公共压力与公司环境信息披露——基于“松花江事件”的经验研究

Abstract

年度报告中的环境信息披露可能会影响资本市场参与者对上市公司会计盈余和现金流量的评价。本文以"松花江事件"的肇事者"吉林化工"所属化工行业的79家A股公司为样本,探讨重大环境事故对相关行业的公司股价和环境信息披露行为的影响。结果表明,松花江事件发生后,吉林化工和样本公司的股票累积超常收益率显著为负,样本公司后2年的环境信息披露相比前2年显著增加,但是,我们没有发现前2年的环境信息披露情况与股票累积超常收益率之间存在显著的关联性。因此,股票市场对公司的正当性受到威胁和未来可能承担更大的管制成本作出了负面反应,公司的环境信息披露取决于时期和事件,基本上可以解释为一种为生存"正当性"辩护的自利行为,是对公共压力作出的反应。我们建议资本市场监管部门尽快制定和颁布上市公司环境信息披露监管制度,促使公司披露更有用、更具信息含量的环境信息。

Based on 79 A-share chemical industry companies,which belong to the same industry as the peacebreaker of Songhua River Pollution Accident of Jilin Chemical,this study examines major environmental accident'impact on the share price and environmental disclosure behavior of intra-industry companies.This study indicates that,following Songhua River Pollution Accident,the cumulated abnormal returns of Jilin Chemical and sample firms are significantly negative,and sample firms were significantly negative,and sample films provided significantly more environmental disclosure in their 2005 and 2006 annual reports than they did two years prior to the accident.However,the cumulated abnormal returns are not significantly associated with the environmental disclosure of preceding two years.Therefore,the share market negatively reacts to the threats to companies'legitimacy and to the more regulatory costs that it might sufter in the future,corporate environmental disclosures are time-or event-specific and can be besically explained as self-interest behavior legitimizing their ongoing existence and responses to public pressure.