环境信息披露对股价崩盘风险影响分析

伴随社会进步,人们的环保意识不断提高,环境信息逐渐成为投资者评判一家企业的重要参考。此背景下,环境信息披露的重要程度进一步上升。股价崩盘是一种股市极端现象,对行业、市场以及整体经济的发展有较大负面影响。相关研究证实,环境信息的披露可以影响股价崩盘风险。为进一步了解环境信息披露与股价崩盘之间的关系,文章在概括环境信息披露、股价崩盘的基础上,从环境信息披露的透明度、环境信息披露的内容以及相关监管入手,对环境信息披露对股价崩盘的影响进行分析并提出相应建议,旨在提高环境信息披露质量、抑制股价崩盘风险。     

2006中国第四季度股市政策和市场动态

一、《上市公司信息披露管理办法》正式发布实施《上市公司信息披露管理办法》正式发布实施。《办法》要求,上市公司对外提供重大担保应作为可能对股价产生较大影响的重大事件,以临时报告的形式立即履行披露义务。上年年底,中国证监会曾就《办法》对外公开征求意见。与征求意见稿相     

2006中国第四季度股市政策和市场动态

一、《上市公司信息披露管理办法》正式发布实施 《上市公司信息披露管理办法》正式发布实施。《办法》要求，上市公司对外提供重大担保应作为可能对股价产生较大影响的重大事件，以临时报告的形式立即履行披露义务。     

基于信息质量的股价同步性与信息有效性研究

股价同步性是部分资产定价与公司金融相关研究中度量市场信息有效性的重要指标。基于因素定价模型构建一个三期交易模型,本文以2010-2018年间我国A股市场有连续会计记录以及交易记录的非金融上市企业为样本,从信息质量角度探究股票价格同步性与其信息有效性之间关系。从理论角度分析,股价同步性和信息有效性之间不存在简单的相关性,其具体关系取决于以信噪比度量的信息质量:高质量(信噪比大于1)信息的融入会降低投资者对企业个体不确定性的预测方差,提高预测精度,增加股价同步性;低质量(信噪比小于1)信息融入价格尽管会提升投资者关于未来不确定性均值预测准确度,但会增大预测方差,降低价格同步性;与信息质量(信噪比H)存在明确正相关性的信息指标(包括盈余透明度、信息披露质量、审计师事务所指标等)也与股价同步性正相关,而与信息质量负相关的媒体关注度与股价同步性负相关。上述结论为股价同步性与信息有效性之间的关系提供了具有一致性的全新解释,解决了现有经验证据的矛盾,也表明股价同步性本身不适合作为度量信息效率的单一指标。     

交叉上市公司净利润差中的会计职业判断对股价同步性的影响研究

本文以2007~2013年在AH股交叉上市、按两套准则编报净利润存在差异的公司为研究对象,采用了多元回归分析的实证方法,结果表明：AH股交叉上市公司净利润差的会计职业判断与股价同步性显著正相关。根据“信息效率观”的观点,股价同步性高是由于股票价格中包含的公司特质信息较少。会计职业判断是会计人员在面对不确定性的时候,利用自己的专业知识和操作经验做出的判断,是主观判断应用的结果,影响披露的公司特质信息含量,从而影响股价同步性。     

浅析新特许经营管理条例对外资的影响

本文的目的是要阐明国务院于2007年2月份颁布的并于2007年5月1日正式生效的《商业特许经营管理条例》（“新条例”）以及由商务部颁布的于同日生效的《商业特许经营备案管理办法》（“备案办法”）和《商业特许经营信息披露管理办法》（“披露办法”）与2005年的《商业特许经营管理办法》（“旧办法”）的不同以及由此对外国投资者在中国境内开展特许经营活动产生的影响。     

