Research On The Influence Of External Environmental Information Disclosure On Stock Price Fluctuation Of Listed Companies

Under the background of frequent extreme weather and environmental pollution,this issue is getting more and more attention.The impact of environmental events will be reflected in investors' perception of environmental events,and will be reflected in the form of stock transactions,causing fluctuations in stock prices.However,due to the asymmetry of information,the impact of environmental events is hidden by enterprises themselves and Zijin Mining pollution incident occur.To avoid such a phenomenon,external environment information disclosure is needed,as third party organizations to collect and display environmental information to the public.Therefore,the external environment information disclosure is more timeliness,reliability and objectivity than the internal environmental information disclosure.This paper empirically studies the influence of the external environmental information disclosure on the stock price fluctuation of the listed companies in the A stock listed company in 2010-2016.Firstly,combing the relevant literature of environmental information disclosure and enterprise value,and put forward the hypothesis.Secondly,according to the classification standard of natural disasters,I set up indicators of external environment information disclosure,taking cumulative excess return as a measure index of stock price fluctuation.Thirdly,the sample selection is based on the environment event site and the company registration place,and then data processing is done by using STATA and EXCEL software.Finally,we use event study to calculate cumulative excess return,and study the fluctuation of stock price.Based on correlation analysis,redundancy test and Houseman test,I build a regression model with the cumulative excess income as the dependent variable and the external environmental information disclosure index as the independent variable.The following conclusions are drawn:first,the external environmental information disclosure has a negative impact on the stock price of the listed companies.And it has a long duration of negative impact.Second,under different types of environmental events,the impact of external environmental information disclosure on the stock price volatility of listed companies is different.Compared with man-made environmental events,the external environment information disclosure of natural environmental events has a greater impact on stock price volatility.Third,the internal environmental information disclosure of enterprises affects the duration of the external environment information disclosure.Investors' attitudes towards environmental events will change constantly through the disclosure of environmental information.The timely disclosure of relevant information in enterprises will help to restore the stock prices.Four,the external environment information disclosure of heavily polluting industries has a weak impact on stock price volatility.The disclosure of external environment under the influence of natural environmental events has a great impact on stock price volatility,resulting in a great negative impact on the external environmental information disclosure of non polluting industries.Therefore,the following suggestions are put forward:further strengthen the related research on environmental accounting;Improve the environmental information disclosure system;Improve voluntry environmental information disclosure;Improve the rational judgment of the stakeholders;Improve the regulations and policies of environmental information disclosure of government departments.