Research On Influence Of Environmental Information Disclosure On Company Stock Price Based On Investor Behavior

With the rapid development of economy,a series of global environmental problems have come into human's sight.If human do not timely pay attention to relevant environmental protection issues and continue to limitlessly plunder natural resources,they will finally pay a heavy price for it.In recent years,environmental issues have become increasingly prominent such as air pollution,water pollution and land desertification and etc.Many countries have taken active actions.They formulate relevant laws and regulations to reduce damages to environment and improve people's environmental consciousness.The concept of green finance and sustainable development gradually wins great support from people.Investors pay more attention to the environmental information disclosed by listed companies in the process of making investment decisions.Environmental information disclosure has become an emerging research hotspot in recent years.Research of early time focused more on the content,methods and present situation of environmental information disclosure;however,research of later time tends to lay more emphasis on the motivation and influence factors of the environmental information disclosure.Comparatively speaking,empirical research on market reaction and economic consequences of the environmental information disclosure at home and abroad are few.As the concept of green finance and sustainable development gradually wins great support from people and frequent occurrences of major pollution incidents and environmental protection problems become the focus of attention from all sectors of the society,research on it will be more valuable.Based on the existing research results,this paper will empirically study the influence of environmental information disclosure on the stock price of listed companies based on investor behavior.This paper mainly studies the influence of environmental information disclosure on the stock price of listed companies and its conduction relationship based on investor behavior.In the introduction part of the paper,research background,research significance,literature review,research methods and research framework are introduced.In this paper,the empirical analysis mainly includes three parts.First part includes empirical study on the stock market reaction to environmental information disclosure,study on the relationship between the relative spread and environmental information disclosure index and construction of multivariate linear model for correlation analysis and stepwise regression analysis after relevant variables are set.Second part is about the empirical research on environmental information disclosure based on factor analysis method.Based on the study of existing literature at home and abroad,a moderate innovation is made for quantitative assignment of environmental information disclosure.Quantitative assignment analysis is carried out from three dimensions including breadth,depth and number of environmental information disclosure,based on which factor analysis and factor regression is done to verify the influential intensity of the environmental information disclosure on listed company's share price and the degree of contribution of three dimensions included in environmentalinformation disclosure itself to disclosure capacity factors.In the third part,further empirical analysis on the conduction effect of investor behavior is carried out.Basic indexes of four types of market are listed to measure investor behavior and also the results get discussed and analyzed.Then model construction based on the mediation effect research method,empirical analysis and robustness test is conducted.And then the conduction relationship of investor behavior between environmental information disclosure and listed company's stock price was verified,i.e.,study of how environmental information disclosure obviously influences the stock price of listed companies.Finally,on the basis of empirical analysis results,research conclusions are obtained,based on which,feasible policy suggestions are proposed by combining with the current situation of environmental information disclosure in our country.