To examine the effects of China’s energy saving and emissions reduction (ESER) policy implemented during the 11th Five-Year Plan (FYP) on energy efficiency of the manufacturing sector, this article evaluates and compares the environmental-adjusted energy productivity of 15 energy-intensive industries during the 10th and 11th FYPs using the data envelopment analysis (DEA) approach. The results indicate that four of the 15 studied industries had achieved significant energy productivity improvements during the 11th FYP than that in the 10th FYP, which can mainly be attributed to the effective implementations of relevant ESER policies. In contrast, energy productivity of the rest 11 industries acquired relatively minor improvements during the whole decade.

Due to incomplete legal regulation, enterprises have the motive of selective environmental information disclosure (EID), and such selective disclosure strategy may result in stock price crash risk. In this study, the EID scores of China’s 1,010 polluting listed companies between 2007 and 2017 are first measured by employing the text analysis approach. Subsequently, we empirically examine the impacts of corporate’s selective EID on the stock price crash risk. The results indicate that EID of China’s polluting listed companies has significantly increased their stock price crash risk, rather than reducing it. Specifically, the EID of polluting companies with lower information efficiency, higher inefficient investment, higher degree of government control, and location in lower marketization areas is more likely to increase their stock price crash risk. Additional analyses reveal that the EID of polluting listed companies in China cannot reduce their stock price synchronization, which means that the selective disclosure of environmental information of China’s polluting listed companies is useless, and thus cannot reduce the risk of stock price crash.