Enterprise Environmental Information Disclosure Level,Analyst Attention And Stock Liquidity

The level of environmental information disclosure in heavy polluting industries is an important information indicator under the current ecological environment construction.For China’s financial market,the external influence implied by environmental information deserves further exploration.At the same time,as an important part of the micro level of the market,stock liquidity directly affects the cost of capital and stock pricing,which not only ensures the normal and stable operation of the capital market,but also ensures the effective allocation of resources and promotes the development of the economy.The main information grabers in the capital market have also played an important role in the capital market.Therefore,this paper mainly studies the relationship between the level of environmental information disclosure and stock liquidity of enterprises,and further explores the role of analysts’ attention in the adjustment between the two,and reveals the environmental information of enterprises from a new perspective.Economic consequences are explored.Firstly,based on the theory of corporate social responsibility,stakeholder theory,information asymmetry theory,signal transmission theory and stock liquidity hypothesis,this paper systematically analyzes and sorts out the theoretical basis of environmental information disclosure level on stock liquidity enhancement,and environmental information.The logical framework for the relationship between disclosure levels,analyst attention,and stock liquidity.Secondly,this paper uses the heavily polluting industry enterprises that disclose environmental information in the Shanghai and Shenzhen stock markets from 2014 to 2016 as a sample,using the literature review method,content analysis method and empirical research method to disclose the environmental information disclosure level and stock flow of sample enterprises.The relationship between sex was explored and the role of analysts’attention in this role was explored.The empirical results show that the level of environmental information disclosure can have a positive impact on stock liquidity;analysts’ attention has strengthened the positive correlation between environmental information disclosure level and stock liquidity.In addition,this paper also uses content analysis method,combined with the actual situation of listed companies in China,to design a set of environmental information disclosure evaluation system including 11 principles including technology,environmental investment,related income,and abnormal expenditure..This paper also draws conclusions from further research.When the marketization process of a local enterprise is high,the positive impact of environmental information disclosure on stock liquidity of heavy polluting enterprises is more significant,indicating that the regional investors with strict supervision are in the environment.The efforts made in this regard are more concerned.Finally,the paper makes recommendations based on the research conclusions:listed companies should increase the disclosure of environmental information to increase the liquidity of the company’s stocks;the regulatory authorities should introduce more specific and clear environmental information disclosure policies to improve the level of supervision,investors should pay full attention to the disclosure of listed companies.Environmental information to make the right investment decisions.