我国资本市场对SRI反应的实证研究

An Empirical Study of the Reaction of China's Capital Market to the SRI

社会责任投资(SRI)已经成为发达资本市场的主流,而我国资本市场在这个方面还处于萌芽阶段。为考察我国资本市场对SRI引入的反应,本文借助泰达环保指数的发布,利用事件研究方法考察指数样本公司在事件窗口期的股价反应,以此测度我国资本市场对环保这一SRI非财务因素的认可程度,实证结果显示在事件窗口期样本公司股价存在正的反应,尤其是沪市公司和清洁生产技术和清洁产品类反应明显。这表明我国未来SRI业的发展大有可为,并在文章最后提出了相应的政策建议。

Socially Responsible Investment （SRI） has become the mainstream in developed capital markets. But the SRI industry in China is still in an undeveloped stage. Facing the establishment of the first SRI index in China, this paper explores the price change of sample companies using the event study analysis to exam the reaction of China＇s capital market to the introduction of SRI. By doing that, the extent of recognition of China＇s capital market about the environmental factor, which is non-financial, is measured. The empirical result about the price change of sample companies is positive, especially those companies in Shanghai market and ones that deal with clean productive technology and clean products. It demonstrates a bright future for the development of SRI in China. At last, some concerned suggestions are provided.