有限关注下空气质量对股票投资收益率的影响——来自污染度和地理区位的差异化验证  

The Impact of Air Quality on Stock Yields Under the Limited Concern Perspective ——Evidence From the Pollution Degree and Geographical Location

作　　者：胡秋灵[1] 郭帅 HU Qiu-ling;GUO Shuai(International Business School,Shaanxi Normal University,Xi’an 710119,Shaanxi)

机构地区：[1]陕西师范大学国际商学院,陕西西安710119

出　　处：《陕西师范大学学报（哲学社会科学版）》2020年第4期132-142,共11页Journal of Shaanxi Normal University(Philosophy and Social Sciences Edition)

基　　金：教育部人文社会科学研究西部项目“基于AQI高频大数据的西部城市群空气污染统计规律挖掘及治污减霾对策设计”(15XJA910001)。

摘　　要：关于空气质量对股票投资收益的影响,已有研究主要聚焦于整个股票市场,与有限关注假说相悖,偏离投资事实。基于投资者有限关注理论,重点研究空气质量对高空气污染行业及低空气污染行业影响的差异性,并尝试研究同等污染度下,不同地理区位股票投资收益率的异质性,研究发现:高空气污染行业股票投资收益率与空气质量指数显著负相关;控制污染度不变,北方地区股票投资收益率受空气质量指数的影响更大;基于Logit模型,从市场行情视角,得到了同样的研究结果。从污染度、地理区位两个层面验证了投资者有限关注假说,研究结论可作为企业选址及政府招商的决策参考。Regarding the impact of air quality on stock yield, the present studies focus mainly on the whole stock market which is contrary to the limited concern hypothesis and deviates from the investment facts.This paper not only focuses on the differences of air quality impacts on high and low air pollution industries based on the limited concern theory but also concerns the heterogeneity of stock in different areas under the same air pollution degree.The results show that there is a significant negative correlation between the stock yield and AQI in high air pollution industry.The stock yield of northern companies can be affected greatly by AQI than the southern companies on the basis of unchanged pollution degree.What’s more, it draws the same conclusion based on the Logit model from the perspective of market quotation.In summary, this paper verifies the limited concern theory from pollution degree and geographical location, the conclusion can be used as a reference for enterprise site selection and government investment attraction.

关 键 词：空气质量 股票市场 有限关注 污染度 地理区位 

分 类 号：X51[环境科学与工程—环境工程] F830.91[经济管理—金融学]