上市企业环保信息披露与股票投资者社会环境偏好

发布时间：2018-03-13 23:19

本文选题：社会环境偏好　切入点：环保信息披露　出处：《中国人口·资源与环境》2017年04期 　论文类型：期刊论文

【摘要】：本文分析了2008—2014年A股市场对强制披露的企业社会责任报告中环保信息的反应,展示了我国股票投资者社会环境偏好的变化过程。虽然近年来我国人均收入已经处于环境库兹涅茨曲线的排放拐点附近,但是目前鲜有国内研究对公众的社会环境偏好变化过程进行分析。本文分三个部分对股票市场投资者的社会环境偏好进行检验:首先,利用事件分析法展示了7年间股票投资者的整体态度,发现由环保信息披露引起的累积超额回报率显著大于零,说明投资者平均持积极态度。其次,使用倾向得分匹配双重差分法检验环境监管政策加强带来的影响,一方面《大气污染防治行动计划》的实施使得投资者态度从负面向正面转变,说明投资者环境偏好受政策影响显著;另一方面《大气污染防治行动计划》的实施显著提高了国有企业环保行为的水平。最后,通过对政策效应的形成机制进行检验发现,我国上市公司的环保行为在投资者眼中并不只是为了完成社会责任信息披露的政策指令而实施,而是股票投资者已经形成社会环境偏好,使得企业具有构建"绿色企业形象"的需求。另外,由于本文的研究对象是强制披露的企业社会责任报告,所以有效规避了西方相关研究中自愿披露导致的自我选择问题,但同时西方学者普遍对我国强制披露的企业社会责任报告所包含的信息持怀疑态度,因此本文通过利用情绪分析程序对环保信息的信息有效性进行检验,结果显示文本情绪的强弱与股票价格波动幅度有正相关关系,说明企业环保信息是投资者决策信息集的一部分,即强制披露的企业社会责任报告包含有效信息。
[Abstract]:This paper analyzes the response of the A share market to the environmental information in the mandatory disclosure of corporate social responsibility reports from 2008 to 2014. It shows the changing process of stock investors' social environmental preference in China. Although in recent years, China's per capita income has been near the emission inflection point of the environmental Kuznets curve. However, there are few domestic studies to analyze the changing process of the social environmental preference of the public. This paper is divided into three parts to test the social environmental preference of investors in the stock market: first, This paper shows the overall attitude of stock investors in the past seven years by using event analysis, and finds that the cumulative excess return caused by environmental information disclosure is significantly greater than zero, indicating that the average investor has a positive attitude. On the one hand, the implementation of the Action Plan for the Prevention and Control of Air pollution has changed the attitude of investors from negative to positive. On the other hand, the implementation of the Action Plan for the Prevention and Control of Air pollution has significantly improved the level of environmental protection behavior of state-owned enterprises. Finally, by testing the formation mechanism of the policy effect, it is found that, In the eyes of investors, the environmental protection behavior of listed companies in China is not only implemented in order to complete the policy instruction of social responsibility information disclosure, but also the stock investors have formed social environmental preference. In addition, because the research object of this paper is the corporate social responsibility report of mandatory disclosure, it effectively avoids the self-selection problem caused by voluntary disclosure in western related research. But at the same time, Western scholars are generally sceptical about the information contained in the mandatory disclosure of CSR reports in China, so this paper tests the validity of environmental information by using the emotional analysis program. The results show that there is a positive correlation between the intensity of the text emotion and the volatility of stock price, which indicates that the enterprise environmental protection information is a part of investors' decision information set, that is, the mandatory disclosure of corporate social responsibility report contains effective information.
【作者单位】：山东大学经济研究院;
【分类号】：F832.51;F270

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