A Study On The Impact Of Environmental Violations Events On Company Performence Of Shanxi Road And Bridge

Environmental protection has increasingly become an important issue of concern to all sectors of society.Under the high-quality development strategy,listed companies pay more and more attention to the win-win situation between enterprise performance and environmental protection.In order to better evaluate the coordinated development of environment,society and governance,the Hong Kong Stock Exchange issued the Guidelines for Environmental,Social and Governance Reporting in 2012,and then the Shanghai Stock Exchange promulgated the ESG evaluation system for listed companies.ESG is an evaluation system that pays attention to the coordinated development of environment,society and governance.it can intuitively and systematically reflect the performance of listed companies’ responsibilities in environmental,social and governance aspects,effectively improve the information disclosure system of capital market,and facilitate investors to fully understand the actual situation of enterprises and make decisions.Environmental pollution broke out in Luqiao,Shanxi Province(formerly Shanxi 3D),which led to information disclosure violations and lawsuits,which violated ESG disclosure framework,damaged the company image and damaged the interests of investors.The illegal behavior of Shanxi Road and Bridge has caused serious negative impact,and the related situation has been widely concerned by the society.Based on this background,this paper analyzes the performance changes of Shanxi Road and Bridge due to environmental violations,information disclosure violations and litigation events,in order to help Shanxi Road and Bridge make up for its own defects,clarify its own development direction under ESG system,and achieve high-quality development of enterprises.Firstly,this paper expounds the research background and purpose,puts forward the research significance of this paper,and combs the relevant literature at home and abroad from the following four aspects: information disclosure of environmental protection,influencing factors of company performance,influence of negative events on company performance,and research trends of event research method.Secondly,the theoretical basis of this paper is expounded,and the performance evaluation method adopted in this paper is introduced,which provides theoretical support for the following analysis of the impact of three negative events on Shanxi Road and Bridge.Thirdly,it introduces the overall situation of environmental pollution incidents in Shanxi Road and Bridge,and makes case analysis of environmental pollution incidents,information disclosure violations and litigation incidents in Shanxi Road and Bridge by using event research method and financial index analysis method,and compares the impacts of the three negative incidents.Finally,based on the research conclusions,this paper puts forward relevant suggestions from three levels,including: strengthening corporate governance and control of social responsibility matters,constructing and popularizing ESG information disclosure framework of listed companies,and strengthening cooperative supervision mechanism among exchanges,firms and media.This paper analyzes the impact of environmental violations on the performance of Shanxi Luqiao Company from two aspects: market performance and financial performance,and puts forward relevant suggestions.However,there are still some shortcomings in theoretical analysis and application of research methods,which need further improvement.