The market reaction to the “Look-Back” inspection of ecological and environmental protection: Impacts on listed companies in heavily polluting industries
CHEN Di1, MENG Qiao-yu2, SHI Lei1, MA Zhong1, LU Gen-fa3
1. School of Environment and Natural Resources, Renmin University of China, Beijing 100872, China; 2. School of Economics and Management, Wuhan University, Wuhan 430000, China; 3. State Key Laboratory of Pollution Control and Resources Reuse, School of the Environment, Nanjing University, Nanjing 210023, China
Abstract:By using the methods of event study and nonparametric estimation, the "Look-Back" inspection of ecological and environmental protection's impacts on listed companies in heavily polluting industries were empirically analyzed. The results showed that in the event window, the "Look-Back" inspection of ecological and environmental protection reduced the CAAR of listed heavily polluting companies to -2.005%, and the duration of this negative impact has a trend of extension. The policy impacts on the heavily-polluting-companies could vary according to ownership and sub-industry. The negative effect of the "Look-Back" inspection of ecological and environmental protection on non-state-owned enterprise's values, on average, was 1.696% worse than that of state-owned-enterprises. The building materials industry, pharmaceutical industry, and petrochemical industry suffered the greatest negative impact while the textile industry, papermaking industry, and leather industry have not been influenced as much by the "Look-Back" Inspection of Ecological and Environmental Protection. In addition, the market's response to thermal power and chemical industry companies had been mostly positive, and some companies which attach importance to their environmental management received a positive reaction from the market. To encourage heavily-polluting-companies to pay more attention to their energy-saving and emission-reduction, further implementation of the "Look-Back" inspection of ecological and environmental protection was suggested. Enterprises that are non-state-owned or in the building materials industry, pharmaceutical industry, and petrochemical industry should further strengthen their environmental management and environmental information disclosure so as to avoid negative impacts in similar environmental regulation as much as possible.
陈迪, 孟乔钰, 石磊, 马中, 陆根法. 中央环保督察“回头看”的市场反应——基于重污染行业上市公司的影响分析[J]. 中国环境科学, 2020, 40(7): 3239-3248.
CHEN Di, MENG Qiao-yu, SHI Lei, MA Zhong, LU Gen-fa. The market reaction to the “Look-Back” inspection of ecological and environmental protection: Impacts on listed companies in heavily polluting industries. CHINA ENVIRONMENTAL SCIENCECE, 2020, 40(7): 3239-3248.
许艳玲,薛文博,雷宇.气象和排放变化对PM2.5污染的定量影响[J]. 中国环境科学, 2019,39(11):4546-4551. Xu Y L, Xue W B, Lei Y. Impact of meteorological conditions and emission change on PM2.5 pollution in China[J]. China Environmental Science, 2019,39(11):4546-4551.
[2]
Tilt B. China's air pollution crisis:Science and policy perspectives[J]. Environmental Science & Policy, 2019,92:275-280.
[3]
翁智雄,程翠云,葛察忠,等.我国环境保护督查体系分析[J]. 环境保护, 2017,45(10):53-56. Weng Z X, Cheng C Y, Ge C Z, et al. Analysis on the environmental protection supervision system in China[J]. Environmental Protection, 2017,45(10):53-56.
[4]
刘奇,张金池,孟苗婧.中央环境保护督察制度探析[J]. 环境保护, 2018,46(1):50-53. Liu Q, Zhang J C, Meng M J. An analysis on the cntral environmental protection inspector in China[J]. Environmental Protection, 2018, 46(1):50-53.
[5]
谌仁俊,肖庆兰,兰受卿,等.中央环保督察能否提升企业绩效?——以上市工业企业为例[J]. 经济评论, 2019,(5):36-49. Shen R J, Xiao Q L, Lan S Q, et al. Can central environmental inspection promote the performance of China's enterprises? An example of listed industrial enterprises[J]. Economic Review, 2019, (5):36-49.
