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本文以沪市上市公司为例,考察了环境信息披露的资本市场反应,并对不同行业环境信息披露与股票价格进行了实证研究。结果表明,短时间内资本市场会对环境信息披露做出反应,引起交易量和股价的波动。受环境信息披露影响,制造和电力等行业的重污染与非重污染企业存在显著差异。另外通过样本配对发现披露与不披露或有环境负债信息的公司之间股票价格并不存在显著差异。
Taking Shanghai listed companies as an example, this paper examines the capital market response of environmental information disclosure and conducts an empirical research on environmental information disclosure and stock prices in different industries. The results show that in a short period of time, the capital market will respond to environmental information disclosure, causing fluctuations in trading volume and stock price. Influenced by environmental information disclosure, significant differences exist between heavily polluted and non-heavily polluting enterprises in manufacturing and power industries. In addition, there is no significant difference in the stock price between companies disclosing and not disclosing or having environmental liabilities through sample matching.