Environmental information disclosure policy: Shanghai Stock Exchange vs ministry of environmental protection

Recent years, a series of policies on environmental information disclosure is issued by relevant management departments. The author compares the data of environmental information disclosure from Shenzhen and Shanghai Stock Exchange between 2006 and 2011, and finds that there is no difference between Shanghai and Shenzhen Stock Exchange in environmental information disclosure level before 2008 and the environmental information disclosure level of Shanghai Stock Exchange is higher than that of Shenzhen Stock Exchange after 2008. For listed companies, the rules on environmental information disclosure of listed companies issued by CSRC(China Securities Regulatory Commission) are more effective than that of Ministry of Environmental Protection. Therefore, the relevant policies for environmental information disclosure of listed companies should be formulated and promulgated by CSRC or formulated and promulgated by both of CSRC and Ministry of Environmental Protection. And this paper also provides empirical evidence to improve the policies design of environmental information disclosure.