[6]
中共中央办公厅,国务院办公厅.中央生态环境保护督察工作规定[EB/OL]. http://www.gov.cn/zhengce/2019-06/17/content_5401085.htm. 2019-06-17. The General Office of Communist Party of China, Central Committee and the General Office of the State Council. Regulations on central inspection work of ecological and environmental protection[EB/OL]. http://www.gov.cn/zhengce/2019-06/17/content_5401085.htm. 2019-06-17.
[7]
Palmer K, Oates W E, Portney P R. Tightening environmental standards:The benefit-cost or the no-cost paradigm?[J]. Journal of Economic Perspectives, 1995,9(4):119-132.
[8]
Barbera A J, Mcconnell V D. The impact of environmental regulations on industry productivity:Direct and indirect effects[J]. Journal of Environmental Economics & Management, 1990,18(1):50-65.
[9]
Thomas W. Do environmental regulations impede economic growth? A case study of the metal finishing industry in the south coast basin of Southern California[J]. Economic Development Quarterly, 2009,23(4):329-341.
[10]
Zhao X L, Fan Y, Fang M, et al. Do environmental regulations undermine energy firm performance? An empirical analysis from China's stock market[J]. Energy Research & Social Science, 2018, 40:220-231.
[11]
孙博文,傅鑫羽,任俊霖,等.环境规制的蓝色红利效应研究[J]. 中国环境科学, 2019,39(8):3518-3529. Sun B W, Fu X Y, Ren J L, et al. Research on the blue dividend effect of environmental regulation[J]. China Environmental Science, 2019, 39(8):3518-3529.
[12]
Brunnermeier S B, Cohen M A. Determinants of environmental innovation in US manufacturing industries[J]. Journal of Environmental Economics and Management, 2003,45(2):278-293.
[13]
范丹,王维国,梁佩凤.中国碳排放交易权机制的政策效果分析——基于双重差分模型的估计[J]. 中国环境科学, 2017,37(6):2383-2392. Fan D, Wang W G, Liang P F. Analysis of the performance of carbon emissions trading right in China:The evaluation based on the difference-in-difference model[J]. China Environmental Science, 2017,37(6):2383-2392.
[14]
叶琴,曾刚,戴劭勍,等.不同环境规制工具对中国节能减排技术创新的影响——基于285个地级市面板数据[J]. 中国人口·资源与环境, 2018,(2):115-122. Ye Q, Zeng G, Dai S X, et al. Research on the effects of different policy tools on China's emissions reduction innovation:Based on the panel data of 285prefectural-level municipalities[J]. China Population, Resources and Environment, 2018,(2):115-122.
[15]
Song H, Zhao C, Zeng J. Can environmental management improve financial performance:An empirical study of A-shares listed companies in China[J]. Journal of Cleaner Production, 2017,141:1051-1056.
[16]
Freedman M, Stagliano A J. Differences in social-cost disclosures:A market test of investors reactions[J]. Accounting, Auditing & Accountability Journal, 1991,(4):68-83.
[17]
沈红波,谢越,陈峥嵘.企业的环境保护、社会责任及其市场效应——基于紫金矿业环境污染事件的案例研究[J]. 中国工业经济, 2012,(1):141-151. Shen H B, Xie Y, Chen Z R. Environmental protection, corporate social responsibility and its market response:Case study based on the environmental pollution incident of Zijin Mining Group Corporation[J]. China Industrial Economics, 2012,(1):141-151.
[18]
Xu G, Xu W, Xu S. Does the establishment of the Ministry of Environmental Protection matter for addressing China's pollution problems? Empirical evidence from listed companies[J]. Economics of Governance, 2018,19(3):195-224.
[19]
Du X. How the market values greenwashing? Evidence from China[J]. Journal of Business Ethics, 2015,128(3):547-574.
[20]
张克钦,潘安娥.上市公司漂绿行为的市场反应——基于环境信息披露视角[J]. 财会通讯, 2018,(29):57-60. Zhang K Q, Pan A E. Market response to green wash behavior of listed companies:Based on the perspective of environmental information disclosure[J]. Communication of Finance and Accounting, 2018,(29):57-60.
[21]
Guo M, Kuai Y, Liu X. Stock market response to environmental policies:Evidence from heavily polluting firms in China[J/OL]. Economic Modelling, 2019. https://doi.org/10.1016/j.econmod. 2019-09-028.