证监会发布创业板IPO办法

中国证监会最近发布《首次公开发行股票并在创业板上市管理暂行办法》。《办法》共分为6章58条,对拟到创业板上市企业的发行条件、发行程序、信息披露、监督管理和法律责任等方面进行了详细规定。同时．中国证监会新闻发言人在答记者问中提到,《办法》颁布之后,创业板在发行监管方面还将适时颁布配套规则,主要包括：《公开发行证券的公司信息披露内容与格式准则——首次公开发行股票并在创业板上市申请文件》、《公开发行证券的公司信息披露内容与格式准则——创业板公司招股说明书》;修改《证券发行上市保荐业务管理办法》、《中国证券监督管理委员会发行审核委员会办法》、《发行审核委员会办法》。     

论我国上市公司内部控制的信息披露

2007年我国颁布的《上市公司信息披露管理办法》和《企业内部控制规范,》说明内部控制及其披露日益为市场所重视。从效益因素和成本因素分析看,内控信息披露对于市场秩序与信心的建立和企业长期的稳定发展都有积极作用,其高昂的执行成本会随着企业内控完善及操作熟练度的提高而降低,从长期看,内控披露是符合成本-效益原则的。     

我国创业板市场会计信息披露有效性的实证研究

2009年10月创业板隆重登陆我国资本市场,为了保证其健康稳定运行,证监会颁布了更加严格的信息披露政策及相关配套法规。这项举措是否发挥了应有的作用?本文的实证研究表明会计盈余和重大事件信息与股价正相关,说明这些被强制披露的信息在一定程度上发挥了作用,但是进一步的研究表明它们对股价的影响并不像我们期望的那样高,我国证券市场监管还需要进一步加强。     

刘纪鹏:MBO不适合上市公司

10月8日,中国证监会正式颁布《上市公司收购管理办法》和《上市公司股东持股变动信息披露管理办法》。种种迹象表明,上市公司基于国有股转让的重组正掀起证券市场新一轮重组热潮。从近期披露的情况来看,已有洞庭水殖、胜利股份、佛塑股份3家公司出现管理层收购现象,那么这种模式在中国是否对路?它究竟让谁受益是值得探索的。本刊专访了曾经为四通、好孩子等企业做过MBO的国内股份制专家刘纪鹏教授,他提出了许多值得深思的课题。     

Drivers of Environmental Disclosure and Stakeholder Expectation: Evidence from Taiwan

This article investigates stakeholder expectations associated with corporate environmental disclosure. Several articles have studied the effect that stakeholder pressure has on environmental disclosing strategies. In this article, we extend previous research to an examination of the influence of external, internal, and intermediary stakeholder groups or constituencies in turn to clarify the demands of multiple stakeholders as to firms’ disclosure of sufficient and adequate environmental information. The sample comprised Taiwanese firms listed on the Taiwan Stock Exchange. Our results show that the level of environmental disclosure is significantly affected by stakeholder groups’ demands. External stakeholder groups, such as the government, debtors, and consumers, exert a strong influence over management intentions regarding the extent of environmental disclosure. Internal stakeholder groups, such as shareholders and employees, impose additional pressures on firms to disclose environmental information. As for intermediate stakeholder groups, environmental protection organizations, and accounting firms, these can greatly influence managerial choices regarding their environmental disclosure strategies.     

Corporate Political Strategy: An Examination of the Relation between Political Expenditures, Environmental Performance, and Environmental Disclosure

