On the one hand, it is related to the general lack of environmental awareness of listed companies. There are not many listed companies that can truly assume social responsibilities and consciously fulfill their environmental protection responsibilities. Many enterprises are keen to mention internal energy conservation and environmental protection measures and social donations in their annual reports, but they don't mention their punishment by environmental protection departments, pollution emissions, environmental risks, etc., or rarely mention them.
On the other hand, it is related to the imperfection of the supervision system of environmental information disclosure of listed companies. The stipulation that the events listed in the "list of enterprises with serious pollution" by the state environmental protection department should be made public in time within two days from the date of occurrence often encounters problems with unclear degree in concrete implementation. In the face of CCTV exposure, Harbin Pharmaceutical Co., Ltd. explained the pollution problem, saying that in March this year, Harbin Pharmaceutical General Factory applied to the local environmental protection department for suspension of production and rectification due to abnormal sewage treatment. Whether it is necessary to announce the suspension of production because of pollution depends on whether this event is a matter that should be announced, and whether the suspension of production has a significant impact on the production and operation of Harbin Pharmaceutical Co., Ltd. If the scope is not large and it is not a major matter, Harbin Pharmaceutical Co., Ltd. can not disclose it, which does not constitute a violation of environmental information disclosure obligations. For these, the regulatory authorities did not make a specific explanation.
In addition, this choice of listed companies is also related to the attitude of some local governments. In order to pursue the so-called GDP growth, some local governments turn a blind eye to this behavior of enterprises, and even take the initiative to hide relevant facts for enterprises, so that people who destroy the environment can escape their due responsibilities. In this environment, in order to pursue higher corporate profits, some enterprises not only do not take the initiative to do environmental protection measures, but also reduce their pollution control expenditures through various crooked ways.