[22]
唐国平,李龙会,吴德军.环境管制、行业属性与企业环保投资[J]. 会计研究, 2013,(6):83-89. Tang G P, Li L H, Wu D J. Environmental regulation, industry attributes and corporate environmental investment[J]. Accounting Research, 2013,(6):83-89.
[23]
宋森.环境管制、股权性质与企业环保投资——基于沪深A股上市公司的经验证据[J]. 财会通讯, 2016,(21):85-87. Song S. Environmental regulation, nature of equity, and corporate environmental protection investment:Based on empirical evidence from Shanghai and Shenzhen A-share listed Companies[J]. Communication of Finance and Accounting, 2016,(21):85-87.
[24]
李强,冯波.环境规制、政治关联与环境信息披露质量——基于重污染上市公司经验证据[J]. 经济与管理, 2015,29(4):58-66. Li Q, Feng B. Environmental regulation, political connection and the quality of environmental disclosure:Empirical evidence based on the heavy pollution of listing corporation[J]. Economy and Management, 2015,29(4):58-66.
[25]
马珩,张俊,叶紫怡.环境规制、产权性质与企业环保投资[J]. 干旱区资源与环境, 2016,30(12):47-52. Ma H, Zhang J, Ye Z Y. The impact of environmental regulation and property right on corporate environmental investment[J]. Journal of Arid Land Resources and Environment, 2016,30(12):47-52.
[26]
李月娥,李佩文,董海伦.产权性质、环境规制与企业环保投资[J]. 中国地质大学学报(社会科学版), 2018,18(6):36-49. Li Y E, Li P W, Dong H L. Ownership, environmental regulation and companies' environmental investment[J]. Journal of China University of Geosciences (Social Sciences Edition), 2018,18(6):36-49.
[27]
施美程,王勇.环境规制差异、行业特征与就业动态[J]. 南方经济, 2016,35(7):48-62. Shi M C, Wang Y. Environmental regulation difference, industry characteristics and employment dynamic[J]. South China Journal of Economics, 2016,35(7):48-62.
[28]
李小平,李小克.中国工业环境规制强度的行业差异及收敛性研究[J]. 中国人口·资源与环境, 2017,(10):1-9. Li X P, Li X K. Study on the differences and convergence of industry environment regulation intensity in China[J]. China Population, Resources and Environment, 2017,(10):1-9.
[29]
韩兆坤.我国区域环保督查制度体系、困境及解决路径[J]. 江西社会科学, 2016,36(5):193-200. Yao Z K. Regional environmental protection Inspection system, dilemma and solutions[J]. Jiangxi Social Sciences, 2016,36(5):193-200.
[30]
陈海嵩.环保督察制度法制化:定位、困境及其出路[J]. 法学评论, 2017,35(3):176-187. Chen H S. Legalization of the environmental protection inspection system:positioning, dilemma, and solutions[J]. Law Review, 2017, 35(3):176-187.
[31]
刘奇,张金池.基于比较分析的中央环保督察制度研究[J]. 环境保护, 2018,46(11):51-54. Liu Q, Zhang J C. Research on central environmental protection supervision system based on comparative analysis[J]. Environmental Protection, 2018,46(11):51-54.
[32]
刘张立,吴建南.中央环保督察改善空气质量了吗?——基于双重差分模型的实证研究[J]. 公共行政评论, 2019,(2):23-42,193-194. Liu Z L, Wu J N. Does the central environmental protection inspection has improved the local air quality:Based on empirical research by using difference-in-difference method[J]. Journal of Public Administration, 2019,(2):23-42,193-194.
[33]
方颖,郭俊杰.中国环境信息披露政策是否有效:基于资本市场反应的研究[J]. 经济研究, 2018,53(10):158-174. Fang Y, Guo J J. Is the environmental violation disclosure policy effective in China? Evidence from capital market reactions[J]. Economic Research Journal, 2018,53(10):158-174.
[34]
Brown S J, Warner J B. Measuring security price performance[J]. Journal of Financial Economics, 1980,8(3):205-258.
