Research On The Financial Consequences Of Non-compliance Disclosure Of Environmental Information In JM Company

The report of the 19th National Congress clearly pointed out that we should build an environmental governance system dominated by the government,dominated by enterprises and participated by social organizations and the public.Therefore,the public needs to have the right to know about the environment,and enterprises also need to have the obligation to disclose relevant environmental information and accept public supervision.At present,the vast majority of Listed Companies in China can actively disclose environmental information in the form of independent reports,but some enterprises still ignore environmental information disclosure,and even maliciously manipulate information disclosure out of interests.At this stage,many listed companies that have been subject to administrative penalties for violating environmental protection regulations and serious circumstances have been "restricted" or subject to economic penalties due to incomplete and untimely disclosure of environmental pollution information.However,under the high pressure of environmental protection,the illegal disclosure of listed companies is still prohibited repeatedly,which not only seriously affects the ecological environment,but also damages the interests of investors,and is not conducive to the healthy and stable development of the securities market and the national economy.In order to explore the changes in the stock price of listed companies caused by false disclosure and untimely disclosure of environmental information,and the impact of noncompliance disclosure of environmental information on their own financial performance,this paper selects JM company,a heavy pollution industry enterprise with mandatory disclosure,as the research object.Firstly,the current situation of environmental information disclosure is analyzed by content analysis method,Then it introduces the non-compliance disclosure events of JM company’s environmental information,and reviews and combs the events;Then,the event research method is used to determine the impact of different degrees and types of environmental information disclosure behaviors(false disclosure of pollutant discharge data and delayed disclosure of environmental punishment)on the company’s stock return in the whole environmental information non-compliance disclosure event;Finally,the trend analysis method is used to compare and analyze the trend change of financial performance indicators before and after the JM event with the trend change of industry average,and eliminate industry driving factors to judge whether it is affected by environmental information disclosure.The final conclusions are as follows:(1)JM’s delayed disclosure has a negative impact on the company’s stock market;The environmental administrative punishment due to the falsification of environmental accidents and pollutant discharge monitoring data showed no significant positive market response;The whole non-compliance disclosure of environmental information has played a negative role in the company’s stock price.(2)The trend change of JM’s financial performance indicators basically conforms to the trend change of the industry average,and the impact of non-compliance disclosure of environmental information on long-term financial performance is limited.By analyzing the financial consequences of JM’s non-compliance disclosure of environmental information,this paper makes a judgment on whether the enterprise’s lucky concealment of negative environmental information has an adverse impact on its own development,leads to the thinking of enterprise environmental information disclosure,and puts forward relevant suggestions and Enlightenment to improve the quality of enterprise environmental information disclosure.