Conclusion and Recommendation References

255 It is hoped that with the development of the Internet finance, it can bring an inverting effect which accelerates the reform of the financial industry in China. No one should ignore the importance of the hardware requirements under the big data epoch. Substantial investments in information infrastructure development, big data analytic and database management, cloud computing capacity and related software development are expected. Secure element is the heart of the new ecosystem. Third party payment companies should prove that they have spent sufficient amount of resources for the maximum protection of consumers and they have to process transactions in line with industry standards. The risk of leaking and misuse of customer information is forcing service providers to alter the way they handle transactions. However, it seems that such provisions and technology is not well in place in China, nor widely an accepted industry standards [10] . From the regulatory point of view, it is expected the Central Bank should align the development of various third payment platforms by formulating respective industry standard and to encourage a health competition among different stakeholders. Regulators should strengthen the requirements for e-commerce companies which extend their operation towards the financial sector and further enhance investor protection for transactions executed over the Internet. On the other hand, part of the reform should include the remove of the existing oligopoly market structure in the banking sector and the promotion on financial innovation so as to meet the global challenge in the new century. References [1] Zou, Z.H. 2014. New Reform, New Open, New Bonus: China Economic Analysis 2013-2014. Shanghai: Trust Wisdom Press. [2] Anderson, C. 2008. The Long Tail: Why the Future of Business is Selling Less of More. New York: Hyperion. [3] Economides, N. 2001. The impact of the Internet on financial markets. Journal of Financial Transformation , 11, 8-13. [4] [5] Evans, G. 2013. Internet of things. Disruptive Technology . HSBC Global Research. [6] 2011 –2012 China E-Commerce Report, iResearch Consulting Group. [7] [8] China Internet Financial Innovation Mode Report 2013, iResearch Consulting Group. [9] Jingu, T. 2014. Internet finance growing rapidly in China. lakyara , vol. 189. [10] Banks, Alibaba spar over Internet finance services . Retrieved April 30, 2014, from http:www.china.org.cnbusiness2014-0408content_32028586.htm 256 ACMASS-5924 A Study of Industry Environmental Accounting Disclosure associated with cost and benefits ─ A Case Study of Japanese Company Chen Nai Hua Southern Taiwan University of Science and Technology, Taiwan ma1n0103stust.edu.tw Lin Yi Hua Accounting Information Department in Southern Taiwan University of Science and Technology, Taiwan a974gtlmail.stust.edu.tw Abstract Within the 1970s, due to the environmental accounting began getting focus throughout the energy crisis. Recently, environmental accounting research has become an attractive area. Several studies have suggested the benefit of facilitative in disclosing company environmental accounting information. The data of this study is collected from Hitachi annual report and Hitachi group corporate social responsibility report over the period 2009-2013. The case study analyzes whether the investment in environmental protection can reduce GHG emissions, waste processing and energy conservation etc. This study mainly explores the relationship between carbon emission and financial investment in Hitachi Company according to the environmental disclosures. Furthermore, this study also observes the indicator of the efficiency of environmental load reduction and environmental economic effects. The results showed that Hitachi invests environmental protection does not definitely get positive efficiency. However, Hitachi still concerned environmental protection issue, for example, Hitachi enhances energy efficiency of their products and reduces CO 2 emissions in energy productions. In conclusion, Hitachi has long-term plans for environment protection, in order to reach the goal that they increase the ratio of eco-products which enhance energy efficiency of their products. Although the study has limitation, it presents some results of cost-benefit analysis of environmental investment through environmental accounting data that could strength the contribution of environmental accounting report. Keywords: Environmental Accounting, Corporate Social Responsibility, Cost-Benefit Analysis

1. Introduction

In the past, most companies consider that environment protection activities will only increase cost. Actually, it will help companies to operate sustainably. A new type of accounting has been developed: Environmental accounting. As environmental consciousness has risen in recent years, the importance of environmental issue and social accountability, promote active and voluntary disclosure of environmental information about environmental activities and environmental efforts and performances. More and more companies provide not only their financial statements, but also their nonfinancial information, such as reports on their environmental record, social responsibility and sustainability McCrary, 2002. Environmental accounting is the ecological significance of economic activity and the economic worth of natural resources. Companies may employ environmental accounting to control and reduce the costs of managing waste, 257 remediating contaminated sites, paying environmental fines, penalties and taxes, or purchasing pollution prevention technologies. David Cuff and Andrew Guide, 2009 Today an increasing number of companies and other organizations are engaging in environmental management as part of their management strategies to specify measures for dealing with environmental issues and to internally carry out environmental conservation activities. Environmental accounting is a tool to supplement environmental management. Environmental accounting data is not only used by companies or other organizations internally, but is also disclosure in public through environmental reports. The environmental accounting data in an environmental report enable those parties utilizing this information to get an understanding of the company’s stance on environmental conservation and how it specifically deals with environmental issues. At the same time, a more comprehensive grasp of the companies and other organizations’ environmental information can be obtained. Environmental Accounting Guideline 2002 Recently, growing attention is being paid to publish environmental accounting reports to reveal information, especially Japanese corporations has been disclosed environmental accounting report for a long time. Since environmental accounting in Japan have been widely used, this paper focus on Japanese companies. Japanese government defines voluntary initiatives as “actions that firms take voluntarily, in which they establish non-binding targets as a means of implementing environmental conservation measures” and its Basic Environmental Plan has characterized them as a tool for actively working on issues such as preserving the global environment and treatment of industrial waste and chemical substances. Hibiki and Arimura, 2004 This paper explores the environmental accounting of HITACHI company in the period of five years 2009-2013 and investigates the HITACHI report of economic benefit and the cost and effect in quantity and monetary value of its environmental conservation activities. Exploring the environmental accounting at the corporate level helps the management to know whether corporate has been discharging its responsibilities towards sustainable development while meeting business objectives.

2. Introduction of Hitachi