Market Response Research On Environmental Information Disclosure

The development of Industrial Civilization speeds up the world economic growth,but it also increases the depletion of natural resources,as a result, all kinds of environmental pollution problems come. Of all, our country has made the rapid development in the industrialization and urbanization, won the outstanding achievements all over the world in the economy, reached 9.83% in average gross domestic product(GDP) growth rate, which comes second in 206 countries and regions in the world during30 years' reform and opening-up.But, at the same time, the trend that the contradiction between resource consumption intensity and shortage of resources, as well as air and water pollution is increasing more and more has troubled the regional economic development and people's life health. Although the government put forward many environment protection ideas,such as "Green GDP”, “Sustainable Development" and so on, introduced a series of environmental policies, which also made some achievements, however,which did not solve the problem of environmental pollution from the source. The development of market economy promoted enterprises to pursuit of the excess economic profits at the expense of the excessive overdraft ecological environment and natural resources, causing a lot of social environment negative externality, but the enterprises didn't bear the negative externality of the social environment cost, which made environmental problem become more serious. Therefore, environmental supervision department issued "guideline to environmental information disclosure of listed companies", and put the heavy pollution enterprises as the key regulation objects to promote the enterprises to consciously perform environmental responsibility, to increase the disclosure intensity of environmental information. On the basis of these, this paper attempts to explore contacts between the environmental information disclosure of listed companies and capital market, the contents of which Investors focus on the environmental information disclosure of those heavily polluting listed companies, the reaction of the market of which that regulators issued a series of environmental policy and environmental information disclosure guidelines from a heavier pollution company itself, investors and regulators three angles.Through this research,we hope to provide feedback and reference for environmental regulatory policy, guide and promote enterprises to adhere to the concept of sustainable development,carry out the green production?cleaner production, consciously perform environmental responsibility,in order to maximize the enterprise value, cause investors to c o n c e r n a b o u t t h e e n v i r o n m e n t i n f o r m a t i o n o f l i s t e d c o m p a n i e s.In this paper, the research content framework mainly includes six chapters. The firstchapter is the introduction part of the article,which discusses the research background,the selected topic significance, the research content, research methods and research innovation.The second chapter is some related domestic and foreign literature review and theoretical basis about the environmental information disclosure and market reaction of the environmental information disclosure. The third chapter is that we by hand collected the social responsibility reports, environmental reports, sustainable development reports released by 2407 polluting enterprises from the Shanghai market in 2009-2013, catalogued,expounded the status quo in terms of the number of environmental information disclosure and contents of enterprise environmental information disclosure provides the basis for empirical research.The fourth chapter is the empirical research part of this article, first of all, on the basis of the sample company in the third chapter, we determine the environmental information events and classification environmental information events disclosed by companies from January 1, 2009 to July 31, 2014, take its return on equity in In the report day as the research object,then,use event study method to calculate the average abnormal return and the cumulative abnormal returns by the market profit model.finally, use SPSS statistical techniques to make empirical tests,drawing relevant conclusions: The positive environmental information events disclosed by Shanghai a-share polluting companies in the announcement day have a positive reaction to capital market;The negative environmental information events disclosed by Shanghai a-share polluting companies in the announcement day have a negative reaction to capital market; The negative environmental information events disclosed by Shanghai a-share heavy polluting companies have a more significant market reaction than the positive environmental information events;Mandatory disclosures of environmental information have a more significant market reaction than the voluntary disclosures of negative environmental information. The fifth chapter is the conclusion and policy recommendations.The sixth chapter is the end of this article, including research limitations and prospects.In short, in this article, the author hopes to promote the enterprises to improve the quality of environmental information disclosure, consciously perform environmental responsibility, arouse concern and supervision of the public and investors to environmental information of listed companies, which can provide the reference for environmental protection agencies in formulating environmental information disclosure policies and enterprises in optimizing the environmental information disclosure system.