绿色环保企业的IPO市场表现研究

发布时间：2018-02-06 07:44

本文关键词： 绿色环保单位产值排污费 IPO市场表现　出处：《南京理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：上市公司的IPO市场表现一直是国内外学者研究的重点,尤其是上市首日IPO超额收益、长期表现以及其影响因素分析。近年来,随着全球环境污染问题的逐渐突出,其引发的社会责任日益引起学者的关注。目前,关于社会责任对企业市场表现的影响主要形成了过度表现假说和表现不佳假说,但尚未形成统一的结论。碍于我国的绿色环保事业起步较晚,其对企业市场表现的影响研究较少,有关IPO市场表现的研究更是寥寥无几,基于此,本文研究绿色环保企业的IPO市场表现问题。本文旨在研究绿色环保企业IPO上市后是否有"绿色溢价"问题,"绿色环保"是否能构成IPO市场表现的影响因素。本文以沪深A股市场2006-2015年期间所有新上市IPO为研究对象,根据国家环保局《2011年全国环境保护相关产业状况公报》给出的定义对绿色环保企业进行界定,并采用节选配对的方法,选取了 245家绿色环保企业和245家非绿色环保企业作为样本,运用描述性统计、传统OLS回归、分位数回归等多种数理统计方法,对两类样本公司的IPO市场表现进行实证检验。在实证检验的过程中,首先将绿色环保企业与非绿色环保企业进行对比分析,其次引入"绿色"虚拟变量进行多元线性回归,最后将单位产值排污费作为替代变量进行稳健性检验,旨在得出绿色环保企业是否存在"绿色溢价"的结论。实证研究结果表明,就IPO抑价而言,绿色环保企业显著低于非绿色环保企业,而在IPO长期表现方面,两者并无显著差异,同时,环境绩效并不能构成IPO市场表现的显著影响因素。
[Abstract]:IPO market performance of listed companies has been the focus of scholars at home and abroad, especially on the first day of the listing of IPO excess returns, long-term performance and its impact factors analysis in recent years. With the global environmental pollution problem becoming more and more prominent, the social responsibility caused by it has attracted more and more attention of scholars. On the impact of social responsibility on corporate market performance has mainly formed a hypothesis of excessive performance and poor performance hypothesis, but has not yet reached a unified conclusion, due to the green environmental protection in China started late. Its impact on the market performance of enterprises is less research, IPO market performance research is very few, based on this. This paper studies the IPO market performance of green environmental protection enterprises. The purpose of this paper is to study whether there is a "green premium" for green environmental protection enterprises (IPO) after listing. Whether "green environmental protection" can constitute the influencing factors of IPO market performance. This paper studies all newly listed IPO in Shanghai and Shenzhen A-share market from 2006 to 2015. According to the definition given by the State Environmental Protection Bureau's "National Environmental Protection related Industry Bulletin of 2011", the green environmental protection enterprises are defined, and the method of excerpt matching is adopted. Selected 245 green environmental protection enterprises and 245 non-green environmental protection enterprises as samples, using descriptive statistics, traditional OLS regression, quantile regression and other mathematical statistical methods. The IPO market performance of the two types of sample companies is tested. In the process of empirical testing, the green environmental protection enterprises and non-green environmental protection enterprises are compared and analyzed. Secondly, the "green" virtual variable is introduced to carry on the multivariate linear regression, and finally, the unit output value sewage discharge fee is taken as the substitute variable to carry on the robustness test. The purpose of this paper is to draw the conclusion whether there is "green premium" in green environmental protection enterprises. The empirical results show that green environmental protection enterprises are significantly lower than non-green environmental protection enterprises in terms of IPO underpricing. In terms of long-term performance of IPO, there is no significant difference between the two. At the same time, environmental performance does not constitute a significant impact factor of IPO market performance.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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