本文關(guān)鍵詞： 綠色環(huán)保 單位產(chǎn)值排污費(fèi) IPO市場(chǎng)表現(xiàn)　出處：《南京理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：上市公司的IPO市場(chǎng)表現(xiàn)一直是國(guó)內(nèi)外學(xué)者研究的重點(diǎn),尤其是上市首日IPO超額收益、長(zhǎng)期表現(xiàn)以及其影響因素分析。近年來(lái),隨著全球環(huán)境污染問(wèn)題的逐漸突出,其引發(fā)的社會(huì)責(zé)任日益引起學(xué)者的關(guān)注。目前,關(guān)于社會(huì)責(zé)任對(duì)企業(yè)市場(chǎng)表現(xiàn)的影響主要形成了過(guò)度表現(xiàn)假說(shuō)和表現(xiàn)不佳假說(shuō),但尚未形成統(tǒng)一的結(jié)論。礙于我國(guó)的綠色環(huán)保事業(yè)起步較晚,其對(duì)企業(yè)市場(chǎng)表現(xiàn)的影響研究較少,有關(guān)IPO市場(chǎng)表現(xiàn)的研究更是寥寥無(wú)幾,基于此,本文研究綠色環(huán)保企業(yè)的IPO市場(chǎng)表現(xiàn)問(wèn)題。本文旨在研究綠色環(huán)保企業(yè)IPO上市后是否有"綠色溢價(jià)"問(wèn)題,"綠色環(huán)保"是否能構(gòu)成IPO市場(chǎng)表現(xiàn)的影響因素。本文以滬深A(yù)股市場(chǎng)2006-2015年期間所有新上市IPO為研究對(duì)象,根據(jù)國(guó)家環(huán)保局《2011年全國(guó)環(huán)境保護(hù)相關(guān)產(chǎn)業(yè)狀況公報(bào)》給出的定義對(duì)綠色環(huán)保企業(yè)進(jìn)行界定,并采用節(jié)選配對(duì)的方法,選取了 245家綠色環(huán)保企業(yè)和245家非綠色環(huán)保企業(yè)作為樣本,運(yùn)用描述性統(tǒng)計(jì)、傳統(tǒng)OLS回歸、分位數(shù)回歸等多種數(shù)理統(tǒng)計(jì)方法,對(duì)兩類樣本公司的IPO市場(chǎng)表現(xiàn)進(jìn)行實(shí)證檢驗(yàn)。在實(shí)證檢驗(yàn)的過(guò)程中,首先將綠色環(huán)保企業(yè)與非綠色環(huán)保企業(yè)進(jìn)行對(duì)比分析,其次引入"綠色"虛擬變量進(jìn)行多元線性回歸,最后將單位產(chǎn)值排污費(fèi)作為替代變量進(jìn)行穩(wěn)健性檢驗(yàn),旨在得出綠色環(huán)保企業(yè)是否存在"綠色溢價(jià)"的結(jié)論。實(shí)證研究結(jié)果表明,就IPO抑價(jià)而言,綠色環(huán)保企業(yè)顯著低于非綠色環(huán)保企業(yè),而在IPO長(zhǎng)期表現(xiàn)方面,兩者并無(wú)顯著差異,同時(shí),環(huán)境績(jī)效并不能構(gòu)成IPO市場(chǎng)表現(xiàn)的顯著影響因素。
[Abstract]:IPO market performance of listed companies has been the focus of scholars at home and abroad, especially on the first day of the listing of IPO excess returns, long-term performance and its impact factors analysis in recent years. With the global environmental pollution problem becoming more and more prominent, the social responsibility caused by it has attracted more and more attention of scholars. On the impact of social responsibility on corporate market performance has mainly formed a hypothesis of excessive performance and poor performance hypothesis, but has not yet reached a unified conclusion, due to the green environmental protection in China started late. Its impact on the market performance of enterprises is less research, IPO market performance research is very few, based on this. This paper studies the IPO market performance of green environmental protection enterprises. The purpose of this paper is to study whether there is a "green premium" for green environmental protection enterprises (IPO) after listing. Whether "green environmental protection" can constitute the influencing factors of IPO market performance. This paper studies all newly listed IPO in Shanghai and Shenzhen A-share market from 2006 to 2015. According to the definition given by the State Environmental Protection Bureau's "National Environmental Protection related Industry Bulletin of 2011", the green environmental protection enterprises are defined, and the method of excerpt matching is adopted. Selected 245 green environmental protection enterprises and 245 non-green environmental protection enterprises as samples, using descriptive statistics, traditional OLS regression, quantile regression and other mathematical statistical methods. The IPO market performance of the two types of sample companies is tested. In the process of empirical testing, the green environmental protection enterprises and non-green environmental protection enterprises are compared and analyzed. Secondly, the "green" virtual variable is introduced to carry on the multivariate linear regression, and finally, the unit output value sewage discharge fee is taken as the substitute variable to carry on the robustness test. The purpose of this paper is to draw the conclusion whether there is "green premium" in green environmental protection enterprises. The empirical results show that green environmental protection enterprises are significantly lower than non-green environmental protection enterprises in terms of IPO underpricing. In terms of long-term performance of IPO, there is no significant difference between the two. At the same time, environmental performance does not constitute a significant impact factor of IPO market performance.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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