[35]
Brown S J, Warner J B. Using daily stock returns:the case of event studies[J]. Journal of Financial Economics, 1985,14(1):3-31.
[36]
Dodd P. Merger proposals, management discretion and stockholder wealth[J]. Journal of Financial Economics, 1980,8(2):105-137.
[37]
生态环境部.第一批中央环境保护督察"回头看"近日将全面启动[EB/OL]. http://www.gov.cn/xinwen/2018-05/25/content_5293589.htm. 2018-05-25. The Ministry of Ecology and Environment of the People's Republic of China. The First "Look-back" Inspections of Ecological and Environmental Protection will soon be started[EB/OL]. http://www.gov.cn/xinwen/2018-05/25/content_5293589.htm. 2018-05-25.
[38]
陈燕红,张超.环境违法成本视角下的上市公司股价对污染事件响应特征研究[J]. 中国人口·资源与环境, 2017,27(S1):61-66. Chen Y H, Zhang C. The role of penalty cost in explaining stock market's responses to environmental pollution events[J]. China Population, Resources and Environment, 2017,27(S1):61-66.
[39]
马海超,周若馨.环境事件市场反应的实证研究——以燃煤发电上市企业为例[J]. 山西财经大学学报, 2017,39(9):1-15. Ma H C, Zhou R X. An empirical research on market reactions to environmental events:Take listed corporations in coal-fired power industry as an example[J]. Journal of Shanxi University of Finance and Economics, 2017,39(9):1-15.
[40]
沈中华,李建然.事件研究法:财务与会计实证研究必备[M]. 台北:华泰文化事业公司, 2000. Shen Z H, Li J R. Event research method:Essential for empirical research in finance and accounting[M]. Taipei:Hua Tai Publishing, 2000.
[41]
Kahel K, Walkling R. The impact of industry classifications on financial research[J]. The Journal of Financial and Quantitative Analysis, 1996,31(3):309-335.
[42]
雷海民,梁巧转,李家军.最终控制权、公司年龄影响中国政治资源企业的运营效率吗?——中国上市公司的非参数检验[J]. 经济管理, 2014,(7):39-49. Lei H M, Liang Q Z, Li J J. Does ultimate control and company age affect the operational efficiency of Chinese political resource companies:A non-parametric test for Chinese listed firms[J]. Economic Management Journal, 2014,(7):39-49.
[43]
连玉君,李丹.财务比率的行业特征:差异性及收敛性——基于中国上市公司的非参数检验[J]. 南方经济, 2006,(3):81-90. Lian Y J, Li D. The difference and convergence of financial ratios:A non-parametric test for Chinese listed firms[J]. South China Journal of Economics, 2006,(3):81-90.
[44]
雷海民,梁巧转,李家军.公司政治治理影响企业的运营效率吗——基于中国上市公司的非参数检验[J]. 中国工业经济, 2012,(9):109-121. Lei H M, Liang Q Z, Li J J. Does the firm's political governance affect its operational performance:A non-parametric test based on Chinese listed companies[J]. China Industrial Economics, 2012,(9):109-121.
[45]
雷海民,梁巧转,李家军.组织特征影响政治资源企业的财务能力吗?——基于中国上市公司的非参数检验[J]. 中国软科学, 2013,(2):144-153. Lei H M, Liang Q Z, Li J J. Do the organizational characteristics affect financial capabilities of political resources firm? A non-parametric test from Chinese political resources firms[J]. China Soft Science, 2013, (2):144-153.
[46]
颉茂华,王瑾,刘冬梅.环境规制、技术创新与企业经营绩效[J]. 南开管理评论, 2014,17(6):106-113. Jie M H, Wang J, Liu D M. Environment regulation, technological innovation and corporate performance[J]. Nankai Business Review, 2014,17(6):106-113.
[47]
张长江,翁婷,许一青.可持续发展信息披露与公司价值——来自A股重污染行业上市公司的经验证据[J]. 生态经济, 2018,34(2):109-114. Zhang C J, Weng T, Xu Y Q. Sustainability information disclosure and company value:Based on the A shares of heavy pollution listing corporation[J]. Ecological Economy, 2018,34(2):109-114.
