An Empirical Study On The Impact Of Environmental Information Disclosure Of Listed Companies In The Mining Industry On The Synchronization Of Stock Prices

In recent years,environmental problems represented by smog have become increasingly serious.“Green Development”is one of the five concepts of the“Thirteenth Five-Year Plan”.Its core lies in the green transformation of traditional industries.As one of the heavily polluting industries in China,the mining industry is urgently aiming at“green finance”and“green mining”.The need for the mining industry to transform from the traditional industry to the green industry,the process of transformation is difficult,and it will not be completed overnight,which requires the continuous improvement of relevant policies and the constant attention of the company’s management.Correspondingly,in the process of transition from the traditional industry to the green industry,the market resources should also be rationally configured.In the development process of China’s securities market for more than 20years,there is a relatively serious phenomenon of“same rise and fall”,which limits the rational allocation of market resources in China.From the perspective of environmental information disclosure,this paper studies the impact of environmental information disclosure,environmental information disclosure quality and other related control variables with high correlation on stock price synchronicity.From the perspective of environmental information disclosure,this paper studies the impact of environmental information disclosure,environmental information disclosure quality and other related control variables with high correlation on stock price synchronicity.This paper begins with the background and significance of the topic selection;then it summarizes the relevant literature at home and abroad,and introduces related models and proposes corresponding theory based on information asymmetry theory,principal-agent theory,effective market theory and information transfer theory.Research hypothesis;on this basis,take the 2013-2017 China Shanghai and Shenzhen mining companies listed as research samples,and refer to the method of Durnev et al.(2003),using the asset pricing model(CAPM)Degree~2 to measure stock price synchronism,with reference to the practice of Wang Wei and Jiang Gaofeng,using the number of announcements issued by listed companies each year as an indicator to measure the amount of environmental information disclosure,and based on the entropy model to build environmental information disclosure quality indicators,empirical test The number of environmental information disclosures,as well as the number of environmental information disclosures in the previous period,the quality of environmental information disclosure,and the quality of environmental information disclosure in the previous issue,respectively,affected the stock price synchronicity and tested the robustness of the conclusions.The results show that:(1)The average price synchronization of listed companies in China’s mining industry is low,but the share price synchronization of different companies is quite different;(2)The number of environmental information disclosure of listed companies in China’s mining industry and the environment of the previous period The amount of information disclosure is negatively correlated with stock price synchronization,and the negative correlation of the previous period is stronger;(3)the quality of environmental information disclosure of listed companies in China’s mining industry and the quality of environmental information disclosure in the previous period are negatively correlated with stock price synchronization.And the negative correlation of the previous period is stronger.Policy suggestion:For the company,it is necessary to enrich the mining industry environmental information disclosure methods and improve the quality of environmental information disclosure in the mining industry;for the government,it is necessary to improve the supervision of relevant regulatory agencies;for investors,to increase investment knowledge reserves To enhance investment awareness.