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我国重污染行业上市公司从2011年起被强制要求披露环境信息报告,使上市公司相关环境信息更加透明化。为探索强制披露环境信息报告产生的影响,文章以沪深两市单独披露环境信息报告的重污染行业上市公司2015年的数据作为研究对象,运用事件窗口法对上市公司环境信息报告披露前后的股票收益波动率进行研究,发现单独披露的环境信息报告能够有效缓解上市公司与投资者之间的信息不对称。
China’s heavy-polluting listed companies have been forced to disclose environmental information reports since 2011, making the related environmental information of listed companies more transparent. In order to explore the impact of compulsory disclosure of environmental information reports, the article takes the data of 2015 listed companies in heavily polluting industries that separately disclosed environmental information reports in Shanghai and Shenzhen stock markets as the research object. By using the event window method, the stock of environmental information before and after the disclosure of environmental information reports of listed companies The research shows that the environmental information report disclosed separately can effectively alleviate the information asymmetry between listed companies and investors.