环境信息披露评价与市场价值:第三方机构的影响研究  

Environmental Disclosure Evaluation and Corporate Market Value:An Impact Study Based on Third-Party Institutions

作　　者：胡天杨 谌仁俊 涂正革 Hu Tianyang;Shen Renjun;Tu Zhengge

机构地区：[1]武汉工程大学法商学院 [2]华中师范大学经济与工商管理学院低碳经济与环境政策研究中心

出　　处：《世界经济》2022年第11期150-176,共27页The Journal of World Economy

基　　金：国家社会科学基金重大项目(18ZDA051);国家自然科学基金面上项目(72073049)的资助。

摘　　要：真实准确且全面的环境信息披露是实现资本市场高质量发展的关键。本文以第三方机构公布环境信息披露质量评分为准自然试验,通过多期双重差分方法检验了第三方机构公布的评价结果与重污染行业企业市场价值之间的关系。研究发现,首先,在较低的环境信息披露水平下,第三方机构的评价结果导致大股东和机构投资者减持,被评价企业市值平均下降约5.49%;其次,因国有企业和大中型企业以稳定型投资者为主,在第三方机构介入后其市场价值受到了显著的负向冲击;最后,对于非国有大中型企业,第三方机构的评价促进了企业后续的环境披露质量提升。总之,第三方评价激发了资本市场的绿色导向,是优化绿色投融资机制的重要抓手。True,accurate and complete environmental information disclosure by enterprises has proved to be the key to achieving the green development of the capital market.Drawing on the quasinatural experiment of the environmental information disclosure evaluation published by third-party institutions,this paper verifies the relationship between the intervention of third-party assessment and the market value of enterprises in highly polluting industries through an empirical study of multi-period difference-in-differences technique.The study finds that:(1)the low level of environmental information disclosure induces major shareholders and institutional investors to reduce their holdings,and the evaluation result of third-party institution leads to an average decline in the market value of the evaluated enterprises of 5.49%;(2)because state-owned enterprises and large and medium-sized enterprises were dominated by stable investors,the negative impact after the intervention of third-party evaluation was more significant;and(3)for non-state-owned large and medium-sized enterprises,the evaluation result of third-party institution leads to the improvement of subsequent environmental information disclosure level.In summary,third-party evaluation stimulates the green orientation of the capital market and is therefore an important starting point when optimising the green investment and financing mechanism.

关 键 词：环境信息披露 第三方评价 企业市场价值 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] X322[环境科学与工程—环境工程]