Research On The Impact Of Environmental Governance Policy On The Stock Price Of Sensitive Enterprises:

China's economy has experienced more than 40 years of reform and opening up,accompanied by economic development is the deterioration of the ecological environment.In order to solve the failure of local environmental governance,the central government sent supervision groups to sink the country's provinces and cities for environmental supervision.As an important measure of environmental governance,the central environmental protection supervision has achieved good results.Environment-sensitive enterprises(environmental governance and polluting enterprises)in the face of such a storm of environmental governance is bound to be affected,environmental pollution enterprises to increase the cost of governance,environmental governance enterprises have a larger market,for investors,the release of this environmental signal,will lead to changes in investment decisions,which will have an impact on the stock market.Aiming at the central environmental protection supervision from January 2016 to September 2017,this paper uses the "Regression Discontinuity Design"(RDD)method to discuss the impact of this policy on the stock of environmentally sensitive enterprises by using the stock day transaction data of a Shares of environment-sensitive enterprises from January 1,2015 to December 31,2018.The results show that(1)in the short term,the central environmental Inspector has an impact on the environment-sensitive enterprises,the impact effect has different effects according to different batches,from the overall point of view,the average daily change of environmental governance enterprises is more influential than the environmental pollution enterprises,in the daily average turnover rate and volatility,the performance of negative effects(2)because the central environmental inspector is the first to punish the environment sensitive enterprises after the incentive,for the environmental governance Enterprises will have a lag,the lag period of 10 days when the impact is more significant;(3)in the long run,the impact of the central Environmental Protection Inspector on Environmental Pollution Enterprises is more signi:ficant than the environmental governance Enterprises,Investors are pessimistic about the psychological expectation of the stock price of environmental pollution enterprises,and the interest in trading decreases.(4)The effect of environmental governance on different environment-sensitive enterprises is very different.Strict environmental governance policy has a more significant impact on environmental pollution enterprises than the stock market of governance enterprises,investors tend to intuitively view the negative effects of environmental governance on environmental pollution enterprises,so as to make "escape from pollution" investment decisions,but did not significantly take away the investment in environmental governance enterprises.The role of environmental governance enterprises is not obvious,so it can be seen that environmental governance does not stimulate the role of social capital in environmental protection Capital re-distribution.