Research On Relasionship Between Implementation Of Corporate Social Environment Protection Responsibility And Stock Price In High Polluted Board

China stock market has developed for more than20years, during the course of the development, the list firms made great unique contribution to the accumulation of national wealth and improvement of people’s living standard. But in the beginning of economic development, there came a flag proposition "Sacrifice environment to ensure the growth of economy". Many list firms come the sole way to pursuit the short-term profit without long-reaching environment protection plan. The consequence of blind ignorance on resource wasting and environment polluting should be considered as chronic disease which would be a hard nut to treat. Currently as one company, the problem about how to tackle with environment pollution should be of importance, many companies felt obliged to cultivate social corporate environmental responsibility and establish scientific corporate environmental rules. In2006, with the enforcement of new company law, the corporate social environment responsibility play more and more important role. In future, social environmental responsibility not only exist as the core value concept of enterprise, but the form of extension in that one enterprise have responsible to create value, It also need to perform their social environmental responsibility to express enterprise core values and competitiveness to investors.This paper stand where the investors from, according to the definition of the ministry of finance, then combining the index of enterprise pollution definition prescribed by resources ministry, designed six comprehensive index to reflect the corporate social environmental responsibility:CEPR-QU(the environmental rules index),CEPR-PH(environmental management comprehensive index rate), CEPR-IH (enterprise environment personnel and environmental control system index), CEPR-AR (accounting report environmental information index), CEPR-EC (accounting environmental energy index) six primary index. Then choose metallurgy, chemical, petroleum, coal, thermal power, building materials, papermaking, brewing, fermentation, textile, leather and mining companies listed as the sample to verify the correlation between listed high-polluted company in social environmental responsibility and stock market performance. Finally the empirical conclusion were drawn:firstly, the specific environmental purpose have nothing to do with enterprise stock price fluctuation, Any environmental protection efforts the enterprise do will not bring out investors and market special preference, secondly the concern of investors on the environmental responsibility is to keep abreast with the enforcement of government’s laws and regulations, the investors and market have to go after hot policy point for the lack of the professional reports.Finally make all the conclusions, presents the author’s own ideas and suggestions.