环境信息披露对中国股价同步性的影响
Yongliang Yang1,2,3, Jitao Zhang1, Yi Li4
1School of Economics and Management, Zhejiang Sci-Tech University, Hangzhou, China.
Heliyon
|May 30, 2023
概括
中国的环境信息披露,特别是绿色洗,降低了资本市场的效率. 这是因为误导性信息会破坏股票价格的准确性,影响市场表现.
科学领域:
- 资本市场 资本市场
- 环境经济学环境经济学
- 公司治理 公司治理
背景情况:
- 环境信息披露是公司的一个关键特征,但它对资本市场效率的影响仍在争论中.
- 缺乏直接证据将环境披露与提高市场效率联系起来.
- 绿色洗的担忧使环境披露的真实价值的评估变得复杂.
研究的目的:
- 调查企业环境信息披露是否提高资本市场信息的效率.
- 分析环境披露对中国市场股票价格同步性的影响.
- 确定影响环境披露与市场效率之间的关系的因素.
主要方法:
- 该小组对中国上市公司 (2008-2021) 应用了固定效应模型.
- 采用多重线性回归,仪器变量方法和赫克曼样本选择模型.
- 检查了股票价格同步性作为衡量市场信息效率的指标.
主要成果:
- 发现环境信息披露降低了资本市场的效率,证据表明股价同步性增加.
- 绿色洗做法掩盖了信息质量,破坏了市场价格的发现.
- 具有易于进行绿色洗的特征 (机构所有权低,非国有,增长,制造业) 的公司对股价同步产生了重大影响.
结论:
- 环境信息的披露,特别是当它受到绿色洗时,会对中国的资本市场效率产生负面影响.
- 股票流动性和分析师覆盖率调解了环境披露和股票价格同步之间的关系.
- 建议包括加强市场监督和促进高质量的环境披露,以提高定价效率.
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