[48]
马微,盖逸馨.企业生命周期、碳信息披露与融资约束——基于重污染行业的经验证据[J]. 工业技术经济, 2019,38(1):109-116. Ma W, Gai Y X. Enterprise life cycle, carbon information disclosure and financing constraints:Empirical evidence based on heavily polluting industries[J]. Industrial Technology & Economy, 2019, 38(1):109-116.
[49]
赵东阳,靳雅娜,张世秋.燃煤电厂污染减排成本有效性分析及超低排放政策讨论[J]. 中国环境科学, 2016,36(9):2841-2848. Zhao D Y, Jin Y N, Zhang S Q. Cost-effectiveness analysis of pollution emission reduction measures and ultra-low emission policies for coal-fired power plants[J]. China Environmental Science, 2016, 36(9):2841-2848.
[50]
薛文博,许艳玲,王金南,等.全国火电行业大气污染物排放对空气质量的影响[J]. 中国环境科学, 2016,36(5):1281-1288. Xue W B, Xv Y L, Wang J N, et al. Ambient air quality impact of emissions from thermal power industry[J]. China Environmental Science, 2016,36(5):1281-1288.
[51]
界面新闻.关停、破产、整改,化工企业的艰难重生[EB/OL]. https://www.jiemian.com/article/3817351.html. 2019-12-28. JIEMIAN. Shutdown, bankrupt, and rectification:The newborn of chemical industry[N]. https://www.jiemian.com/article/3817351.html. 2019-12-28.
[52]
刘悦,周默涵.环境规制是否会妨碍企业竞争力:基于异质性企业的理论分析[J]. 世界经济, 2018,(4):152-169. Liu Y, Zhou M H. Will environmental regulation hinder firms' competitiveness? A general equilibrium model with heterogeneous firms[J]. The Journal of World Economy, 2018,(4):152-169.
[53]
证券时报网.化工股集体涨停!响水化工园区宣布彻底关闭看机构火线解读[EB/OL]. http://news.stcn.com/2019/0408/14988955.shtml. 2019-04-08. STCN. Institutional interpretation on the closure announcement of Xiangshui Chemical Park[EB/OL]. http://news.stcn.com/2019/0408/14988955.shtml. 2019-04-08.
[54]
申斌."震慑理论"对我国当前反腐败工作的启示[J]. 云南行政学院学报, 2014,(6):95-98. Shen B. Enlightenment of "Deterrence Theory" on China's current anti-corruption work[J]. The Journal of Yunnan Administration College, 2014,(6):95-98.
[55]
郭峰,石庆玲.官员更替、合谋震慑与空气质量的临时性改善[J]. 经济研究, 2017,(7):157-170. Guo F, Shi Q L. Official turnover, collusion deterrent and temporary improvement of air quality[J]. Economic Research Journal, 2017,(7):157-170.
[56]
于连超,张卫国,毕茜.环境执法监督促进了企业绿色转型吗?[J]. 商业经济与管理, 2019,(3):61-73. Yu L C, Zhang W G, Bi Q. Dose environmental law enforcement supervision promote corporate green transformation?[J]. Journal of Business Economics, 2019,(3):61-73.
[57]
张新文,张国磊.环保约谈、环保督查与地方环境治理约束力[J]. 北京理工大学学报(社会科学版), 2019,21(4):39-46. Zhang X W, Zhang G L. Environmental protection interview, environmental protection supervision and the binding force of local environmental governance[J]. Journal of Beijing Institute of Technology (Social Sciences Edition), 2019,21(4):39-46.
[58]
姜珊.国有企业环境绩效与经营绩效相关性研究——基于环境管理视角[D]. 天津:天津大学, 2017. Jiang S. Study of the relationship between the environmental and financial performance of China's state-owned enterprise:Based on the perspective of environmental regulation[D]. Tianjin:Tianjin University, 2017.
[59]
Marquis C, Qian C. Corporate social responsibility reporting in China:Symbol or substance?[J]. Organization Science, 2014,25(1):127-148.
