Abstract: Policy changes will take effects on public pressure and spatial distance. Generally, the former decreases stock-price synchronicity and the later increases it. How these two factors affect the stock-price synchronicity through environmental information disclosure has become a problem needed to be solved. From the prospective of policy changes, the paper selects manufacturing firms in china during 2004-2006 and 2009-2011 as samples to investigate the effects of environmental information disclosure on stock-price synchronicity. The result shows that, before the implementation of the environmental policy in 2008, remote firms’ environmental information disclosure is related to stock-price synchronicity negatively. However, after the policy implementation, the relationship becomes positive. As for the firms with short distance to the city center, the effect is insignificant. Therefore, with an increasing public pressure, firm location plays a vital role of mediation in the process of environmental information disclosure affecting stock-price synchronicity, which should be paid enough attention by the supervision department.

摘要： 由政策变动所引起的公共压力与空间距离，前者减弱股价同步性，后者增加股价同步性，但两者共同通过环境信息披露进行作用对股价同步性会产生怎样的影响是目前必须解决的问题。本文选取2004-2006年和2009-2011年我国上市制造业企业为样本，以政策变动为视角，研究了环境信息披露差异对股价同步性的影响机制。结果发现，在《办法》颁布前，远距离企业的环境信息披露与股价同步性负相关，《办法》颁布后则正相关。而对于近距离企业，在《办法》颁布前后均不显著。因此，在公共压力增大的情况下，在环境信息披露对股价同步性影响的过程中，地理位置起到了决定性的调节作用，应引起监管层的足够重视。