我国石化行业上市公司环境信息披露的市场反应研究

发布时间：2018-04-20 11:57

本文选题：石化行业 + 环境信息披露　；参考：《西南大学》2012年硕士论文

【摘要】：在经济迅猛发展的现代社会,人类在取得高额经济利润的同时,也付出了昂贵的代价。自然资源的过度开采、工业废气的肆意排放,伴随而来的温室效应和异常的气候给人类的生活造成了越来越大的影响。20世纪70年代,日本爆发的重大土地污染事件,更是为全世界敲响了警钟。各国政府开始将环境保护纳入议程,并相继出台各类环保法规和经济处罚条例,这些措施促使企业开始寻求可持续发展的道路。社会公众的消费观也随之环保意识的不断增强发生了改变,这些都成为企业为环保转型的推动力。同时,投资者也不再将企业的财务状况作为唯一的决策依据,而是将环境受托责任纳入考量。所以,企业对于环境信息的披露成为大势所趋。企业环境信息披露作为新兴的学科分支,成为了各国学者研究的热点。国际标准组织(ISO)和全球报告倡议组织(GRI)都在致力于为企业提供可依据的环境评价标准和信息披露体系。我国环保部和证券交易所都分别针对上市公司发布了环境信息披露指南及社会责任指引,另外环保部门对于上市公司的环保核查也越来越严格,尤其将重污染行业作为规范的重点。这些行政和经济手段的结合为我国建设环境信息披露机制提供了坚实的基础。那么,对于污染严重的企业投资者,其投资决策会否因为环境信息的披露而有所改变。本文将运用事件研究法,针对这一问题展开研究。本文首先回顾了国内外关于环境信息披露的研究文献,对国内外环境信息披露的概况进行比较,基于原油泄漏污染环境和化工废气扰民事件频发的环境状况,本文选择具有代表性的重污染行业之一石化行业进行研究,并对我国相关行业的上市公司环境信息披露情况进行统计分析。然后,通过环境信息披露相关理论的阐述,以及环境信息披露市场反应的经济学理论分析,提出本文的研究假设。在此基础上,本文通过权威证券信息发布网站(中国证券报)收集样本,采用事件研究法,即股价变化和信息披露之间关系的研究方法,来考察我国石化行业上市公司环境信息披露的市场反应。在经过严格的样本筛选后,本文共选择58例环境信息披露事件,其中正面信息34例,负面信息24例,并根据信息内容的不同各分为四类展开研究。采用事件研究法,得到各类信息的平均异常收益率(AAR)和平均累积异常收益率(CAR),通过进一步的统计检验,得到实证结果。数据表明,我国石化行业上市公司披露的环境信息基本上不能引起市场反应。但通过数据比较得出,公司自愿披露的环境污染事件对股票市场的影响较其他各类事件明显。基于本文的研究结果,最后一章提出改善我国企业环境信息披露状况的政策建议。
[Abstract]:In the modern society with rapid economic development, human beings have paid a high price while making high economic profits. The overexploitation of natural resources, the wanton emission of industrial waste gas, the accompanying Greenhouse Effect and the abnormal climate have had a growing impact on human life. In the 1970s, Japan witnessed a major land pollution incident. It is a wake-up call for the whole world. Governments have begun to put environmental protection on the agenda, and have introduced various environmental laws and economic penalties. These measures have prompted enterprises to start to seek the path of sustainable development. The public's concept of consumption has also changed with the increasing awareness of environmental protection, which has become the driving force for the transformation of enterprises' environmental protection. At the same time, investors no longer regard the financial situation as the sole basis for decision-making, but take environmental fiduciary responsibility into consideration. Therefore, the disclosure of environmental information has become the trend of the times. As a new branch of discipline, corporate environmental information disclosure has become a hot topic for scholars all over the world. ISO (International Standards Organization) and GRI (Global reporting Initiative) are working to provide companies with a system of environmental assessment standards and information disclosure that can be relied upon. Both the Ministry of Environmental Protection and the stock exchange have issued guidelines on environmental information disclosure and social responsibility for listed companies, respectively. In addition, environmental protection departments are also more and more strict in verifying the environmental protection of listed companies. In particular, heavy pollution industry as the focus of regulation. The combination of these administrative and economic means provides a solid foundation for the construction of environmental information disclosure mechanism in China. So, for seriously polluting corporate investors, their investment decisions will be changed because of the disclosure of environmental information. This article will use the event research method to carry on the research to this question. Firstly, this paper reviews the domestic and foreign research literatures on environmental information disclosure, compares the general situation of environmental information disclosure at home and abroad, and based on the environmental conditions of crude oil leakage pollution environment and the frequent occurrence of chemical waste gas disturbing people, In this paper, petrochemical industry, one of the representative heavy pollution industries, is chosen to study, and the environmental information disclosure of listed companies in related industries in China is analyzed statistically. Then, through the exposition of environmental information disclosure theory and the economic theory analysis of environmental information disclosure market reaction, the research hypotheses of this paper are put forward. On this basis, this paper collects samples through the authoritative securities information publishing website (China Securities News), and adopts the event research method, that is, the research method of the relationship between stock price change and information disclosure. To investigate the market response of environmental information disclosure of listed companies in petrochemical industry in China. After strict sample selection, 58 cases of environmental information disclosure events were selected, including 34 cases of positive information and 24 cases of negative information, which were divided into four categories according to different information content. By using the method of event study, the average abnormal rate of return (AARA) and the average cumulative rate of abnormal return (CARR) of all kinds of information are obtained, and the empirical results are obtained by further statistical test. The data show that the environmental information disclosed by listed companies in petrochemical industry can not cause market reaction. However, the results show that the environmental pollution events voluntarily disclosed by the company have more significant impact on the stock market than other kinds of events. Based on the results of this paper, the last chapter puts forward some policy recommendations to improve the environmental information disclosure of enterprises in China.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F205;F426.72;F832.51

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