新《环境保护法》、环境信息披露与价值效应

The New Environmental Protection Law,Environmental Information Disclosure and Value Effect

2011年开始正式修订并于2015年1月1日开始执行的新《环境保护法》被称为"史上最严环保法",本文关注该法案的修订实施会对重污染企业环境信息披露的价值效应产生何种影响。本文以深沪两市2011至2017年间披露环境信息的重污染上市公司为研究对象,研究发现:(1)重污染企业的环境信息披露具有负向价值效应;(2)新《环境保护法》影响了重污染企业环境信息披露的负向价值效应,使得这一负向效应成为显著。本文的研究表明,新《环境保护法》的修订实施具有规制效应,在督促了重污染企业环境信息披露的同时,也明显的影响了环境信息披露的价值效应。新法的修订造成了投资者对其预期企业价值的下降,这在某种程度上会阻碍重污染企业主动积极地进行环境信息的自愿披露。如何解决这一后续问题,值得政府相关部门机构及研究者进一步探讨。

The new environmental protection law officially revised in 2011 and implemented on January 1,2015 is known as the"strictest environmental protection law in history".This paper focuses on how the amendment and implementation of the law will affect the value effect of environmental information disclosure of heavily polluting enterprises.This paper takes the heavily polluting listed companies in Shenzhen and Shanghai that disclosed environmental information from 2011 to 2017 as the research object,and finds that(1)the environmental information disclosure of heavily polluting companies has negative value effect;(2)the new environmental protection law has affected the negative value effect of environmental information disclosure of heavily polluting enterprises,making this negative effect become significant.The conclusion of this paper shows that the revision and implementation of the new environmental protection law has regulatory effect,which not only urges heavily polluting enterprises to disclose environmental information,but also significantly affects the value effect of environmental information disclosure.The revision of the new law has caused the decline of the expected enterprise value of the investors,which to some extent will prevent heavy polluters from voluntarily disclosing environmental information.How to solve this follow-up problem is worthy of further discussion by relevant government departments and researchers.