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dc.contributor.author张国清zh_CN
dc.contributor.author肖华zh_CN
dc.date.accessioned2013-11-15T03:10:33Z
dc.date.available2013-11-15T03:10:33Z
dc.date.issued2013-11-15
dc.identifier.citation当代会计评论,2009,2(2):114-133.zh_CN
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/57114
dc.description.abstract本文以重庆市开县“井喷事件”、贵阳电厂“黑尘暴污染事件”、“松花江事件”、珠江北江镉污染事故的肇事者及其所属采掘业、电力业、化工业、冶金业的184家A股公司为样本,探讨灾难性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。经验证据表明,灾难性环境事故发生后,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年的环境信息披露水平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相关制度,促使公司披露更有用、更具信息含量的环境信息。zh_CN
dc.description.abstractCorporate environmental disclosure in annual report may influence capital markets’ assessment of a firm’s earnings and cash flows. From 2003 to 2005,some disastrous environmental accidents occurred in China,including Natural Gas Well Kick in Kai Country of Chongqing City,Blackblizzard Pollution Accident of Power Plant in Guiyang City,Songhua River Pollution Accident,and Cadmium Pollution Accident in Bei River. Based on 184 A-share listed companies in mining, electric power, chemical,and metallurgy industries, which belong to the same industry as one peacebreaker of the above-mentioned four environmental accidents,this study examines the impacts of disastrous environmental accident on the share price and environmental disclosure behavior of intra-industry companies.Our empirical evidence indicates that,after the accidents,the cumulated abnormal returns of sample firms are significantly negative,and sample firms provide significantly more environmental disclosure in their current and next annual reports than they did two years prior to the accident occurrence. However, we do not find that the cumulated abnormal returns are significantly associated with the environmental disclosure in preceding two years. These results suggest that the capital market negatively reacts to the threats to companies’ legitimacy and their exposure to more regulatory costs in the future, and that corporate environmental disclosures are time-or event-specific and are largely explained as self-interest behavior legitimizing their ongoing existence and as responses to public pressure. We suggest that environmental disclosure standards should be set to guide companies to provide more useful and informative environmental information.zh_CN
dc.language.isozhzh_CN
dc.publisher厦门大学《当代会计评论》编辑部zh_CN
dc.source.urihttp://210.34.5.19/newcar/car_show.asp?ID=58zh_CN
dc.subject灾难性环境事故zh_CN
dc.subject资本市场反应zh_CN
dc.subject公司环境信息披露zh_CN
dc.subject正当性理论zh_CN
dc.subjectDisastrous Environmental Accidents in Chinazh_CN
dc.subjectCapital Market Reactionszh_CN
dc.subjectCorporate Environmental Disclosures in Annual Reportzh_CN
dc.subjectLegitimacy Theoryzh_CN
dc.title灾难性环境事故、正当性理论与公司环境信息披露zh_CN
dc.title.alternativeDisastrous Environmental Accidents,Legitimacy Theory,and Corporate Environmental Disclosureszh_CN
dc.typeArticlezh_CN
dc.description.note作者单位:厦门大学会计发展研究中心/管理学院会计系zh_CN


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