地理位置、环境信息披露与股价同步性——基于政策变动的研究视角

Firm Location,Environmental Information Disclosure Differences and Stock-price Synchronicity——Based on the Perspective of Environmental Policy Changes

在政策变动的背景下,公共压力与空间距离都是影响股价同步性的重要因素,前者减弱股价同步性,后者增加股价同步性,但两者共同通过环境信息披露进行作用对股价同步性会产生怎样的影响是目前必须解决的问题。本文选取2004-2006年和2009-2011年我国上市制造业企业为样本,以政策变动为视角,研究了环境信息披露差异对股价同步性的影响机制。结果发现,在《办法》颁布前,远距离企业的环境信息披露与股价同步性负相关,《办法》颁布后则正相关。而对于近距离企业,在《办法》颁布前后均不显著。因此,在公共压力增大的情况下,环境信息披露对股价同步性影响的过程中,地理位置起到了决定性的调节作用,应引起监管层的足够重视。

Under the background of the policy change, both the public pressure and the spatial distance are important factors which influence the stock-price synchronieity. Generally speaking, the former decreases stock-price synchronicity whereas the later increases it. How these two factors affect the stock-price synchronicity through environmental information dis- closure has become a problem needed to be solved. From the perspective of policy changes, this paper selects manufacturing firms in china during the periods of 2004 - 2006 and 2009 - 2011 as samples to investigate the effects of environmental infor- mation disclosure on stock-price synchronieity. The result shows that, before the implementation of the environmental policy in 2008, remote firms＇ environmental information disclosure is related to stock-price synehronicity negatively. However, after the policy implementation, the relationship becomes positive. As for the firms with short distance to the city center, the effect is insignificant. Therefore, with an increasing public pressure, firm location plays a vital role of mediation in the process of envi- ronmental information disclosure affecting stock-price synehronieity, which should be paid enough attention to by the supervi- sion department.