【摘要】 本文以2009—2020年我国A股上市企业为研究对象,将资本市场长期存在的异象——资产误定价作为切入点,研究环境信息披露能否对资本市场运转产生积极效应。研究发现:环境信息披露能缓解资产误定价,且缓解作用随披露质量的提高而增强;这种缓解作用通过提高企业信息透明度、降低投资者非理性程度来实现。进一步分析表明,环境信息披露可有效降低股价高估,但对纠正股价低估的作用不佳;环境信息披露与资产误定价的负相关关系受企业内部特征和外部监督环境的共同影响,重污染行业、环境规制和分析师关注会强化两者的负向关系,而国有企业产权性质则会弱化两者的负向关系。本文既拓展了环境信息披露与资产误定价的相关研究,也为引导资本市场绿色发展提供了现实启示。更多还原

【Abstract】 This paper takes China’s A-share listed companies from 2009 to 2020 as the research object, and takes asset mispricing, a long-standing anomaly in the capital market, as the starting point to study whether environmental information disclosure have a positive effect on the operation of the capital market. It is found that environmental information disclosure can alleviate asset mispricing and the mitigation effect will be strengthened with the improvement of disclosure quality. This mitigation effect is achieved by improving the transparency of enterprise information and reducing the irrationality of investors. Further analysis shows that environmental information disclosure can effectively reduce stock price overvaluation, but it is not effective in correcting the underestimation of stock prices. The negative correlation between environmental information disclosure and asset mispricing is influenced by the internal characteristics of enterprises and the external supervision environment. Heavy polluting industries, environmental regulations and analysts’ attention will strengthen the negative relationship between them, while the property rights of state-owned enterprises will weaken the negative relationship between them. This paper not only expands the research on environmental information disclosure and asset mispricing, but also provides practical enlightenment for guiding the green development of capital market.更多还原