all countries. In order to effectively develop the economy, low-carbon economy was mentioned as an international topic at the United Nations Climate Change Conference. So far, it has gradually become the mainstream concept of economic development of the times. It has become a new problem how to quantify the adverse impact of enterprises on the environment under the background of low-carbon economy. The new concept of carbon accounting came into being. As China is still in the critical period of economic transformation, its demand for energy is still urgent, and it is facing more severe ecological and environmental problems than other countries. The 14th-five-year-plan once again emphasized the need to speed up the establishment of carbon emission trading market in order to realize the development of economy and people's living environment for long-term. The goal of China's sustainable economic development must be inseparable from the improvement of carbon accounting information disclosure level. Starting with the financial characteristics and relevant indicators of governance mechanism of China's high energy consuming listed companies, this paper explores the correlation between them and the level of carbon accounting information disclosure of the companies, so as to seek reasonable and effective methods to improve the level and quality of carbon accounting information disclosure in China.

Corporate Energy Management and Voluntary Carbon Information Disclosure in China

Corporate Energy Management and Voluntary Carbon Information Disclosure in China

The Influence of Social Responsibility Information Disclosure on Enterprise Value--Take Lens Technology for Example

Based on the perspective of financial statements, taking Lens Technology as an example, this paper analyzes the impact of social responsibility information disclosure on corporate value from four aspects including profitability, solvency, operating capacity and growth capacity. research funding:(1) There is no unified standard on the content of social responsibility information disclosure in China, which makes it impossible to determine the specific growth point of enterprise value when analyzing enterprise value from the perspective of financial statements;(2) Social responsibility information disclosure also has the lack of disclosure consciousness, unable to correctly understand the value of social responsibility information disclosure to enterprises, resulting in incomplete disclosure content and other problems. In view of the existing problems, this paper proposes to improve the laws and regulations of social responsibility information disclosure, organize relevant training to enhance the awareness of enterprise disclosure, which is conducive to promoting the establishment of a more perfect social responsibility information disclosure mechanism, and is conducive to the scientific estimation of enterprise value.

Information Disclosure in China’s Rising Securitization Market

E-commerce and FinTech are currently booming in China. The growing consumer market is accompanied by internet finance, by which consumers can easily borrow money from financial institutions online. As a result, the growing risks of financial institutions are of concern to the government and regulatory bodies. Consequently, the securitization market in China is seeing rapid growth that could affect financial stability. Applying FinTech and emerging technologies in securitization might be an effective way to protect against these risks. This paper studies the question of whether China needs a higher standard of information transparency in order to protect against its risks against the background of digital transformation. We analyzed the determinants of securitization in the Chinese banking sector, relying on data on banks for two periods: pre-2017Q4 and post-2017Q4. The main findings of the paper demonstrate that the application of FinTech in China’s banking industry resulted in less information asymmetry. The risk exposure was the most significant determinant in general. Higher risk exposures increased securitization transaction volumes, which reflects securitization with adverse selection problems between the originator and investors. Liquidity and profitability, as important determinants indicating the moral hazard problem, also affected securitization pre-2017Q4, but liquidity and profitability were found to be unimportant determinants after the application of FinTech (the post-2017Q4 period). Moreover, this study finds that the effects of the adverse selection and moral hazard problems varied in different types of banks. Overall, our findings suggest that the Chinese securitization market needs a higher standard of information transparency.

Incentives for Corporate Environmental Information Disclosure in China: Public Media Pressure, Local Government Supervision and Interactive Effects

Disclosing environmental information is essential for listed firms to demonstrate social conscience. To fulfill government and public media supervision, Chinese listed firms are increasing the quality and quantity of disclosed environmental information. This elicits a new topic of interest: the correlation between media/government supervision and corporate environmental information disclosure (EID). The paper addresses this issue through data analysis and factor correlation study in data from some high-pollution firms in China during 2017–2019. The study first introduces a standardized definition for the quantification of media and government supervision, as well as the degree to which the corporation discloses the environmental information. Then, the correlations between the factors are isolated and refined to three sub-topics: (1) how public media and local government supervision affect the quality of corporate EID; (2) how is the interactive effect of public media and government supervision related to corporate EID; (3) how is the distinct ownership of corporate affect the government supervision on corporate EID. The concluding result from the above factor analysis could provide guidance for authorities to adjust certain laws and regulations so that the media and government supervision better motivates the corporate EID, and furthermore, better sustainable development of ecological environment.

The developing trends and driving factors of environmental information disclosure in China

Environmental Information Disclosure (EID) is a new tool for environmental governance in the era of big data and information. Based on the Pollution Information Disclosure Index (PITI) of 120 cities in China from 2003 to 2019, spatial data exploratory analysis and dynamic spatial panel model were adopted to analyze the spatial-temporal evolution characteristics and influencing factors of EID in China. The results show that (1) great progress of China's EID has been made in legislation and practice and its ways and channels are gradually becoming diversified, while it is accompanied by the problem of inadequate and unbalanced development; (2) EID shows the “superposition effect” promoted by previous accumulation has the “peer effect” of mutual imitation and learning and presents “demonstration effect”, which shows significant agglomeration distribution pattern of spatial “club”, while the spillover effect within the region is significant while the radiation effect between regions is weak. (3) In a dynamic process, cities with better economic development, firm performance, environmental performance and regulation, disclosure more environmental information, while the role of government competition and public participation needs further discussion. (4) Negative factors have a great influence during the economic crisis, while positive factors play a significant role in promoting the disclosure of environmental information during the economic expansion after crises. Cities in the developed regions (coastal, east and large cities) disclosure more than developing regions (inland, west, and small cities), and the positive factors are more likely to take effect.