上市公司环境风险对企业价值的影响研究

论文总字数：41687字

目 录

1 导论…………………………………………………………………3

1.1 研究背景与问题提出…………………………………………………………………3

1.2 研究思路与方法………………………………………………………………………4

1.3 研究意义与创新………………………………………………………………………4

1.3.1研究意义…………………………………………………………………………4

1.3.1.1理论意义…………………………………………………………………4

1.3.1.1现实意义…………………………………………………………………4

1.3.2创新之处…………………………………………………………………………4

1.3.2.1第三方数据真实可靠……………………………………………………4

1.3.2.1研究对象相对全面………………………………………………………5

2 文献回顾……………………………………………………………5

2.1 环境信息披露与企业价值的影响研究………………………………………………5

2.1.1国外文献研究……………………………………………………………………5

2.1.2国内文献研究……………………………………………………………………6

2.2 环境污染事件与企业价值的影响研究………………………………………………6

2.2.1国外文献研究……………………………………………………………………6

2.2.2国内文献研究……………………………………………………………………7

2.3 文献小结与评述………………………………………………………………………7

3 理论分析与研究假设………………………………………………8

3.1 环境信息披露制度背景………………………………………………………………8

3.2 理论分析与研究假设…………………………………………………………………8

3.2.1社会责任理论……………………………………………………………………8

3.2.2有效市场假说……………………………………………………………………9

3.2.3研究假设 ………………………………………………………………………10

4 实证分析 …………………………………………………………10

4.1 数据来源………………………………………………………………………………10

4.2 模型与变量定义………………………………………………………………………11

4.2.1被解释变量………………………………………………………………………11

4.2.2解释变量…………………………………………………………………………11

4.2.3控制变量…………………………………………………………………………12

4.2.4回归模型…………………………………………………………………………13

4.3 描述性统计……………………………………………………………………………13

4.3.1上榜企业变量的描述性分析……………………………………………………13

4.3.2对照组变量的描述性分析………………………………………………………16

4.3.3上榜企业超额累计收益率的单变量检验………………………………………16

4.3.4全样本超额累计收益率的分组检验……………………………………………17

4.4 实证结果与分析………………………………………………………………………17

4.4.1上榜与否对企业市场价值的影响………………………………………………17

4.4.1.1全样本的相关性分析……………………………………………………18

4.4.1.2上榜与否的回归结果……………………………………………………19

4.4.2环境风险指数与企业市场价值…………………………………………………19

4.4.2.1上榜企业的相关性分析…………………………………………………20

4.4.2.2环境风险高低的回归结果………………………………………………20

4.4.3进一步检验：市场反应影响因素………………………………………………22

4.4.3.1股权性质…………………………………………………………………22

4.4.3.2首次上榜…………………………………………………………………24

4.4.3.3控股比例…………………………………………………………………24

4.4.3.4地域特征…………………………………………………………………25

5 稳健性检验…………………………………………………………27

6 结论…………………………………………………………………28

参考文献 ………………………………………………………………30

附录 ……………………………………………………………………32

致谢 ……………………………………………………………………34

上市公司环境风险对企业价值的影响研究

王昕婷

，China

Abstract：Currently, haze and other environmental pollution problems happened frequently, with the improvement of the relevant regulatory system, the risks faced by enterprises are increasing. The majority of investors’ awareness of the importance of environmental protection is also increasing. In this context, will the market price the enterprise accumulated environmental risks, and whether the environmental risks will have an impact on the company's value? Therefore, this paper introduces the "listed companies on-line monitoring risk list", with its publicity in 842 exceeded the emission of enterprises from February 2015 to February 2016 as the object of study, using the PSM method to pair enterprises which is not on the list as a control group, and uses the empirical research to explore whether market will absorb enterprises’ negative environmental information, and studies the relationship between environmental risk and enterprise value, then further study the factors that may affect the market reaction (property nature, first time on the list or not, the proportion of holding, regional characteristics). The empirical results show that the market will respond effectively to the negative environmental information of the enterprise, enterprise on the “pollution rankings” will lead to significant negative changes in its share price, and the size of the corporate environmental risk will also affect the company's stock price fluctuation, but not stable. Further study found that the market will make a more significant negative response to the enterprises which were on the list first time, and have a certain distinction in regional characteristics, but the degree of concern is limited, the enterprises’ property nature and holding proportion will not be distinguished. The conclusion of this study will provide a new way to improve the company's environmental governance and the corporate social responsibility performance.

Key words： environmental risk；corporation's environmental social responsibility；corporate value；pollution rankings

1 导论

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