Two fundamental business ethics issues that repeatedly surface in the academic literature relate to business’s role in the development of public policy [Suarez, S. L.: 2000, Does Business Learn? (The University of Michigan Press, Ann Arbor, MI); Roberts, R. W. and D. D. Bobek: 2004, Accounting, Organizations and Society 29(5–6), 565–590] and its role in responsibly managing the natural environment [Newton, L.: 2005, Business Ethics and the Natural Environment (Blackwell Publishing, Oxford)]. When studied together, researchers often examine if, and how, corporations influence environmental policy decisions. Drawing from literatures on?corporate political activity, corporate social and environmental performance, and corporate environmental disclosure, we develop and empirically examine two research questions concerning the relations between corporate political expenditures, environmental performance, and environmental disclosure. The questions are: (1) Do corporations that are poorer environmental performers spend more on political activities than their better-performing counterparts? (2) Is there an association between corporations’ spending on political activities and the extent of their financial report environmental disclosures? We investigated these questions through analyses of data we gathered on a sample consisting of 119 U.S. environmentally sensitive firms for the 2001–2002 election cycle. After controlling for firm size and specific industry effects, our tests reveal a significant, inverse relationship between firm environmental performance and political spending. This is consistent with the notion that U.S. firms with relatively poorer environmental performance records engage more intensely in corporate political activities as part of their overall strategic management of their relationship with the state. In addition, a significant and positive association between the amount of political spending and the extent of environmental disclosure suggests that environmental disclosure and political spending are both proactive, complementary tactics to strategically manage public policy pressure. If corporations’ strategies are intentionally designed to unreasonably limit their environmental responsibilities or to misrepresent firm environmental performance, then we argue that these activities reflect a significant lapse in ethical conduct.     

Erratum to: Beyond Acclamations and Excuses: Environmental Performance,Voluntary Environmental Disclosure and the Role of Visibility

Some researchers have argued that firms with favorable environmental performance are more likely to provide voluntary environmental disclosure, while others have argued that firms with poor environmental performance are most likely to disclose. The authors propose a curvilinear relation between environmental performance and environmental disclosure that is moderated by visibility. Data were obtained from S&P 500 firms queried by Ceres’ Climate Disclosure Project. Results show a U-shaped environmental performance–environmental disclosure relation and a main effect for visibility but no moderating effect for visibility on the U-shaped environmental performance–environmental disclosure relation. The authors discussed the implications of these results for future research and practice.     

Environmental Protection in Environmentally Reactive Firms: Lessons from Corporate Argentina

We propose a model of planned corporate environmental behaviour that emphasises the values and attitudes of managers towards the environment, environmental intentions and the context in which these intentions are formed and translated into actual performance. In particular, we focus on the extent to which environmentally reactive (as oppose to pro-active) managers influence the environmental performance of their firms. We identify the factors that mitigate or accentuate the effects of environmental “reactivism”—i.e. a mind-set shared by those who assign to the state the responsibility of protecting the environment. We generate a series of hypotheses and use structural equation modelling to test them in the context of a unique dataset of Argentinean firms. Our system’s approach to corporate environmental behaviour explains approximatively 70 % of the variation in reported environmental performance across firms while highlighting elements of the model that may potentially be influenced by policy. Amongst other things, our empirical results suggest that stakeholder pressures can be an effective tool in the development of pro-environmental attitudes (and environmental intentions in the case of small firms) and in so doing offset some of the negative effects of environmental reactivism on environmental performance. Our paper highlights a number of other important implications for the design and implementation of environmental policies that account for human managerial determinants of corporate behaviour and social factors.     

Chief executive officer ability and corporate environmental sustainability information disclosure

This study explores the impact of CEO ability on corporate environmental sustainability information disclosure. We take samples from Chinese A-share listed companies from 2010 to 2019 and use the ordinary least squares as a baseline regression model to check the relationship between CEO ability and corporate environmental sustainability information disclosure. Our findings are robust to different corporate environmental sustainability information disclosure measures and CEO ability. We found a positive association between CEO ability and corporate environmental sustainability information disclosure; thus, firms with a more able CEO are more likely to disclose more corporate environmental sustainability information. Our results also found a significant negative interaction coefficient between CEO ability and CEO career concerns. As the CEO grows older, his/her ability decreases; therefore, corporate environmental sustainability information disclosure reduces. Furthermore, we document that a female CEO strengthens the relationship between CEO ability and corporate environmental sustainability information disclosure. The study results are important for understanding corporate environmental responsibility development and implementation, particularly in China.     

