摘要
本文以紫金矿业汀江污染事故为例,运用事件研究法分析了紫金矿业污染事件及其后两次罚款对紫金矿业及同行业公司股价的影响,以探讨不同类型环境事件的不同市场效应。实证结果表明,上市公司环保绩效能够在一定程度上影响投资者决策。A股和H股市场都能对重大环境污染事故做出显著负面反应;但A股市场基本不能对政府处罚、环境诉讼等负面环境事件做出有效反应;H股市场投资者整体上更加关注价值投资、企业的长远发展和社会责任,能够对环境事件导致的罚款做出负面反应。研究结果还表明投资者能够识别不同类型环境事件的信息含量:A股市场很少考虑企业的环境责任,更多关注与企业经营业绩相关的环境信息,H股市场则更多关注企业治理和企业价值相关的环境信息。
This paper chooses the environmental pollution accident of Zijin Mining Group Co.,analyzes the influence of the environmental pollution accident and two subsequent penalties to stock prices of Zijin Mining Group Co.and other gold mining companies,and discusses different market response to different types of environmental events.Empirical results show that environmental performance can affect investment decision to some extent.Both A-share and H-share exhibit significantly negative reaction to serious environmental pollution accident;A-share market can hardly react to environmental penalties or lawsuits;H-share investors think more of CSR and long-term development,and react negatively to environmental penalties.Our research also shows that investors can identify information content of different environmental events.A-share market pays more attention to information about operating performance while H-share market pays more attention to information about corporate governance and enterprise value.
出处
《中国工业经济》
CSSCI
北大核心
2012年第1期141-151,共11页
China Industrial Economics
关键词
环境保护
企业社会责任
事件研究
environmental protection
corporate social responsibility（CSR）
event study
