作　　者： (马海超）; (周若馨）;

机构地区： 北京大学光华管理学院,北京100871

出　　处： 《山西财经大学学报》 2017年第9期1-15,共15页

摘　　要： 以燃煤发电行业为例,采用事件研究法,考察了资本市场对环境事件的反应,即将环境政策、环境污染、环境群体事件、企业环境信息披露纳入研究范畴;同时,从性质、来源、内容三个维度对企业环境信息披露进行分类,比较分析了政府、媒体和NGO等不同主体披露环境信息所引起的投资者反应。研究结果表明:总体而言,我国的资本市场不能对环境事件作出反应;相对而言,股市投资者对企业环境信息披露事件最为敏感,而对环境污染和环境群体事件的敏感度最低。 Taking coal-fired power industry as an example, this paper investigated how the capital market react to environmental events via the Event Study. Environmental events, focused on in this paper, included environmental policies, environmental pollution incidents, environmental group incidents and corporate environmental information disclosure. Specifically, corporate environmental in- formation disclosure was divided from three dimensions： the nature of information, information sources and information contents. More- over, we compared investors＇ reaction to information disclosed by different bodies, like the government, the media and the NGO. Re- suits of the empirical research indicated that： in general, China＇s capital market couldn＇t react to environmental events so far; and comparatively speaking, investors were most sensitive to corporate environmental disclosure, while they were least sensitive to environ- mental pollution incidents and environmental group incidents.

关 键 词： 环境事件 市场反应 燃煤发电 上市企业 事件研究法