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论文编号：	5203
作者编号：	2120112388
上传时间：	2013/6/5 12:03:13
中文题目：	企业环境信息披露的市场反应及其影响因素研究
英文题目：	Study on the market reaction and influence factors of corporate environmental information disclosure
指导老师：	李姝
中文关键字：	环境信息，市场反应，影响因素，事件研究法
英文关键字：	environmental information，market reaction，influence factors，event study
中文摘要：	近年来，随着人们生活环境质量状况的下降，环境问题也逐渐成为社会大众关注的焦点。作为实施可持续发展战略必须要面对和解决的重点问题，环境信息的披露也成为我国会计学术界讨论和研究的热门对象。本文以我国上市公司环境信息为研究对象，讨论了环境信息披露后股票市场的反应及其影响因素。 作者首先对环境信息披露进行了理论分析，回顾了国内外学者关于环境问题的研究成果，在此基础上阐述了我国环境信息披露的现状，包括法律法规、披露内容、披露形式等，研究发现我国目前上市公司环境信息披露存在法律法规不完善，披露形式不规范，内容不完整等问题。 随后，文章收集了近年来各种媒体和网站披露的关于我国上市公司的环境事件，并将这些事件分为负面环境事件和正面环境事件，分别讨论了这些事件披露后的股票市场反应。本文采用事件研究法，检验了股票价格的变化与环境事件披露的关系，研究结果表明：当正面环境信息披露后，上市公司股票价格明显提高，股票市场会对其作出正面的反应，但反应的持续时间较短；当负面环境信息披露后，股票市场会做出相反的显著反应，反应持续时间相对较长 在此基础上，本文还研究了影响环境信息披露市场反应的一些因素，如环境事件是企业自愿披露或外部媒体披露，环境事件内容是定性描述还是包含定量信息等，研究结果发现企业自愿披露的环境事件造成的市场影响显著小于外部媒体披露带来的影响，同时涉及定量信息的环境事件披露比单纯定性披露导致的市场反应程度更强烈。最后，本文总结了研究成果并针对研究发现为改善我国上市公司环境信息披露状况提出了一些建议。
英文摘要：	In recent years, with the quality of the living environment deteriorating, environmental issues have gradually become the focus of the society. As the key problem that implementation of the strategy of sustainable development must face and solve, environmental information disclosure has become a popular subject of China's accounting academic discussion and research. The articles takes the listed Corporation environmental information in China as the research object, and discusses the reaction of stock market environment after the disclosure of information, then analyzes the influence factors of that. The author first analyzes the theory of the disclosure of environmental information and reviews the research results about the environmental information of the scholars at home and abroad, which has become the basis of the research in this paper. Through statistical analysis, the article expounds the present situation of our country's environmental information disclosure, including laws and regulations, disclosure form and the content of disclosure. The statistical results show many problems. For example, China's current environmental information disclosure laws and regulations are not perfect, and disclosure form is not standard, and the content is not complete. Then, the paper has collected China's listed Corporation's environmental incidents in recent years through a variety of media and websites, and separates these events between positive negative environmental information and environmental information. Then the stock market reaction to the disclosure of these events is discussed. Empirical research methods used in this thesis is the statistical test in order to test the relationship between the stock price changes and environmental events disclosure. The results show that: when the positive environmental information of listed Corporation discloses, stock prices increase. It means that the stock market will make the positive reaction to it, but the duration of response is short; when the negative environmental information discloses.
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