Research On Market Reaction Of Urgent Environmental Event

Today, environment problem is paid close attention, and enterprises begin to give importance to their environmental protection behavior. Especially in the industry of high pollution, not only the environmental protection department issued relevant laws to regulate, but also the enterprises do more efforts to protect environment. When an enterprise emerge environmental pollution event, did the public pay attention the event? Will the capital market of the same industry be affected? Did other peer enterprises improve their environmental protection behavior, and increase the environmental information disclosure to reduce its negative effects? Did Environmental information disclosure can play a role, and inhibit shares to fall? This series of problems, we will answer them one by one through the paper.Therefore, with the oil pollution incident as points, we will select the sample of94companies in the petrochemical industry, and use event study, statistical test, the independent sample t-test, paired sample T test method, and regression analysis to research whether after the pollution events the capital market appeared negative market reaction; due to events, Whether environment information disclosure of peer enterprise was increased significantly next year; at the same time, we further study whether environmental information disclosure can inhibit the stock fell.According to empirical research results, they show that (1) As The perpetrator, the cumulative abnormal returns (CAR) of CNPC appeared a significant downward trend; the average cumulative abnormal returns (CAAR) of the petrochemical industry is negative on that day, in a period it has been positive and upward trend; the negative reaction time of capital market is a short (2)After the event, in order to reduce public pressure and punishment, petrochemical industry company increased the enterprises’environmental information disclosure in the next year; research results show that and environmental information disclosure in2010is more than in2009, there are significant differences.(3) We couldn’t confirm that environmental information disclosure can inhibit the fall of the stock.