Research On The Impact Of Environmental Information Disclosure On Stock Price

In recent years,the slogan “Green Mountain and lucid water is Jinshan Yinshan”,“building beautiful China”,and vigorously promoting the construction of ecological civilization is a strategic goal of China in the new stage of the new era.In contrast,more and more environmental problems are around us,and environmental information plays a unique role.Environmental information disclosure is a theoretical focus of research in recent years.Adequate environmental information disclosure can cause relevant stakeholders and stock markets to pay attention to corporate environmental protection,increase the investment of enterprises in environmental protection,and thus have made environmental protection and ecological civilization construction a big step forward.Then,in recent years,the government has also promulgated a series of environmental laws and regulations to regulate the disclosure of environmental information,which has brought the attention of all walks of life in the society.However,China's environmental information disclosure system has not been completed and the corresponding supervision mechanism is not enough.Therefore,this paper selects environmental information events as the research object to investigate the impact of environmental information disclosure on stock prices,and studies the extent of capital market response to environmental information disclosure.This paper mainly collects the heavily polluting industries with environmental information disclosure from 2014 to 2018.Using the event research method of listed companies in the heavily polluting light industry,the average abnormal rate of return and the cumulative average abnormal rate of return are calculated to study the impact of environmental event disclosure of different types and time events on the stock price of listed companies.The empirical test concludes that the positive environmental information disclosure of listed companies will cause stock prices to rise,and negative environmental information disclosure will cause stock prices to fall.Studies have shown that only negatively resolved events have a significant abnormal rate of return after publication,but their overall correlation with stock prices is not very significant,and the ability to interpret stock prices is not strong.Negative environmentalinformation disclosure has a slightly stronger impact on stock prices than positive environmental information.It can respond quickly after the information is released,but its significant impact on stock prices is very short and discontinuous.The difference in the industry makes the impact of environmental information disclosure on stock prices also biased,and the impact on the brewing and fermentation industry is stronger than that of the paper industry.Overall,the impact of environmental information disclosure on the stock price of listed companies in China is not very significant,and the ability to explain stock prices is relatively low.This further proves that China's capital market is not effective,and the impact of environmental information disclosure on stock prices is very limited.In this regard,the author proposes several measures to solve this problem.Finally,the shortcomings in the research and the future prospects are explained.