| With the rapid development of China economy,the environmental pollution problems are increasingly serious,which deepens the confliction between economic development and environmental protection.As the main body of economic activities and the main producer of environmental pollution,enterprises should assume more responsibilities.Negative environmental events not only cause damage to the economic interests of the involved enterprises,such as economic sanctions,stock price drops,but also generate industrial and regional spillover effects,affecting other enterprises in the same industry and region.Therefore,whether the impacts from environmental information disclosure on the enterprise,the industry and the region are significantly different? Existing research has not yet provided a clear answer.Based on the "Changzhou Poisonous Land" incident,this paper takes Noposion Company as an example.Specially,this research studies the impacts on capital market caused by various environmental information disclosure mechanisms,including media exposure,environmental protection litigation and administrative punishment in the event process,in terms of the enterprise,the industry and the region respectively.This paper may contribute to enrich the theoretical research of market disciplinary effect,facilitate enterprises to better fulfill environmental responsibility,and push forward the construction of "green effectiveness" of Chinese capital market.This paper,firstly,introduces the relevant theories,and domestic and foreign literature,including Efficient Markets Hypothesis,Corporate Social Responsibility,Stakeholder Theory,Asymmetric Information Theory and Signal Theory.Synchronically,the paper combs the relevant literature on the response of capital market to the environmental emergencies,and clarify the existing research results.Secondly,it theoretically analyses the capital market’s reactions to the involved enterprises and other listed companies in the associating industry and region.Then it introduces the general situation of "Changzhou poisonous land" incident and the design of the case study.This paper briefly outlines the content and the calculation steps of the event study method,chooses the first media exposure date of "Changzhou poisonous land" incident,CCTV exposure date,the announcement date of Noposion’s notice of Changlong Chemical Industry’s Receiving indictment and the announcement date of the investigation results of Changzhou Government’s official microblog incident,and studies the capital market reaction of different environmental information of the same environmental emergency in the terms of the enterprise,the industry and the region respectively.The study finds that the negative environmental information,published through media exposure and environmental litigation,results in the disciplinary effect on the capital market and brings more significant negative effects on the involved enterprises,comparing with that on the industry and the region,in view of the "Changzhou Poisonous Land" incident.From the point of the industry,the industrial spillover effect of the first media exposure date is competition effect,while that of both CCTV exposure date and environmental litigation date is contagion effect.Based on the perspective of the region,the capital market reaction caused by the first media exposure date is more efficient,while CCTV exposure date and environmental litigation date have a certain lag in the negative impact on other local listed companies.In addition,in view of the negative environmental event of administrative sanction,the capital market fails to exert the disciplinary effect,which makes the involved listed company,other companies in the same industry and region receive positive market reaction.Finally,this paper proposes policy suggestions to optimize the response to Chinese capital market to corporate environmental violations. |
