环境立法与投资者利益保护——基于股票市场异常波动的视角  

Environmental Laws and Investor Protection:A Perspective from Abnormal Fluctuation of the Stock market

作　　者：高明 毕燕璐 胡聪慧 GAO Ming;BI Yanlu;HU Conghui(School of Economics,Peking University;School of Finance,Central University of Finance and Economics;Business School,Beijing Normal University)

机构地区：[1]北京大学经济学院,北京100871 [2]中央财经大学金融学院,北京102206 [3]北京师范大学经济与工商管理学院,北京100875

出　　处：《金融研究》2024年第1期113-130,共18页Journal of Financial Research

基　　金：国家自然科学基金(72073004,72372011);中央高校基本科研业务费专项资金(1233200014);北京大学经济学院科研种子基金的资助。

摘　　要：本文以沪深两市上市公司为研究对象,以2015年《环境保护法》实施和2005—2016年地方环保法规颁布或修订作为自然实验,从股票市场异常波动角度,考察环境立法对投资者利益保护的影响及其内在机制。研究发现,相对于非重污染企业,环境立法显著增加了重污染企业的行为约束,降低了其股价崩盘风险。从作用机制看,环境立法促使重污染企业增加环保投资,提升环境信息披露质量,且环保投资更多、环境信息披露质量更好的重污染企业股价崩盘风险下降更明显。本文表明,环境立法对公司价值的影响不简单对应于股价涨跌,而是重点体现在降低股价异常波动;环境法规的完善不仅促使企业更好地履行环保责任,而且有利于保护投资者利益和维护资本市场稳定。Investor protection is an essential requirement for the sustained and healthy development of capital markets.The construction of legal systems is crucial for investor rights,decision-making power,and oversight,forming the foundation for safeguarding investor interests.When legal frameworks are incomplete,companies may neglect precautions against misconduct,potentially engaging in speculative behavior and evading responsibility.Simultaneously,regulatory authorities face challenges in enforcement,and corruption may thrive.In the absence of strong legal constraints on corporate behavior,investors are susceptible to information concealment or manipulation,leading to erroneous decision-making and a lack of protection for investor interests.Abnormal stock price fluctuations represent a significant avenue through which investors'interests are compromised in capital markets.Research has indicated that companies employ tactics such as earnings management and selective information disclosure to conceal adverse news,releasing accumulated hidden information to the market,resulting in stock price crashes.Companies with poor transparency face more severe risks of stock price crashes.The literature has predominantly analyzed ways to reduce abnormal stock price fluctuations and crash risks from a micro-perspective.However,the integrity of macro-legal systems also plays a crucial role in influencing stock price volatility and investor protection.Inadequate legislation provides opportunities for corporate concealment.When legal systems are imperfect,companies may sacrifice long-term interests for short-term gains,laying the groundwork for subsequent operational and sudden stock price risks.Using a sample of Chinese A-share listed firms,this paper takes the implementation of China's Environmental Protection Law in 2015 and the enactment or revision of local environmental protection laws and regulations from 2005 to 2016 as natural experiments and examines the impact of environmental legislation on the protection of investors'intere

关 键 词：法律规制 投资者保护 环境保护法 股价异常波动 

分 类 号：F832.51[经济管理—金融学] D922.68[政治法律—环境与资源保护法学]