中国环境信息依法披露制度改革能否引起公司股价短期波动  

Does the Reform of the Environment Information Disclosure System Enhance Firm Value?

作　　者：李青原[1] 张人匀 LI Qingyuan;ZHANG Renyun(Economics and Management School,Wuhan University,Wuhan,Hubei,China 430072;China Construction Third Engineering Bureau Urban Investment&Operation Co.,Ltd,Wuhan,Hubei,China 430070)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072 [2]中建三局城市投资运营有限公司,湖北武汉430070

出　　处：《当代会计评论》2024年第3期57-77,共21页Contemporary Accounting Review

基　　金：国家自然科学基金重点项目“环境治理目标下的公司财务、会计和审计行为研究”(72332003)的资助

摘　　要：2021年5月,生态环境部发布了《环境信息依法披露制度改革方案》(以下简称《方案》),旨在深化环境信息依法披露制度改革。本文以《方案》发布为事件背景,使用沪深A股上市公司检验市场对于环境信息披露制度改革的反应。研究结果发现,《方案》发布期间,上市公司的累计超额收益率为正;资本市场对于《方案》发布的积极反应主要体现在投资者关注度高的公司、《方案》发布前一年发布过环境信息的公司、ESG信息披露质量较高的公司、非重污染的公司以及未受过环境处罚的公司中,投资者关注度与超额累计收益率之间的正向关系也主要体现在这些样本中,此结果体现了企业环境信息披露的乘数效应。In May 2021,the Ministry of Ecology and Environment issued the Reform Plan for the System of Legal Disclosure of Environmental Information(the“Plan”,hereafter)to advance the reform of environmental information disclosure.Using a sample of A-share listed companies in China and the release of Plan,this paper examines market reaction to the reform of the environmental information disclosure.We find that listed companies experienced positive cumulative abnormal returns after the announcement of Plan.The positive reaction to the release of Plan was more pronounced for firms that attracted more investor attention,that disclosed environmental information in the year prior to the release of Plan,that disclosed high-quality ESG information,that operated in nonheavily polluting industries,and that did not receive environmental penalties.Furthermore,the positive relationship between investor attention and excess cumulative returns was also more pronounced in these subsamples.Our findings indicate the multiplier effect of corporate environmental information disclosure.

关 键 词：环境信息披露 公司价值 非财务信息 乘数效应 事件研究 

分 类 号：F832.48[经济管理—金融学]