环境信息披露对股票市场表现的影响研究

发布时间：2018-07-07 22:39

本文选题：环境信息披露 + 环境事件　；参考：《哈尔滨工业大学》2013年硕士论文

【摘要】：随着经济的发展，大气污染、水环境恶化、土地沙漠化等环境问题凸显，同时可持续发展理念、绿色发展理念和低碳发展理念深入人心，政府、非政府组织、投资者、股东等利益相关者越来越意识到企业环境管理的重要性，对企业环境信息的需求不断增加。环境信息披露作为企业就其环境表现与外界进行交流的工具，，已成为各国学者研究的热点。环境信息披露方面的研究已从最初的描述性分析跨越到了影响因素分析和披露后果分析（包括披露的经济性后果和社会性后果）。关于披露经济性后果方面，国外研究学者多数持一致观点，即公司环境信息披露通过影响资本市场上股票价格变化进而影响公司价值，而国内关于环境信息披露资本市场表现方面的研究相对较少且所得结论并不一致。本文将在已有研究的基础上探讨现阶段我国上市公司环境信息披露情况对股票市场表现的影响。本文首先回顾了信息披露资本市场反应方面的文献，接着阐述了环境信息披露和股票市场表现的相关概念，重点分析了环境信息披露动因理论和资本市场信息披露理论，并在这两者的基础上提出了环境报告披露时机选择影响股票市场表现、基于公司环境报告的环境信息披露影响股票市场表现、基于公司环境事件的环境信息披露影响股票市场表现3个研究假设。之后，本文综合运用事件研究法和回归分析法检验2012中国上市公司500强中的112家样本公司3个年度的环境报告披露及时性和实质性对股票市场表现的影响；单独采用事件研究法分析2009年至2012年4年间公司发生的环境信息披露事件（其中正面环境信息披露事件71例，负面环境信息披露事件93例）引起的股票市场反应。实证研究表明我国上市公司整体的环境信息披露水平依然偏低，有待进一步提高；环境报告披露及时性和环境信息披露事件对股票市场表现有显著影响，环境报告披露实质性则不能引起股票市场的显著反应。最后，本文在对研究结果进行分析的基础上提出了改善我国企业环境信息披露状况的相关建议。
[Abstract]:With the development of economy, air pollution, deterioration of water environment, desertification of land and other environmental problems, the concept of sustainable development, green development and low-carbon development are deeply rooted in the hearts of the people, government, non-governmental organizations, investors, Shareholders and other stakeholders are becoming more and more aware of the importance of environmental management, and the demand for environmental information is increasing. Environmental information disclosure as a tool for enterprises to communicate with the outside world on their environmental performance has become a hot research topic of scholars all over the world. The research on environmental information disclosure has leapt from the initial descriptive analysis to the analysis of influencing factors and disclosure consequences (including the economic and social consequences of disclosure). On the economic consequences of disclosure, most foreign researchers hold the same view, that is, corporate environmental information disclosure affects the value of the company by influencing the change of stock price in the capital market. However, the research on capital market performance of environmental information disclosure in China is relatively few and the conclusions are not consistent. This paper will discuss the influence of environmental information disclosure of listed companies on the performance of stock market on the basis of existing research. This paper first reviews the literature on the capital market response to information disclosure, then expounds the related concepts of environmental information disclosure and stock market performance, and focuses on the analysis of environmental information disclosure motivation theory and capital market information disclosure theory. On the basis of both, the paper puts forward that the timing of environmental report disclosure influences the performance of the stock market, and the environmental information disclosure based on the corporate environmental report affects the performance of the stock market. There are three hypotheses that environmental information disclosure based on corporate environmental events affects stock market performance. After that, this paper uses the event research method and regression analysis method to examine the impact of the timeliness of environmental report disclosure and the substantial impact on the performance of the stock market of 112 sample companies of 2012 listed companies in three years. This paper analyzes the stock market reaction caused by environmental information disclosure events (71 positive environmental disclosure events and 93 negative environmental information disclosure events) from 2009 to 2012. The empirical study shows that the level of environmental information disclosure of listed companies in China is still on the low side, which needs to be further improved; the timeliness of environmental report disclosure and environmental information disclosure events have a significant impact on the performance of the stock market. The disclosure of environmental reports does not give rise to significant reactions in the stock market. Finally, based on the analysis of the research results, this paper puts forward some suggestions to improve the situation of environmental information disclosure in Chinese enterprises.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：X322;F832.51

【参考文献】