中央环保督察“回头看”的市场反应——基于重污染行业上市公司的影响分析  

The market reaction to the "Look-Back" inspection of ecological and environmental protection: Impacts on listed companies in heavily polluting industries

作　　者：陈迪[1] 孟乔钰 石磊[1] 马中[1] 陆根法[3] CHEN Di;MENG Qiao-yu;SHI Lei;MA Zhong;LU Gen-fa(School of Environment and Natural Resources,Renmin University of China,Beijing 100872,China;School of Economics and Management,Wuhan University,Wuhan 430000,China;State Key Laboratory of Pollution Control and Resources Reuse,School of the Environment,Nanjing University,Nanjing 210023,China)

机构地区：[1]中国人民大学环境学院,北京100872 [2]武汉大学经济与管理学院,湖北武汉430000 [3]南京大学环境学院,污染控制与资源化研究国家重点实验室,江苏南京210023

出　　处：《中国环境科学》2020年第7期3239-3248,共10页China Environmental Science

基　　金：国家重点研发计划(2018YFC0213702);中国人民大学2019年度拔尖创新人才培育资助计划成果。

摘　　要：运用事件研究法和非参数检验,探究了中央环保督察"回头看"的宣布实施对于沪深两市A股重污染行业上市公司收益情况的影响及其差异情况,结果显示:事件窗内中央环保督察"回头看"使得重污染行业上市公司的平均累计异常收益率降低至-2.005%,且这一负面冲击在时间上有延长趋势;不同公司性质、子行业的重污染行业上市公司所受影响存在显著差异.就企业性质差异而言,非国有公司累计收益率所受的负面冲击平均比国有公司高1.696%.在不同行业中,建材、制药、石化行业所受负面冲击最大,纺织、造纸、制革行业所受影响则较小.此外,市场对于火电、化工行业企业的反应并非多为负向,注重环境管理使得部分企业在中央环保督察"回头看"中得到了市场的正向回馈.建议持续推进中央环保督察"回头看"制度,以切实促进公司开展节能减排,同时,重污染行业公司特别是非国有公司以及上述行业公司应加强自身环境管理,积极进行环境信息披露,从而尽可能避免在类似的环境规制中受到负面冲击.By using the methods of event study and nonparametric estimation, the "Look-Back" inspection of ecological and environmental protection’s impacts on listed companies in heavily polluting industries were empirically analyzed. The results showed that in the event window, the "Look-Back" inspection of ecological and environmental protection reduced the CAAR of listed heavily polluting companies to -2.005%, and the duration of this negative impact has a trend of extension. The policy impacts on the heavily-polluting-companies could vary according to ownership and sub-industry. The negative effect of the "Look-Back" inspection of ecological and environmental protection on non-state-owned enterprise’s values, on average, was 1.696% worse than that of state-owned-enterprises. The building materials industry, pharmaceutical industry, and petrochemical industry suffered the greatest negative impact while the textile industry, papermaking industry, and leather industry have not been influenced as much by the "Look-Back" Inspection of Ecological and Environmental Protection. In addition, the market’s response to thermal power and chemical industry companies had been mostly positive, and some companies which attach importance to their environmental management received a positive reaction from the market. To encourage heavily-polluting-companies to pay more attention to their energy-saving and emission-reduction, further implementation of the "Look-Back" inspection of ecological and environmental protection was suggested. Enterprises that are non-state-owned or in the building materials industry, pharmaceutical industry, and petrochemical industry should further strengthen their environmental management and environmental information disclosure so as to avoid negative impacts in similar environmental regulation as much as possible.

关 键 词：中央环保督察“回头看” 市场反应 事件研究法 非参数检验 

分 类 号：X323[环境科学与工程—环境工程]