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股票市场对环境罚款的公告有什么反应?

Xinkuo Xu¹, Chenxi Zhang²

¹School of Finance, Capital University of Economics and Business, Zhangjialukou 121, Fengtai Distinct, Beijing, 100070, China.

Environmental science and pollution research international

|June 8, 2024

概括

环境处罚公告 (EPA) 最初会对库存回报产生负面影响,尤其对严重污染者来说. 然而,环境声誉和绿色投资者影响了市场的反应,观察到不同的投资者行为.

科学领域:

环境经济学环境经济学
金融市场金融市场
企业社会责任企业社会责任

背景情况:

环境处罚公告 (EPA) 越来越多地因其信息内容和对资本市场的影响而得到认可.
了解股票市场对环境披露的反应对于公司治理和投资策略至关重要.

研究的目的:

检查中国股市对环境处罚公告 (EPA) 的反应.
分析不同类型的投资者的行为 (零售与机构,绿色投资者) 对EPA的反应.
确定影响市场反应的缓和因素,如环境声誉和绿色金融发展.

主要方法:

事件研究方法来评估EPA后的异常回报.
基于公司特征 (所有权,污染水平) 和区域因素的投资者行为分析.
进行回归分析,以测试环境声誉和绿色投资者参与的缓解效应.

主要成果:

美国环保署的披露导致了暂时负的异常回报.
严重污染者和非国有企业的负回报更为明显.
积极的环境声誉减轻了市场的负面反应,而绿色投资者的存在加剧了它们.
零售投资者在EPA后出售股票,媒体关注度增加;机构投资者增加了特定公司/地区的持股.

结论:

股票市场对EPA的反应是显著的,但是短暂的,受公司特定和外部因素的影响.
投资者行为根据类型和公司/市场特征而多样化,突出了ESG和绿色金融的作用.
调查结果为政策制定者,企业和投资者提供了洞察力,以导航环境信息披露及其市场影响.

关键词:

环境处罚公告环境处罚公告环境声誉环境声誉机构投资者机构投资者股票市场的反应

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