地方政府环境文件信号被定价了吗?——基于资本成本视角的检验

Has the Local Government Environmental Document Signal been Priced?——A Test Based on the Perspective of Cost of Capital

投资者解读环境规制文件中蕴含的治理信号并据此调整投资活动,是政府借助资本市场助推新旧动能转换的重要方式。本文通过文本分析方法衡量地方政府环境规制文件信号强度。以2012-2020年A股重污染行业公司为样本,从股权资本成本角度检验地方政府环境文件信号的资本市场反应。研究显示,随着政府环境规制文件中清晰性、强烈性和稳定性信号的释放,重污染企业对投资者吸引力下降,股权资本成本有所上升。该趋势在民营、大规模与非外资持股的企业中更显著。

Investors interpret the governance signals contained in environmental regulation documents and adjust investment activities accordingly, which is an important way for the government to promote the transformation from fossil fuel to clear energy and achieve the goal of environmental regulation with the help of capital market. The signal strength of local government environmental regulation documents is measured by text analysis method. Taking the listed companies in A-share heavy polluting industry from 2012 to 2020 as a sample, this paper tests the capital market reflection of local government environmental document signals to equity capital cost. Research shows that with the release of clear,stable and strong signals in government environmental regulation documents, the attraction of heavily polluting enterprises to investors decreases, and the cost of equity capital increases. This trend is more significant in private, large-scale and non foreign-owned heavy polluting enterprises.