Research On The Market Effect Of Environmental Information Disclosure Quality

The 20 th National Congress of the Communist Party of China proposed requirements such as "accelerating the green transformation of development methods" and "deepening the prevention and control of environmental pollution",reflecting the Chinese government’s firm establishment and practice of the development concept that green waters and mountains are golden mountains and silver mountains,and its firm determination to respect,comply with,and protect nature.The production and operation activities of enterprises have become the largest source of environmental pollution emissions,and are the primary consideration for government policies and environmental regulations.The main driving force behind the current efforts of enterprises in pollution prevention and control comes from the promotion and enforcement of relevant government policies,rather than the spontaneous behavior of enterprises.It is crucial to internalize the environmental protection behavior of enterprises in their production and operation processes,and always practice the concept of green development.Therefore,from the perspective of production and operation that enterprises attach the most importance to,study the market effects brought by environmental information disclosure of enterprises,and study the role of current environmental regulation intensity in it.Reverse the emphasis on environmental protection,actively assume the responsibility and obligation of environmental protection,and improve the quality of environmental information disclosure.Through empirical research methods,a quality scoring system for environmental information disclosure was constructed by scoring the five dimensions of environmental information disclosure carriers,environmental management disclosure,environmental supervision and certification disclosure,environmental liability disclosure,and environmental performance and governance disclosure,using 699 listed companies that separately released environmental reports as sample enterprises,At the same time,the stock price fluctuations and liquidity of enterprises before and after the release of environmental reports are selected as the measurement indicators of market effects.At the same time,theoretical hypotheses are proposed based on sustainable development theory,information asymmetry theory,stakeholder theory,efficient market hypothesis,and herd effect,and a model is constructed.In the research process,SPSS was used for descriptive analysis,and the collinearity between variables was tested.STATA was used to test the fixed effects of stock price fluctuations and stock liquidity caused by environmental information disclosure,and the role of environmental regulation intensity in it was analyzed.Finally,the robustness test is carried out by changing the window period of stock price volatility and the measurement index of stock liquidity.The regression results show that the quality of environmental information disclosure has a positive market effect,that is,the higher the quality of environmental information disclosure,the higher the actual return of a company’s stock that exceeds the expected return.The higher the quality of environmental information disclosure,the stronger the liquidity of the company’s stock.Moreover,the intensity of government regulation has a promoting effect on the correlation between the two.Based on the research results mentioned above,relevant suggestions are proposed from both the government and enterprise levels.At the government level,improve relevant laws and regulations,and build a unified environmental information disclosure system;Strengthen the supervision of environmental information and conduct it comprehensively and at multiple levels;Continuously deepen capital market reform and improve market responsiveness.At the corporate level,enhance environmental awareness and establish an internal disclosure system;Effectively improve the environmental performance of enterprises and enhance the market effect brought by environmental information disclosure.Finally,the limitations of the research results were analyzed and the research prospects were prospected.