【摘要】 本文基于Ohlson模型,采用会计信息价值相关性相对变动来衡量投资者信心,检验了企业所在地雾霾污染对企业投资者信心的影响。实证分析结果表明,企业所在地雾霾会导致投资者对企业的经营状况信心下降,在投资估值时更多地关注企业资产负债表信息而非利润表信息。使用投资者信心指数的方法得出了同样的研究结论。进一步研究发现,在其他信息渠道中,企业现金流与分析师关注可以削弱雾霾对投资者信心的负向影响。本文的研究结论揭示了雾霾对企业投资者信心乃至资本市场资源配置效率的负面影响,有利于强化企业的环境保护意识与雾霾治理积极性;同时,来自企业内部与外部的其他信息可以缓解投资者信心下降,对企业增加信息披露和投资者拓宽信息获取渠道具有重要借鉴意义。更多还原

【Abstract】 This paper examines the impact of smog at the location of enterprise on the confidence of corporate investors, using the relative change in the value relevance of accounting information to measure corporate investors’ confidence based on the Ohlson model.The empirical results show that smog at the location of enterprise causes lower confidence of investors in corporate operations, and investors pay more attention to the balance sheet information rather than the income statement in their valuations.It reaches the same conclusion under the use of investor confidence index.Further research finds that corporate cash flow and analyst coverage can both weaken the negative impact of smog on corporate investors’ confidence.The research conclusions of this paper reveal the negative impact of smog on investors’ confidence and therefore the resource allocation efficiency of the capital market, which can help to strengthen enterprises’ awareness of environment protection and improve their motivations to engage in smog governance.At the same time, other information from inside and outside the enterprise can alleviate the decline in investors’ confidence, which has implications for enterprises to increase information disclosure and for investors to expand their information sources.更多还原