Research On The Impact Of Environmental Information Disclosure Fraud On The Performance Of Listed Companies

From the perspective of macro-control,western countries attach great importance to environmental information disclosure,and enterprises have a strong awareness of environmental protection.In recent years,China's economy has developed rapidly,but with the deterioration of the ecological environment,China's environmental pollution problem is very prominent,more and more pollution incidents,while the awareness of environmental protection of Listed Companies in China is very weak,and even fraudulent environmental information disclosure.ShangFeng Cement,as a leading cement industry and a heavy polluting enterprise,should have taken the initiative to take the lead in the important responsibility of protecting the ecological environment,rather than falsifying environmental information disclosure,which has been highlighted and punished by the SFC.Then,what role does ShangFeng Cement Company play in the financial performance of Shangfeng Cement Listed Companies after the illegal disclosure of environmental information? How will the performance of ShangFeng Cement Company be affected? What impact will the fraudulent disclosure of environmental information have on the stock price of listed companies and what kind of market reaction does it have? This paper is based on the actual situation of environmental information disclosure fraud of Listed Companies in China,so as to think about the impact of environmental information disclosure fraud on companies,through case analysis to find answers,and study the problems of environmental information disclosure fraud and market reaction of Listed Companies in China.The results show that the announcement of illegal environmental information disclosure has no significant negative impact on the excess return rate of Peak Cement Stock,which indicates that the market has not reacted negatively to the illegal environmental information disclosure,and that the illegal environmental information disclosure has little impact on the long-term financial performance of listed companies.Generally speaking,the fraudulent disclosure of environmental information did not bring significant negative financial impact to ShangFeng Cement Company,and had a weak impact on its performance.According to the results of the case analysis,further analysis of its reasons,found that there are three reasons: the government,listed companies,the public and investors.Finally,according to the reasons,some suggestions are given in this paper.