环境法治强化与股价崩盘风险——基于环境法庭设立的准自然实验  

Enhancing Environmental Rule of Law and Stock Price Crash Risk:A Quasi Natural Experiment Based on the Establishment of Environmental Courts

作　　者：于连超 董晋亭 毕茜[3] Yu Lian-chao;Dong Jin-ting;Bi Qian(Lanzhou University,Lanzhou 730000;Chongqing University,Chongqing 400044;Southwest University,Chongqing 400715,China)

机构地区：[1]兰州大学管理学院,甘肃兰州730000 [2]重庆大学经济与工商管理学院,重庆400044 [3]西南大学经济管理学院,重庆400715

出　　处：《当代财经》2025年第1期141-153,共13页Contemporary Finance and Economics

基　　金：国家自然科学基金青年项目“环境监管数字化转型与企业环保应对研究:来自设立污染源在线监控系统的视角”(72302111)。

摘　　要：环境法治建设是用绿色司法理念赋能生态文明建设的重要举措。以环境法庭设立为准自然实验,利用2007—2022年沪深A股上市公司的数据,探究了环境法治强化对股价崩盘风险的影响。研究发现,环境法庭设立能降低股价崩盘风险。影响机制分析表明,环境法庭既能强化司法机构、媒体和公众对企业环境的监督,使企业环境负面信息加速释放,又能强化股东对企业环境的监督,使企业隐藏的环境负面信息减少,因而环境法庭设立能降低股价崩盘风险。进一步分析发现,当环境立法较好、环境执法较松、市场信息环境较差以及公司治理水平低时,环境法庭设立对股价崩盘风险的降低作用更显著。拓展性分析发现,环境法庭设立能降低股价同步性和提高股票定价效率。为此,要大力建设环境法庭,并处理好其与环境立法、环境执法、市场信息环境和公司治理水平的关系。The construction of the environmental rule of law is a crucial initiative for advancing ecological civilization through the application of green justice principles.This study employs the establishment of environmental courts as a quasi-natural experiment to investigate the impact of strengthening environmental rule of law on stock price crash risk with the data from A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2022.The findings indicate that the establishment of environmental courts can mitigate the risk of stock price crashes.The mechanism analysis reveals that the establishment of environmental courts can not only strengthen the supervision of judicial institutions,media and the public on the corporate environment,accelerating the release of negative information on the corporate environment,but also enhance the supervision of shareholders on the corporate environment,reducing the hidden environmental negative information of enterprises.Therefore,the establishment of environmental courts can reduce the risk of stock price collapse.Further analysis indicates that when environmental legislation is better,environmental law enforcement is looser,market information environment is poorer,and corporate governance level is lower,the establishment of environmental courts has a more significant effect on reducing the risk of stock price collapse.The expansion analysis reveals that the establishment of environmental courts can reduce stock price synchronicity and improve stock pricing efficiency.To this end,it is necessary to vigorously build environmental courts and handle their relationship with environmental legislation,environmental law enforcement,market information environment,and corporate governance level.

关 键 词：环境法庭 股价崩盘风险 环境负面消息 股价同步性 股票定价效率 

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]