本文選題：環(huán)境信息披露 + 環(huán)境事件��； 參考：《哈爾濱工業(yè)大學(xué)》2013年碩士論文

【摘要】：隨著經(jīng)濟(jì)的發(fā)展，大氣污染、水環(huán)境惡化、土地沙漠化等環(huán)境問題凸顯，同時(shí)可持續(xù)發(fā)展理念、綠色發(fā)展理念和低碳發(fā)展理念深入人心，政府、非政府組織、投資者、股東等利益相關(guān)者越來越意識(shí)到企業(yè)環(huán)境管理的重要性，對企業(yè)環(huán)境信息的需求不斷增加。 環(huán)境信息披露作為企業(yè)就其環(huán)境表現(xiàn)與外界進(jìn)行交流的工具，，已成為各國學(xué)者研究的熱點(diǎn)。環(huán)境信息披露方面的研究已從最初的描述性分析跨越到了影響因素分析和披露后果分析（包括披露的經(jīng)濟(jì)性后果和社會(huì)性后果）。關(guān)于披露經(jīng)濟(jì)性后果方面，國外研究學(xué)者多數(shù)持一致觀點(diǎn)，即公司環(huán)境信息披露通過影響資本市場上股票價(jià)格變化進(jìn)而影響公司價(jià)值，而國內(nèi)關(guān)于環(huán)境信息披露資本市場表現(xiàn)方面的研究相對較少且所得結(jié)論并不一致。本文將在已有研究的基礎(chǔ)上探討現(xiàn)階段我國上市公司環(huán)境信息披露情況對股票市場表現(xiàn)的影響。 本文首先回顧了信息披露資本市場反應(yīng)方面的文獻(xiàn)，接著闡述了環(huán)境信息披露和股票市場表現(xiàn)的相關(guān)概念，重點(diǎn)分析了環(huán)境信息披露動(dòng)因理論和資本市場信息披露理論，并在這兩者的基礎(chǔ)上提出了環(huán)境報(bào)告披露時(shí)機(jī)選擇影響股票市場表現(xiàn)、基于公司環(huán)境報(bào)告的環(huán)境信息披露影響股票市場表現(xiàn)、基于公司環(huán)境事件的環(huán)境信息披露影響股票市場表現(xiàn)3個(gè)研究假設(shè)。之后，本文綜合運(yùn)用事件研究法和回歸分析法檢驗(yàn)2012中國上市公司500強(qiáng)中的112家樣本公司3個(gè)年度的環(huán)境報(bào)告披露及時(shí)性和實(shí)質(zhì)性對股票市場表現(xiàn)的影響；單獨(dú)采用事件研究法分析2009年至2012年4年間公司發(fā)生的環(huán)境信息披露事件（其中正面環(huán)境信息披露事件71例，負(fù)面環(huán)境信息披露事件93例）引起的股票市場反應(yīng)。實(shí)證研究表明我國上市公司整體的環(huán)境信息披露水平依然偏低，有待進(jìn)一步提高；環(huán)境報(bào)告披露及時(shí)性和環(huán)境信息披露事件對股票市場表現(xiàn)有顯著影響，環(huán)境報(bào)告披露實(shí)質(zhì)性則不能引起股票市場的顯著反應(yīng)。最后，本文在對研究結(jié)果進(jìn)行分析的基礎(chǔ)上提出了改善我國企業(yè)環(huán)境信息披露狀況的相關(guān)建議。
[Abstract]:With the development of economy, air pollution, deterioration of water environment, desertification of land and other environmental problems, the concept of sustainable development, green development and low-carbon development are deeply rooted in the hearts of the people, government, non-governmental organizations, investors, Shareholders and other stakeholders are becoming more and more aware of the importance of environmental management, and the demand for environmental information is increasing. Environmental information disclosure as a tool for enterprises to communicate with the outside world on their environmental performance has become a hot research topic of scholars all over the world. The research on environmental information disclosure has leapt from the initial descriptive analysis to the analysis of influencing factors and disclosure consequences (including the economic and social consequences of disclosure). On the economic consequences of disclosure, most foreign researchers hold the same view, that is, corporate environmental information disclosure affects the value of the company by influencing the change of stock price in the capital market. However, the research on capital market performance of environmental information disclosure in China is relatively few and the conclusions are not consistent. This paper will discuss the influence of environmental information disclosure of listed companies on the performance of stock market on the basis of existing research. This paper first reviews the literature on the capital market response to information disclosure, then expounds the related concepts of environmental information disclosure and stock market performance, and focuses on the analysis of environmental information disclosure motivation theory and capital market information disclosure theory. On the basis of both, the paper puts forward that the timing of environmental report disclosure influences the performance of the stock market, and the environmental information disclosure based on the corporate environmental report affects the performance of the stock market. There are three hypotheses that environmental information disclosure based on corporate environmental events affects stock market performance. After that, this paper uses the event research method and regression analysis method to examine the impact of the timeliness of environmental report disclosure and the substantial impact on the performance of the stock market of 112 sample companies of 2012 listed companies in three years. This paper analyzes the stock market reaction caused by environmental information disclosure events (71 positive environmental disclosure events and 93 negative environmental information disclosure events) from 2009 to 2012. The empirical study shows that the level of environmental information disclosure of listed companies in China is still on the low side, which needs to be further improved; the timeliness of environmental report disclosure and environmental information disclosure events have a significant impact on the performance of the stock market. The disclosure of environmental reports does not give rise to significant reactions in the stock market. Finally, based on the analysis of the research results, this paper puts forward some suggestions to improve the situation of environmental information disclosure in Chinese enterprises.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：X322;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前3條

1 朱紅軍;汪輝;;公平信息披露的經(jīng)濟(jì)后果——基于收益波動(dòng)性、信息泄露及寒風(fēng)效應(yīng)的實(shí)證研究[J];管理世界;2009年02期

2 沈洪濤;游家興;劉江宏;;再融資環(huán)保核查、環(huán)境信息披露與權(quán)益資本成本[J];金融研究;2010年12期

3 趙杰強(qiáng);毛慧瑾;;上市公司信息披露質(zhì)量對股票流動(dòng)性影響的實(shí)證研究[J];特區(qū)經(jīng)濟(jì);2011年07期

本文編號(hào)：2106507