The Punishment Effect Of Corporate Greenwatch Exposure On The Capital Market

With the rise of the social responsibility movement,companies realize that it is easier to obtain outside support and recognition by taking on more social responsibilities.In order to obtain greater profits,enterprises are operating under the covert deception of “pretending to fulfill social responsibility”.More and more enterprises use this means to seek improper benefits,resulting in the proliferation of corporate pseudo-social responsibility.The document repeatedly emphasizes that enterprises need to take into account environmental performance while pursuing economic benefits,but the profit-seeking behavior drives enterprises to seek development by deceiving the public through repeated boasting of their own environmental behaviors,such as ? Guidelines for Social Responsibility of Listed Companies???Guidance on the implementation of social responsibility by central enterprises?.?Southern Weekend?"has continuously announced the "China Green List"in 2009,which has exposed the greening behavior of a large number of well-known enterprises.Based on social responsibility theory,effective market theory,information asymmetry theory and stakeholder theory,this paper takes the bleaching green enterprise exposed by the media in 2014-2016 as the research sample,and uses the normative analysis method and empirical analysis method to conduct green behavior of enterprises.The disciplinary effects of the exposed capital markets are analyzed.Research indicates: Capital market has disciplinary effect.The capital market exposes the company's green behavior through the media,causing the listed company's stock price to fall,thus forming a disciplinary effect.Media attention is positively related to the disciplinary effect of capital markets.The higher the media attention,the stronger the disciplinary effect of the capital market exposed by corporate greening behavior.Differences in media exposure sources do not affect the disciplinary effects of capital markets.The nature of enterprises affects the disciplinary effect of capital markets.The nature of state-owned enterprises will weaken the disciplinary effect of capital market exposure.Suggestions from two aspects: internal management and external supervision.Enterprises should establish a sense of environmental responsibility and use environmental management as an important part of internal control and function optimization in the deployment of business strategy.The society should cultivate the awareness of the environment of the whole people and further improve the supervision function of the capital market.The media should give full play to public opinion supervision and raise the awareness of members of society on corporate environmentalresponsibility;the government should improve the construction of laws and regulations.To build a triple principal environmental governance system,which includes enterprise endogenous governance,public external supervision and government environmental regulation,to promote the construction of China's ecological civilization system and to achieve the national goal of beautiful China as soon as possible.