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气候政策的不确定性:股价暴跌的催化剂?
Hong Vo1, Anh Phan1, Quoc Dat Trinh1
1International University, Ho Chi Minh City, Viet Nam; Vietnam National University, Ho Chi Minh City, Viet Nam.
Journal of environmental management
|July 27, 2025
概括
气候政策的不确定性 (CPU) 增加了股票价格崩盘的风险,鼓励公司积坏消息,增加了投资者差异. 这使得股票更容易出现突然,急剧下跌.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 金融风险管理 金融风险管理
背景情况:
- 气候政策的不确定性给企业和投资者带来了重大挑战.
- 了解环境政策与金融市场稳定之间的联系至关重要.
- 以前的研究还没有充分探讨CPU对股价波动的影响.
研究的目的:
- 调查气候政策不确定性 (CPU) 与股价崩盘风险之间的因果关系.
- 确定通过CPU影响崩风险的关键机制.
- 检查企业特定特征如何调节这种关系.
主要方法:
- 利用了从1989年到2024年的94 573个美国公司年度观察数据集的大型面板数据集.
- 雇员小组回归分析包括行业固定效应和企业集群标准错误.
- 进行了道测试,以探索诸如坏消息积和投资者异质性等调解因素.
主要成果:
- 气候政策的高度不确定性显著增加了股价崩盘的风险.
- 坏消息积和投资者异质性被证实是将CPU与价格崩联系起来的重要道.
- CPU对崩风险的影响在信息不对称性较高和治理较弱的公司中更为明显.
结论:
- 气候政策的不确定性对股票市场的稳定性构成有形威胁.
- 管理策略和投资者动态在扩大CPU下的崩风险方面发挥着关键作用.
- 面临较高信息不对称性和较弱治理的公司特别容易受到CPU诱导的股价波动的影响.
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