涉重金属行业环境规制对企业股价的影响分析

发布时间：2018-01-19 03:25

本文关键词： 涉重金属行业环境规制事件分析法多元线性回归分析　出处：《哈尔滨工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来,我国频频发生重金属污染事件,给国家自然环境、居民健康造成了极其恶劣的影响。国家在高度重视重金属污染整治技术的同时,加大法制力度规范企业行为,为治理重金属污染颁布了首个“专项规划”和多项针对性的环境规制。现有的关于重金属污染的文献大多是从技术层面提出治理重金属污染的措施,缺乏从社会经济角度对涉重金属行业政策效应的研究。本文将政策效应与资本市场效应相结合,从资本市场的角度研究涉重金属行业环境规制的股价效应。本文搜集了2009年以来国家针对涉重金属行业颁布的环境规制,选取了沪深两市A股涉重金属行业、非涉重金属的重污染行业和其他行业共126家公司,以2009年至2013年为样本区间,分析了涉重金属行业环境规制的颁布对股价的影响。结合外部性理论,本文首先采用事件分析法分析并对比了环境规制对涉重金属行业,重污染行业和普通行业带来的股价效应,其次研究了不同类型的环境规制对企业股价的影响,最后采用多元线性回归,研究企业的环境信息披露水平对环境规制的股价效应的影响。事件分析法的研究结果显示,环境规制的颁布对涉重金属行业的股价影响明显,其中由国务院颁布的环境规制和命令控制型环境规制对股价的影响尤为突出。多元线性回归分析发现,企业环境信息披露程度与企业受环境规制的冲击影响成负相关,即环境信息披露水平越高的企业受到环境规制的冲击越小,说明当国家颁布环境规制时,企业的环境信息披露水平将影响投资者的投资决策,继而影响企业的股价波动。基于实证结果,本文分别对投资者、企业和规制制定机构提出了相应建议。本文首次从资本市场角度研究涉重金属行业环境规制对相关企业股价的影响,不仅填补了相关研究空白,而且从多个视角为利益相关者提供决策依据,具有一定的现实意义。
[Abstract]:In recent years, heavy metal pollution incidents have occurred frequently in China, which has caused extremely bad effects to the natural environment and the health of the residents. The state attaches great importance to heavy metal pollution remediation technology at the same time. We will strengthen the legal system to standardize enterprise behavior. In order to control heavy metal pollution, the first "special plan" and many targeted environmental regulations have been promulgated. Most of the existing literature on heavy metal pollution is from the technical level to put forward measures to control heavy metal pollution. Lack of socio-economic research on the heavy metal industry policy effect. This paper combines the policy effect with the capital market effect. This paper studies the stock price effect of heavy metal industry environmental regulation from the point of view of capital market. Select the Shanghai and Shenzhen A shares heavy metal industry, non-heavy metal pollution industry and other industries a total of 126 companies, with 2009 to 2013 as the sample interval. This paper analyzes the impact of heavy metal industry environmental regulation on the stock price. Combined with the externality theory, this paper first uses event analysis method to analyze and compare environmental regulation on heavy metal industry. The stock price effect of heavy pollution industry and ordinary industry. Secondly, the paper studies the influence of different environmental regulations on the stock price of enterprises, and finally adopts multiple linear regression. The impact of environmental information disclosure level on the stock price effect of environmental regulation is studied. The results of event analysis show that the promulgation of environmental regulation has a significant impact on the share price of heavy metal industry. The impact of environmental regulation and command-controlled environmental regulation issued by the State Council on stock prices is particularly prominent. Multiple linear regression analysis found. The degree of enterprise environmental information disclosure is negatively related to the impact of environmental regulation, that is, the higher the level of environmental information disclosure, the smaller the impact of environmental regulation, indicating that when the country promulgates environmental regulation. The level of environmental information disclosure will affect the investment decisions of investors, and then affect the stock price fluctuations. Based on the empirical results, this paper analyzes the investors. For the first time, this paper studies the influence of heavy metal industry environmental regulation on the stock price of related enterprises from the perspective of capital market, which not only fills up the relevant research gaps. Moreover, it is of practical significance to provide decision-making basis for stakeholders from multiple perspectives.
【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】：2014
【分类号】：F832.51

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