| Since the reform and opening, our country continues the tradition of high energy consumption and vulgar management development mode, value development speed and quantity, despise the development efficiency and quality, excessive development of natural resources, the lack of the natural environment protection, economic rapid development at the same time brings the negative impact of environmental pollution and ecological imbalance, the whole society is facing increasingly serious ecological environment problems, the national economy sustainable development strategy and optimize the environment of ecological resource balance each other’s problems have been given more and more attention from all walks of society. With the rapid spread of the Internet, many lifting environment pollution that broke out in recent years the public is the first time know, hit and enterprises in the destruction of ecological environment at the same time also will push themselves to the social public. Outbreak of listed company as a business leader, environmental pollution events company own interests will not only damage and influence of the social reproduction process will also have a significant impact, even push related laws and regulations change, such as 2011 of the \"criminal law amendment (eight)\" is for \"significant environmental pollution accident crime\" was revised, reduced into sin standards, etc. Listed companies should be finished better and improve their financial performance, measures must be taken to strengthen environmental management, perfect the enterprise information disclosure system, improve the enterprise information transparency, and provide more information for all stakeholders, resist the impact of environmental pollution events and stress, reduce the capital market’s negative reaction in the enterprise.Shandong Qingdao pollution incident, sinopec oil pipeline explosion caused extreme negative influence to the society, China petrochemical as accident enterprise is affected by the event its stock price volatility, but its performance in different capital market presents different changes. In the research pipeline explosion of listed on the shenzhen stock exchange, Shanghai and Hong Kong stock exchange in China petrochemical industry enterprises, the influence of stock price inspection enterprise correlation with negative environmental information disclosure of the stock price, and thus further analysis whether investors will stretch for enterprises through the capital market pressure, strengthening enterprise environmental management of listed companies, to improve the environmental information disclosure.The first chapter is introduction, the paper starts from the background of enterprise environmental information disclosure, by reviewing literatures about environmental information disclosure of listed companies, based on the foreign and domestic existing related research review, research questions, and briefly introduces the research contents in this paper. The second chapter discusses relevant theories of environmental events and stock prices, including social responsibility theory, agency theory, efficient market theory, decision-usefulness, etc., to provide theoretical support to the research of this paper. The third chapter to shandong Qingdao sinopec oil pipeline explosion pollution incident impact on the industry enterprise’s share price as the research object, the enterprise background and based on this, advances environmental pollution events market reaction hypothesis, and briefly summarizes the research methods of this article, content and process of event study method. Then mainly introduced in this paper, the research process, including defining events and event window, select samples and statistical analysis of sample object. Makes an empirical analysis using event study method, the cumulative abnormal returns to the enterprise and its influence factors are statistical test and regression analysis, the negative environmental information disclosure of the influence of the same industry companies. Research conclusions show that sinopec Shanghai and shenzhen A shares, the Hong Kong H shares have negative reaction on environment pollution incident, the Hong Kong H shares of negative reactions is more significant, in addition, two different capital market industry enterprise is affected by environmental pollution event. It shows two different capital market can absorb event information, enterprise environment for the enterprises to carry out punishment, but the mainland capital market investors emphasis on environmental pollution events than market investors in Hong Kong, the Hong Kong capital market penalties for hit and enterprise more and more durable. The fourth chapter in the empirical research conclusion and the domestic environmental management, on the basis of from the perspective of enterprise, government and other stakeholders put forward Suggestions and countermeasures to improve the environmental management of listed companies. The fifth chapter put forward in this paper, the main conclusion, and according to the study of the limitations of this paper puts forward research prospects. |
