中国环境信息披露政策是否有效
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| Title | Is the Disclosure Policy of Corporate Environmental Violation Effective in China?
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| 作者 | 方颖 郭俊杰 |
| Author | Fang Ying and Guo Junjie |
| 作者单位 | 厦门大学王亚南经济研究院 |
| Organization | Xiamen University |
| 作者Email | yifst1@xmu.edu.cn；guojunjie0826@outlook.com |
| 中文关键词 | 环境信息披露 企业环境责任 媒体披露 环境污染社会关注度 |
| Key Words | Disclosure of Environmental Violation; Corporate Environmental Responsibility; Media Disclosure; Social Attention on Environmental Pollution |
| 内容提要 | 本文通过系统考察A股市场对环保部门披露的企业环境处罚信息的反应，发现我国污染治理环境信息披露政策在金融市场途径上是失效的。特别地，我们重点对其原因进行深入分析，发现我国目前环境处罚太轻、企业环境违法成本过低是重要原因。通过对比A股市场和H股市场投资者对企业环境责任的重视程度及对企业环境违法信息的反应，我们发现A股市场投资者对企业环境责任重视不足是我国环境信息披露政策在金融市场途径上失效的另一重要原因。在环境信息披露政策有效性所依赖的社会环境条件方面，我们发现媒体报道和环境污染社会情绪强度的提高都有助于环境信息披露政策的有效实施。 |
| Abstract | By investigating the reaction of A-share stock market to the disclosure of corporate environmental violation, this paper finds that the disclosure policy has on average no impact in various scenarios. In addition to small fines and low violation costs, we find that corporate environmental responsibility is much less valued by investors in the A-share market than those in the H-share market. Furthermore, we find that media report and social attention on environmental pollution measured by Baidu search index can significantly affect market reaction, particularly for water pollution cases. |
| 文章编号 | WP1210 |
| 登载时间 | 2017-07-28 |
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