Research On Market Reaction To Environmental Events Of Listed Companies

Environmental events are environmentally related events that occur during the economic and social development of human beings,including negative environmental events that cause or may cause environmental pollution or ecological damage,positive environmental events that improve existing pollution conditions or avoid environmental problems,and environmental event information.After the release,it will cause investors,consumers,government departments and the public and other stakeholders and capital markets to pay attention to the environmental behavior of enterprises,thereby further promoting the establishment of correct environmental values,and attaching importance to environmental management in the production and operation process.Increase investment in environmental protection and ecological construction.This paper collects environmental event information reported by listed companies in the Beijing-Tianjin-Hebei heavy pollution industry from 2014 to 2018,and uses the event research method to calculate the environmental anomalies in a certain period of time and at a certain moment by calculating the cumulative abnormal rate of return and the average abnormal rate of return.Market response,and the introduction of cumulative abnormal income quotas to study the role of environmental regulations in promoting corporate environmental behavior.The results show that the cumulative average abnormal return rate of corporate environmental events is significant,the capital market will positively respond to positive environmental events,and negative reactions to negative environmental events,but the market's advanced response indicates that information disclosure or disclosure in the capital market exists.The problem of lagging;the formulation and promulgation of environmental protection regulations will help the capital market to respond to corporate environmental events,and affect the environmental protection costs of enterprises through reward and punishment mechanisms to promote corporate environmental responsibility;relative to positive environmental events,capital markets for negative environmental events Did not show a more significant response.It is suggested that government departments should strengthen the corporate environmental information disclosure system,continuously improve the information disclosure system for listed companies'environmental incidents,actively establish an environmental performance appraisal system,strengthen supervision of the capital market,and improve market efficiency;enterprises must continuously enhance environmental awareness and change their business philosophy.Actively carry out environmental management and attach importance to environmental accounting.At the same time,we must also exert the power of the public,strengthen environmental public opinion propaganda,establish a multi-sector collaborative supervision mechanism,and realize environmental information data sharing.