环境管制政策对中国油气上市公司价值影响分析  

Impact of environmental policies on the value of Chinese listed oil and gas companies

作　　者：范烨[1] 方明 赵晓丽[1] FAN Ye;FANG Ming;ZHAO Xiaoli(School of Business Administration,China University of Petroleum-Beijing,Beijing 102249,China)

机构地区：[1]中国石油大学(北京)工商管理学院,北京102249

出　　处：《石油科学通报》2018年第2期232-244,共13页Petroleum Science Bulletin

基　　金：国家自然科学基金项目(71373078);国家社会科学基金重点项目(13AZD078)联合资助

摘　　要：本文采用事件研究法,以2004—2017年期间中国36家上市石油企业为样本,运用EGARCH模型(Exponential Generalized Auto Regressive Conditional Heteroskedasticity model,指数广义自回归条件异方差模型),定量研究了环境管制政策对中国油气上市公司价值的影响。结果表明,环境管制政策对中国油气上市公司总体影响为负,但相对于命令型环境管制政策,市场导向型的环境管制政策的负面影响更小;相比东部地区,对中、西部油气公司的负面影响更小;相比规模较小的公司,对规模较大的公司的负面影响更小;相比与上游和中游油气公司,对下游和综合性油气公司影响较大。本文首次实证分析了环境管制政策对中国油气企业价值的影响,为促进油气行业环境管制政策的实施与行业发展的协调提供借鉴,也为在不同地区、针对不同规模的油气企业实施差别性的环境管制政策提供参考。This work uses the event study method and EGARCH（Exponential Generalized Auto Regressive Conditional Heteroskedasticity model） model to study the impact of environmental policies on the 36 listed Chinese oil and gas companies during the period 2004–2017.The results show that although the overall impact of environmental policies on China＇s oil and gas listed companies is negative,the negative impact of market-oriented environmental policies is smaller than command-and-control environmental policies.Compared to the eastern region,the negative impact on oil and gas companies in the western and central regions is smaller and the impact on larger companies is less negative than on smaller companies.This paper analyzes for the first time the impact of environmental policies on the market value of China＇s oil and gas enterprises,provides guidelines for the implementation of environmental policies in the oil and gas industry,and also provides guidelines for environmental policies on oil and gas enterprises of different sizes and in different regions.

关 键 词：环境管制政策 油气上市公司 事件研究法 政策分析 累积异常收益率 EGARCH模型 

分 类 号：F426.22[经济管理—产业经济] F832.51[环境科学与工程—环境工程] X322