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本文以重庆市开县“井喷事件”、贵阳电厂“黑尘暴污染事件”、“松花江事件”、珠江北江镉污染事故的肇事者及其所属采掘业、电力业、化工业、冶金业的184家A股公司为样本,探讨灾难性环境事故对相关行业的公司股价和环境信息披露行为的影响。经验证据表明,灾难性环境事故发生后,样本公司的股票累积超常收益率显著为负,样本公司后2年的环境信息披露相比前2年显著增加,但是,我们没有发现前2年的环境信息披露水平与股票累积超常收益率之间存在显著的关联性。因此,股票市场对公司的正当性受到威胁作出了负面反应,公司的环境信息披露取决于时期和事件,基本上可以解释为一种为生存“正当性”辩护的自利行为,是对公共压力作出的反应。我们建议资本市场监管部门尽快制定和颁布上市公司环境信息披露相关制度,促使公司披露更有用、更具信息含量的环境信息。
In this paper, Kaixian County in Chongqing City, “blowout incident”, Guiyang Power Plant “Black Storm Pollution Accident ”, “Songhua River incident ”, the Pearl River Beijiang cadmium pollution accident perpetrators and their mining, power industry, chemical industry , 184 A-share companies in the metallurgical industry as a sample to discuss the impact of catastrophic environmental accidents on the company’s share price and environmental information disclosure in related industries. Empirical evidence shows that after the catastrophic environmental accident, the cumulative abnormal return of the stock of the sample company is significantly negative, and the environmental information disclosure of the sample company in the past two years increases significantly compared with the previous two years. However, we did not find the environment of the first two years There is a significant correlation between the level of information disclosure and the cumulative abnormal return on stocks. Therefore, the stock market negatively responds to the threat to the legitimacy of the company. The disclosure of the environmental information of a company depends on the period and the event. It can basically be interpreted as a self-interest behavior that justifies the existence of “legitimacy.” Public pressure to respond. We suggest that the capital market regulators should promptly formulate and promulgate the relevant system of disclosure of environmental information of listed companies so as to urge the companies to disclose more useful and informative environmental information.