eng Science and Education Publishing Journal of Finance and Economics 2328-7276 2018-08-17 6 5 178 185 10.12691/jfe-6-5-3 JFE2018653 article Qi Fenxia 1351449361@qq.com 1 Li Tongtong 1 School of Economics and Management, Shanxi University, Taiyuan, China This paper selects the A shares listed companies during 2009-2016 years on the Shanghai stock exchange as samples, and explores the influence mechanism of environmental information disclosure from the angle of political cost. The results showed that the environmental information disclosure of heavy polluting enterprises was significantly improved compared to the non-heavy polluting enterprises after PM2.5 burst event at later 2011, and it was particularly significant in the subsamples of state-owned and low-equity-concentration enterprises. It indicates that the change of macro natural environment is also one of the sources of political cost for heavy polluting enterprises, and then affects its environment information disclosure. The results are of great practical significance for establishing and improving the corporate social responsibility reporting system and strengthening the regulation of related policies. http://pubs.sciepub.com/jfe/6/5/3/jfe-6-5-3.pdf PM25 burst event heavily polluting enterprises political cost environmental information disclosure