“惩恶扬善”与“隐恶扬善”——企业环境社会责任的真实作用

发布时间：2018-03-28 02:13

本文选题：企业环境社会责任　切入点：环保意识　出处：《经济管理》2017年09期

【摘要】：企业环境社会责任可以为公司产生新的竞争性资源,本文以此理论为基础,通过从媒体报道中提取的260个中国上市公司环境事件样本进行实证研究,分析了环境事件对股票市场反应和企业价值的影响。研究发现,短期内公布有利环境事件的公司,得到市场肯定,股价获得超额收益;公布不利环境事件的公司,股价显著降低。这种奖励和惩罚的力度随着公司环境保护的外部压力增加而增大。同时,本文发现,发生有利环境事件的公司,企业价值得到提升;发生不利环境事件的公司,企业价值没有显著降低。短期市场反应"惩恶扬善"的特征表明,公众有着良好的环保意识。但长期条件下,企业环境社会责任负向作用传导不顺畅,在复杂市场机制中产生了对环境事件"隐恶扬善"的结果。面对这种情况,一方面,需要继续保持新环保法推出后强政府监管的良好局面;另一方面,加深公司对于环境社会责任的理解,引导公司实现解决环境问题实践与可持续发展目标的统一,促进新常态下的绿色供给侧转型发展。
[Abstract]:Corporate environmental social responsibility can produce new competitive resources for companies. Based on this theory, this paper conducts an empirical study on 260 samples of environmental events of listed companies in China, which are extracted from media reports. This paper analyzes the impact of environmental events on stock market reaction and firm value. The study found that companies that publish favorable environmental events in a short period of time obtain market affirmation, share prices get excess returns, and companies that publish adverse environmental events, This incentive and punishment increases with the increase of external pressure on the environmental protection of the company. At the same time, this paper finds that the value of the firm with the occurrence of the favorable environmental event is increased; the company with the adverse environmental event, The characteristics of short-term market response "punishing evil and promoting good" show that the public has a good sense of environmental protection. But in the long run, the negative role of corporate environmental social responsibility is not transmitted smoothly. The complex market mechanism has resulted in the "hidden evil and good" of environmental events. Faced with this situation, on the one hand, it is necessary to continue to maintain a good situation of strong government supervision after the introduction of the new environmental protection law; on the other hand, To deepen the company's understanding of environmental and social responsibility, to guide the company to realize the unity of environmental problem solving practice and sustainable development goal, and to promote the green supply-side transformation and development under the new normal.
【作者单位】：吉林大学商学院;
【基金】：国家社会科学基金项目“基于质量安全的农产品伤害危机修复策略研究”(15BGL086) 国家自然科学基金项目“中国经济周期波动的转折点识别、阶段转换及预警研究”(71573105)
【分类号】：F270;F832.51;X322

【相似文献】