【作者】 张健；

【导师】 卜茂亮；

【作者基本信息】 南京大学 ， 产业经济学， 2020， 硕士

【摘要】 随着企业在当今社会经济中的地位愈发的重要,企业社会责任相关问题在全球范围内得到越来越多的关注,同时激烈的商业竞争迫使企业不断与竞争对手区分开来。因此企业选择将绿色化作为差异化战略。此外,企业也越来越意识到需要履行环境责任,因为消费者和其他利益相关者关心企业的环境绩效。伴随着企业绿色化的增多,由于外部监管环境的宽松以及企业内部出于降低成本的动机,企业的漂绿行为也越发频繁,漂绿是指企业的一种“虚假绿色化”,即本来不是绿色公司,但是通过各种手段(如虚假宣传),达到宣传企业绿色形象的目的。但目前学术界关于漂绿的概念、表现形式、动因、影响以及治理并未形成一致的结论和清晰的认识,资本市场对于上市公司漂绿行为曝光的反应的机制和效应尚待研究。本文首先对于漂绿行为的概念、表现形式、动因、影响以及治理等相关研究进行梳理,基于利益相关者理论提出漂绿行为在曝光前后对公司影响的理论机制。再基于《南方周末》2009年到2016年发布的“中国漂绿榜”,以上市公司为样本,利用事件研究法和回归分析法对公司漂绿行为曝光后的股价波动进行研究。得出的结论认为,资本市场对于上市公司的漂绿这种伪绿色化行为存在一定的惩戒效应,但在事件期并不连续。公司异质性对漂绿曝光效应产生显著影响。公司规模较大以及所有权属于国企的公司漂绿曝光后资本市场的惩戒效应减弱,而对于治理结构不完善的公司资本市场惩戒效应更强。纵观全文,本文希望在以下几个方面做出贡献:一、本文基于利益相关者理论提出了漂绿等伪绿色化行为对公司影响的理论机制,希望能够丰富关于漂绿影响的相关理论。二、除了一般的事件研究法,本文还采用回归分析法对漂绿的影响进行实证分析,希望能够填补目前国内采用回归模型分析漂绿影响的实证研究空白。三、本文在研究内容上,进一步探讨了公司异质性对于漂绿曝光效应的影响,在实践中有助于指导公司树立正确的企业道德观。更多还原

【Abstract】 With the increasing importance of corporations in today’s social economy,issues related to corporate social responsibility are receiving more and more attention worldwide,while fierce business competition is forcing companies to constantly differentiate themselves from their competitors.Companies therefore choose to go green as a differentiation strategy.In addition,businesses are becoming increasingly aware of the need for environmental responsibility,as consumers and other stakeholders are concerned about their environmental performance.However,due to the lax external regulatory environment and internal motivation for cost reduction,along with the increase of enterprise greening,enterprise greenwash behavior is also more frequent,greenwash refers to a kind of "false greening",that is,originally not a green company,but through various means(such as false propaganda),to achieve the purpose of promoting enterprise green image.However,at present,the academic community has not formed a consistent conclusion and clear understanding of the concept,manifestation,motivation,impact and governance of greenwash,and the reaction of the capital market to the exposure of greenwash behavior of listed companies has yet to be studied.In this paper,the concept,manifestation,motivation,impact and governance of greenwashing are first combed through,and the theoretical mechanism of the impact of greenwashing on firms before and after exposure is proposed based on stakeholder theory.And then use the event research method and regression analysis to study the share price fluctuation of the market after the exposure of greenwash by listed companies based on the "China Greenwash List" published by Southern Weekend from 2009 to 2016.It is concluded that the capital market has a certain punitive effect on the pseudo-greening behaviour of listed companies,but it is not continuous during the event period.Corporate heterogeneity has a significant effect on the bleaching green exposure effect.The capital market disciplinary effect of larger companies and the ownership of state-owned companies after the exposure of greenwash is weakened,while the capital market disciplinary effect is stronger for capital markets with imperfect governance structure.Throughout the full text,this paper hopes to contribute in the following aspects: First,this paper proposes a theoretical mechanism for the impact of pseudo-greening on firms,such as greenwashing,based on stakeholder theory,and hopes to enrich the theory about the impact of greenwashing.In addition to the general event study method,this paper also adopts regression analysis method to analyze the impact of greenwash empirically,hoping to fill the gap of the current empirical research on the impact of greenwash using regression models in China.Third,this paper further explores the impact of corporate heterogeneity on the greenwash exposure effect in the research content,and helps to guide companies to establish the correct corporate ethics in practice.更多还原