环境污染曝光与公司价值——理论机制与实证检验

环境污染及其治理问题日益被全社会所重视。在此背景下,本文实证考察企业环境污染曝光是否影响公司价值以及影响机制。以发生于2005-2015年间的71起上市公司环境污染曝光事件为样本,本文研究发现:上市公司环境污染事件曝光当天,市值平均下跌1.51%。进一步分析发现:公司在污染事件曝光后,更容易受到政府的环保监管和处罚,且更难获得银行债务融资;并且,环保监管与债务融资的变化与污染事件窗口期公司股票的累计超额报酬率显著相关,表明投资者对于环境污染给公司造成的不利后果具有理性预期并相应地做出了负面反应。此外,2010年政府环保政策趋严后,污染事件曝光后政府监管力度的上升和债务融资的减少都更为明显;在公众环保需求高的地区,污染事件曝光后政府环保监管力度上升更显著。总之,本文的研究表明,环境污染事件曝光会降低公司价值,且政府监管力度上升和债务融资困难是环境污染曝光降低公司价值的两个重要作用机制。本文揭示了环境污染曝光对公司价值的负面影响以及影响的机制和异质性,对于当前的环境治理和经济转型具有较好的政策启示意义。

Environmental Pollution and Firm Value: Theory and Empirical Evidence

China's “extensive growth” development model has led to increasingly serious environmental problems and constrained the sustainable development of the economy. The numerous incidents of severe environmental pollution have also had significant negative impacts on society. Accordingly, the environmental issues associated with economic development have been receiving increasing public and government attention. In addition to being important participants in the economy, enterprises are one of the main sources of environmental pollution. Therefore, it is of great practical significance to understand the economic consequences and mechanisms of environmental pollution at the micro-enterprise level. Although numerous studies have examined this issue, so far no consensus has been reached (Cormier et al. 1993; Karpoff et al. 2005). Moreover, many institutions in China, such as those relating to the environmental responsibilities of companies, government supervision, and the enforcement of laws, differ from those in Western countries (Dasgupta et al. 2001). Therefore, it is of significant theoretical and academic value to explore the economic consequences and mechanisms of the environmental pollution in China.
Using a sample of 71 reports of incidents of environmental pollution by listed companies in China from 2005 to 2015, this paper finds that the firm value of listed companies declines significantly after the reports of incidents of environmental pollution are published. Specifically, the market value of the listed companies falls by an average of 1.51% on the day the incidents of environmental pollution are reported. Further analysis also shows that listed companies are more likely to be subject to environmental supervision and government sanction after incidents of environmental pollution are reported, and have greater difficulty obtaining bank debt financing. The changes in the levels of government environmental supervision and debt financing are also significantly related to the cumulative abnormal returns of corporate stocks during the reporting window of pollution incidents. This suggests that investors rationally anticipate the adverse consequences of incidents of environmental pollution and respond negatively to the news. In addition, the increased government supervision after the reporting of pollution incidents is more evident in areas with high needs for public environmental protection, and after the tightening of the government environmental protection policies in 2010. Moreover, the reduction in debt financing is more likely to occur after the tightening of the government environmental protection policies in 2010.
The results of this paper have several policy implications in relation to the control of environmental pollution in China. First, the government should further enhance the public awareness of the need for environmental protection. To enhance the supervisory role of the public and the media, the government should also vigorously encourage the media to report environmental problems in a timely and objective manner. Second, the relevant government departments should further use administrative and financial means to strengthen the supervision and restraint of the environmental pollution from enterprises. Third, government departments should adhere to the principles of fairness and openness when enforcing environmental protection laws and credit resource allocation.
This paper contributes to the literature in several ways. First, the paper proposes and empirically tests the unique mechanisms of the effects of incidents of environmental pollution on the firm value of listed companies, which are government supervision and access to debt financing. Second, this paper investigates the relationship between the reporting of environmental pollution and firm value over a long sample period and using a rigorous research design, and thus makes a useful addition to the literature on the relationship between the reporting of environmental pollution and firm value in China. Third, this paper presents an innovative analysis of the heterogeneity of the economic consequences of incidents of environmental pollution among different firms. We plan to explore other possible mechanisms of the effects of environmental pollution on firm value in future studies.