环保投资、绩效差异与股价信息含量的关系研究——来自制造业上市公司的证据

Research on the relationship among environmental protection investment,performance differences and stock price information content——Evidence from listed manufacturing companies

《第十四个五年规划和2035年远景目标纲要》强调:2035年美丽中国建设目标基本实现。研究企业进行环境保护投资所带来的经济效应,有助于引导企业自觉配合:“美丽中国”建设,改善居民生活环境。本文利用2008-2020年A股制造业上市公司的数据,检验了制造业企业环保投资、绩效差异与股价信息含量之间的关系,取得的研究结论为:(1)环保投资、绩效差异和股价信息含量两两之间均存在显著的正向促进关系,企业进行环保投资增加了与同行业企业的绩效差异和自身的股价信息含量,绩效差异越高,股价信息含量越高;(2)绩效差异在环保投资提升股价信息含量的过程中承担部分中介作用,制造业企业增加环保投资导致绩效差异,市场反应为股价同步性的降低,即股票信息含量的提升。本文的研究旨在从理论上拓展企业环保投资影响研究,通过证明环保投资对股价信息含量的积极影响,引导制造业企业注重环境保护。

"The Fourteenth Five-Year Plan and Outline of Vision 2035"emphasizes that the goal of building a beautiful China in 2035 will be basically achieved.Studying the economic effects brought by enterprises’investment in environmental protection will help guide enterprises to consciously cooperate with the construction of"Beautiful China"and improve the living environment of residents.This paper uses the data of A-share listed manufacturing companies from 2008 to 2020 to test the relationship among environmental protection investment,performance difference and stock price information content of manufacturing enterprises.The research’s conclusions are:(1)Among environmental protection investment,performance difference and stock price information content,any two of them has a significant positive promotion relationship.The environmental protection investment of enterprises increases the performance difference with enterprises in the same industry and their own stock price information content.The larger the performance difference,the higher the stock price information content;(2)Performance Differences play a partial intermediary role in the process of environmental protection investment improving the information content of stock prices.The increase in environmental protection investment of manufacturing enterprises leads to performance differences.The market reaction to such differences is the reduction of stock price synchronization,which is,the improvement of stock information content.The purpose of this study is to theoretically expand the research on the impact of enterprises’environmental protection investment,and guide manufacturing enter-prises to pay attention to environmental protection by proving the positive impact of environmental protection investment on the information content of stock prices.