【作者】 史晓媛；

【导师】 刘艳萍；

【作者基本信息】 大连理工大学 ， 会计学， 2006， 硕士

【摘要】 随着经济的发展,环境问题也越来越严重,实施可持续发展战略是解决经济发展与环境保护之间矛盾的唯一的选择。而企业在追求利润最大化的同时注意保护环境和控制污染,则是可持续发展战略的关键。环境信息披露,可以凭借市场和公众的反应对污染源起到限制和刺激作用,是一种独立而有效的污染控制手段。西方发达国家企业处于竞争和外界压力的原因,很早就开始进行环境信息披露。我国政府相关部门近年来也采取一些措施来推动企业进行环境信息披露,在社会上也引起较大反响。本论文采用事件研究法,来考察我国股票市场是否能够对环境信息披露做出反应,进而推动企业进行环境保护和污染控制工作。 论文首先回顾了国外环境信息披露的研究历程、国外环境信息披露经验研究和我国目前环境信息披露的研究状况。然后对本研究中所涉及环境信息披露的相关内容进行了概述。随后在此基础上设计了实证研究方法,即采用研究股价变化与信息披露之间存在的关系的成熟方法——事件研究法,来考察环境信息披露的市场反应。 论文从2002年到2005年《中国证券报》上所披露的环境信息中选取71个环境信息披露事件作为研究样本,其中包括负面环境信息披露事件23个,正面环境信息披露事件48个。接下来对这些样本股票在事件窗内的对环境信息披露的市场反应进行了计算和实证检验,即分别计算和检验超额收益率、平均超额收益率、累计平均超额收益率来考察单个事件在事件窗第t天的市场反应、不同类别事件在事件窗第t天的市场反应、不同类别事件在事件窗T时间段的市场反应。结果表明,我国股票市场目前基本上不能对环境信息披露做出反应,只有其中个别的环境信息披露事件能够使股价产生比较显著的变化,这类事件主要包括能够对企业的主要经营业务和下一步战略发展方向产生直接影响的负面环境信息、企业环境绩效得到公众认可和企业得到政府环保资金补贴等正面环境信息。更多还原

【Abstract】 With the rapid development of economic, the environmental problems are becoming more and more serious. So the only way to solve the problem between economic development and environment protection is to work out a sustainable strategy. The key part of the sustainable strategy is enterprises’ behavior. They should protect environment and control pollution when pursuing the maximum profit. Environment disclosing is an independent and effective way to control pollution by transfer the information to the public. In western developed countries, many companies have been disclosing their environmental information from long time ago for the reason of competition and public pressure. Chinese government has adopted some measures, which have a great reaction in the society, to promote Chinese enterprises’ environmental disclosure. In this paper, the problem of whether the stock market can react to the environmental disclosure events or not, will be studied.At first, the foreign research history of environmental disclosure, the empirical research of environmental disclosure and the Chinese recent research of environmental disclosure are reviewed. Then the relative contents of environmental disclosure about this research are introduced. On the base of previous work, the research method is designed. Event study method, which is a mature method to investigate the relationship between stock prices changes and the information disclosure, is used to study the market reaction to the environmental disclosure.71 environment disclosure events, which include 23 negative environmental disclosure events and 48 positive environmental disclosure events, are collected from 2002-2005’s Chinese Stock as the research sample.In order to investigate whether the stock market react to the environmental disclosure events, the abnormal return of stock prices (ARit), the average abnormal return of stock prices (AARt) and the accumulate average abnormal return of stock prices (CAART) are computed and statistical tested. The results indicate that, at present, the stock market don’t react to the environment disclosure events as a whole in China. But several specific environment disclosures can make the stock prices have significant changes.更多还原