过度披露环境信息对股价崩盘风险的影响
1Accounting Institute, Guangzhou Huashang College, Guangzhou, China.
PloS one
|December 23, 2025
概括
中国公司过度披露环境信息或绿色洗增加了股票价格崩盘的风险. 改善公司治理可以提高披露质量并减轻这种风险.
科学领域:
- 环境,社会和治理 (ESG) 研究 研究
- 企业金融公司财务
- 信息经济学 信息经济学
背景情况:
- 越来越多地强调碳峰值和碳中和 (
- 双碳二氧化碳是什么意思
- ) 目标需要强有力的企业环境披露.
- 不完善的法规可能会激励公司过度披露环境信息,可能导致股价不稳定.
- 绿色洗,以非实质性或装饰性的环境披露为特征,对市场透明度构成风险.
研究的目的:
- 调查中国A股上市公司过度披露环境信息的做法.
- 检查环境文本披露中的绿色洗与股票价格崩盘风险之间的关系.
- 确定可以提高环境披露质量和减少过度披露的公司治理机制.
主要方法:
- 分析中国A股公司 (2015-2023) 的社会责任报告.
- 应用值效应和定量回归模型来检测绿色洗.
- 使用一个面板固定效应模型来评估过度披露对崩风险的影响.
主要成果:
- 企业的环境披露通常包含绿色洗元素,显著增加股价崩盘风险,特别是在制造业.
- 过度的文本披露会降低信息质量和透明度,促进不合理的投资.
- 发现有效的环境披露实践可以减轻碰撞风险.
结论:
- 环保披露中的绿色洗通过降低信息质量来放大股价崩盘风险.
- 减少所有权集中,增加管理股权,加强独立董事的角色可以提高披露质量.
- 为投资者和政策制定者提供实用见解,以指导合理的决策,并促进真正的环境责任.
相关概念视频
The Availability Heuristic
6.9K
A heuristic is a general problem-solving framework (Tversky & Kahneman, 1974). You can think of these as mental shortcuts that are used to solve problems. Different types of heuristics are used in different types of situations, and the impulse to use a heuristic occurs when one of five conditions is met (Pratkanis, 1989):
6.9K
Pharmacovigilance
1.6K
Post-marketing surveillance is a critical component of pharmaceutical regulation, often uncovering unanticipated adverse drug reactions (ADRs) once a drug is widely used over an extended period.
This process, termed pharmacovigilance, aims to detect, evaluate, and minimize harmful effects related to medication use. The data collection for pharmacovigilance depends on spontaneous reporting systems, where healthcare professionals or patients voluntarily report suspected ADRs.
In some cases, there...
This process, termed pharmacovigilance, aims to detect, evaluate, and minimize harmful effects related to medication use. The data collection for pharmacovigilance depends on spontaneous reporting systems, where healthcare professionals or patients voluntarily report suspected ADRs.
In some cases, there...
1.6K
Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches
376
Biopharmaceutical studies constitute a vital field aiming to enhance drug delivery methods and refine therapeutic approaches, drawing upon diverse interdisciplinary knowledge. In research methodologies, the choice between controlled and non-controlled studies significantly influences the study's reliability and accuracy.
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
376
Framing Effects
7.8K
Information is everywhere and its presentation—such as how and when items are presented—can impact our perceptions and decisions surrounding the info. This broad concept umbrellas framing effects—influences that occur due to the way information is framed in its appearance, whether it’s purely the order or the specific wording of a message. Let’s take a look at numerous ways in which two versions of something can objectively say the same thing, yet we respond in...
7.8K
Ecological Disturbance
20.6K
An ecological disturbance is a temporary disruption in the environment resulting from abiotic, biotic, or anthropogenic factors, causing a pronounced change in an ecosystem. The impact of an ecological disturbance, which can depend on its intensity, frequency, and spatial distribution, plays a significant role in shaping the species diversity within the ecosystem.
20.6K
Global Climate Change
28.6K
Throughout its ~4.5 billion year history, the Earth has experienced periods of warming and cooling. However, the current drastic increase in global temperatures is well outside of the Earth’s cyclic norms, and evidence for human-caused global climate change is compelling. Paleoclimatology, the study of ancient climate conditions, provides ample evidence for human-caused global climate change by comparing recent conditions with those in the past.
28.6K