低碳经济时代实施环境会计问题的思考

近些年来,随着环境污染的加深,人们环保意识也在不断增强。环境会计也正是在此种环境问题越发严重的大背景下产生的。低碳是经济可发展的基本要求,环境会计是从制度上帮助低碳经济的会计手段。低碳经济与环境会计两者间存在着不可分割、相辅相成的关系。充分披露环境会计信息,既要依靠企业和社会公众披露环境信息的主动意识,也要依靠严格的法律法规管理。政府应该进一步提高公众的环境保护意识和增强企业的社会责任感。对于环境会计信息披露,应引导企业由强制披露向自觉披露过渡,逐渐形成成熟的环境会计信息披露模式,最终促进我国经济长远稳定发展。     

Factors that Drive Chinese Listed Companies in Voluntary Disclosure of Environmental Information

Based on the institutional theory, this article attempts to examine two consecutive questions regarding the impact of various factors on corporate decision in environmental information disclosure (EID): (1) whether or not to disclose; and (2) the level of disclosure. The relevance of these factors is empirically tested using data collected from publicly listed manufacturing companies from 2006 to 2008 in China. Some interesting findings appear. We find that firms that are state-owned, those that operate in environmentally sensitive industries, those having more industrial peers engaged in EID, and those with better reputation are more likely to disclose environmental information. When it comes to the content of EID, variables that attempt to capture external institutional pressures exhibit either no or weak explanatory power. Only the variable of organizational image and reputation is demonstrated to have a significant impact on both the act and the content of EID. This study provides a snapshot of the dialogues between constituencies in the organizational field and EID development.     

环境信息披露对上市公司企业价值的影响——“组织可见度”是否起到中介作用

我国现行企业环境信息披露政策下,企业对于信息披露的方式、时间等有很大的自由裁量权力。因此,企业这一社会责任的自觉履行需要企业价值最大化等动机支撑,但其作用机理是否有效,投资者的关注度及解读尤为重要,亦即“组织可见度”在环境信息披露对企业价值的影响中扮演重要角色。本文以我国化工行业上市公司2013-2017年样本,实证检验环境信息披露对企业价值的影响,并依次从分析师关注水平和媒体关注水平两个角度衡量组织可见度,检验其是否具有中介效应,并分析所有权性质差异下的不同结果。结果表明:环境信息披露能提升企业价值,组织可见度在环境信息披露对企业价值的影响过程中发挥了部分中介效应。进一步研究发现,当使用分析师关注水平衡量组织可见度时,该中介作用只体现在国有企业中;当使用媒体关注度衡量组织可见度时候,该中介作用在两种类型的企业中均只得到了部分体现。企业环境信息披露政策本意是通过其影响企业的市值表现促进企业更好地履行其环境社会责任,本文通过揭示其中组织可见度的中介作用,有助于启示企业对其市值管理、有关管理部门对企业履行环境社会责任引导时的操作思路。     

Mandatory Corporate Social Responsibility (CSR) Reporting and Financial Reporting Quality: Evidence from a Quasi-Natural Experiment

This study examines the impact of mandatory Corporate Social Responsibility (CSR) reporting on firms’ financial reporting quality using a quasi-natural experiment in China that mandates a subset of firms to report their CSR activities starting in 2008. We find that mandatory CSR disclosure firms constrain earnings management after the policy. The result is robust to a battery of sensitivity tests and more prominent for firms with lower analyst coverage. Further analyses reveal that upward earnings management by mandatory disclosure firms is more likely to be caught after the policy. The findings suggest that mandatory CSR disclosure mitigates information asymmetry by improving financial reporting quality.     

市场化进程、环境信息披露与绿色信贷

本文基于中国资本市场的经验数据,并考虑了产权性质和市场化程度差异的影响,研究了我国商业银行贷款决策与环境信息披露的关系。结果发现,环保企业能获取更优惠的银行信贷,即绿色信贷是客观存在的,但其效果仅表现在环境信息披露不过度及市场化进程高的地区的情形下。上述研究发现对于构建和完善我国商业银行的绿色信贷机制建设,实现其可持续发展具有重要意义。