环境事故对能源类公司市场价值的影响分析  

The Impact of Energy Environmental Events on Market Value of the Firms

作　　者：郑玉华[1] 易彩 夏良玉[1] 

机构地区：[1]中国石油大学(北京)工商管理学院

出　　处：《财会通讯（中）》2016年第7期34-37,129,共4页Communication of Finance and Accounting

基　　金：国家社科基金重大项目(项目编号:11&ZD164);中国石油科技创新基金研究项目(项目编号:2013D-5006-0106);北京市高等学校青年英才计划资助项目(项目编号:YETP0689);北京市自然科学基金项目(项目编号:9144033)阶段性研究成果

摘　　要：本文根据2003~2013年上市公司或媒体公开披露的能源环境污染事故,运用事件分析法分别分析了资本市场对这些环境事故的反应,在此基础上按肇事公司所属行业性质对样本进行分类,分析不同行业能源事故对公司市场价值的影响。研究发现,资本市场对不同能源环境事件的反应显著程度不同,对不同行业能源事故的敏感性也不同,其中资本市场能够对化工行业的环境事故进行显著的反应,但持续时间较短,对其他行业的反应并不显著。Cases of energy environmental pollution events disclosed by listed companies or by media from 2003 to 2013 were collected.Event study method was employed to analyze the reaction of capital market to these events.The cases were grouped according to industry classification and the responses of capital market to the different groups were studied.Empirical results showed that capital market's reaction to different environmental events and different industrial groups varied significantly.The capital market was sensitive to environmental accidents happened in chemical industry and showed significant downturn of market value but in a short time.The reaction of capital market to other industrial groups was not significant.

关 键 词：环境事故 事件分析法 能源行业 市场价值 

分 类 号：X196[环境科学与工程—环境科学] F426.2[经济管理—产业经济] F832.51