环境污染、媒体曝光与不同类型的投资者反应  

Environment Pollution,Media Attention and Investor Reaction

作　　者：孔东民[1] 徐茗丽[1] 黄京[2] 

机构地区：[1]华中科技大学经济学院,湖北武汉430074 [2]北京大学中国经济研究中心,北京100087

出　　处：《华中科技大学学报（社会科学版）》2013年第2期82-89,共8页Journal of Huazhong University of Science and Technology(Social Science Edition)

基　　金：国家自然科学基金(71173078;71003035)

摘　　要：本文考察上市公司环境污染事件的市场反应,并深入分析污染信息首次披露情况是否影响了不同投资者的行为。通过手工搜集2010年以来的污染事件并结合高频分笔交易数据,研究发现环境污染整体上导致了公司价值下降;但市场只对由媒体曝光的污染事件进行了惩罚,对于政府部门披露的污染事件则没有显著反应;不同于个人投资者,机构投资者的行为并未受事件冲击。本文研究意味着市场定价机制并未显著关注企业环保责任,而这种惩罚机制的缺失进一步导致了机构与个人投资者的行为差异。本研究有着积极的政策指导意义:政府应该加大环保知识的宣传,并积极鼓励媒体参与到企业环保治理的监督中,利用金融市场作为环境监管惩治的有效补充来改善污染对于经济发展的负外部性;同时,资本市场监管部门应尽快制定和颁布上市公司环境信息披露相关制度,提升公司的环保信息披露水平。整体上,本文对环境经济学研究在金融市场领域进行了拓展,也为我国"绿色金融"政策提供了清晰的经验证据。We investigate the reaction of market to environment pollution events of listed firms, and fur ther explore if the first disclosure of pollution events affect the actions of different investors. By using a dataset on environment pollution since 2010 and high frequency trading data in stock market, we find that the envi ronment pollution causes a value decline of listed finns overally, while the stock market only reacts to the envi ronment pollution exposed by media instead of the government. However, unlike individuals, institutions don＇ t sell significantly. This finding indicates that environment protection responsibilities of the firms are not signif icantly reflected in the market price mechanism. The lack of the punishment further results in the different re actions between individuals and institutions. Our study has clear policy implications： the regulators should pay more attention to environment protection publicizing, encourage the media＇ s monitor on the firm behaviors and use the finance market as the effective supplement of environment punishment to decrease the negative exter nalities of environment pollution. Meanwhile, regulators of capital market should formulate and issue relevant systems to promote the environmental information disclosure of listed companies. In general, our paper intro duces the financial theory into the field of environmental economics, and provides clear policy implications on the issue of ＂green finance＂, which is a new conception advocated by our government.

关 键 词：环境污染 股票市场 投资者行为 

分 类 号：F830.79[经济管理—金融学]