[60]
焦捷,苗硕,张紫微,等.政治关联、企业环境治理投资与企业绩效——基于中国民营企业的实证研究[J]. 技术经济, 2018,37(6):130-139. Jiao J, Miao S, Zhang Z W, et al. Political connection, corporate environmental governance investment and firm performance:Empirical research on Chinese private enterprises[J]. Technology Economics, 2018,37(6):130-139.
[61]
Dicko S, Khemakhem H, Zogning F. Political connections and voluntary disclosure:The case of Canadian listed companies[J]. Journal of Management and Governance, 2019. https://doi.org/10.1007/s10997-019-09471-3.
[62]
张三峰,卜茂亮.环境规制、环保投入与中国企业生产率——基于中国企业问卷数据的实证研究[J]. 南开经济研究, 2011,(2):129-146. Zhang S F, Bu M L. Environmental regulation, environmental protection investment and productivity:An empirical study based on questionnaire of enterprises in China[J]. Nankai Economic Studies, 2011,(2):129-146.
[63]
刘金林,冉茂盛.环境规制、行业异质性与区域产业集聚——基于省际动态面板数据模型的GMM方法[J]. 财经论丛, 2015,(1):16-23. Liu J L, Ran M S. Environmental regulation, industry heterogeneity and regional industry agglomerations:Based on provincial level dynamic panel data model with GMM method[J]. Collected Essays on Finance and Economics, 2015,(1):16-23.
[64]
彭甲超,许荣荣,付丽娜,等.长江经济带工业企业绿色创新效率的演变规律[J]. 中国环境科学, 2019,39(11):4886-4900. Peng J C, Xv R R, Fu L N, et al. The evolution pattern of green innovation efficiency of industrial enterprises in the Yangtze River Economic Belt[J]. China Environmental Science, 2019,39(11):4886-4900.
[65]
何华飞,王浙明,许明珠,等.制药行业VOCs排放特征及控制对策研究——以浙江为例[J]. 中国环境科学, 2012,32(12):2271-2277. He H F, Wang Z M, Xu M Z, et al. Studies on the emission characteristics and countermeasures of VOCs from pharmaceutical industry:Based on Zhejiang Province[J]. China Environmental Science, 2012,32(12):2271-2277.
[66]
李勤勤,张志娟,李杨,等.石油炼化无组织VOCs的排放特征及臭氧生成潜力分析[J]. 中国环境科学, 2016,36(5):1323-1331. Lin Q Q, Zhang Z J, Li Y, et al. Characteristics and ozone formation potential of fugitive volatile organic compounds (VOCs) emitted from petrochemical industry in Pearl River Delta[J]. China Environmental Science, 2016,36(5):1323-1331.
[67]
于斌斌,金刚,程中华.环境规制的经济效应:"减排"还是"增效"[J]. 统计研究, 2019,36(2):90-102. Yu B B, Jin G, Cheng Z H. Economic effect of environmental regulations:"Emission reduction" or "efficiency enhancement"[J]. Statistical Research, 2019,36(2):90-102.
[68]
张兵,李晓明.中国股票市场的渐进有效性研究[J]. 经济研究, 2003,(1):54-61. Zhang B, Li X M. An evolving market efficiency test on Chinese stock market[J]. Economic Research Journal, 2003,(1):54-61.
[69]
廖理,刘碧波,郦金梁.道德风险、信息发现与市场有效性——来自于股权分置改革的证据[J]. 金融研究, 2008,(4):146-160. Liao L, Liu B B, Li J L. Moral hazard, revelation and market efficiency:evidence from spilt-share structure reform[J]. Journal of Financial Research, 2008,(4):146-160.
[70]
朱孔来,李静静.中国股票市场有效性的复合评价[J]. 数理统计与管理, 2013,32(1):145-154. Zhu K L, Li J J. An empirical study on the validity of China stock markets[J]. Application of Statistics and Management, 2013,32(1):145-154.
[71]
Zhou H, Yin H. Stock market reactions to environmental disclosures:new evidence from China[J]. Applied Economics Letters, 2018, 25(13):910-913.
[72]
Lo K Y, Kwan C L. The effect of environmental, social, governance and sustainability initiatives on stock value:examining Market Response to Initiatives Undertaken by Listed Companies[J]. Corporate Social Responsibility and Environmental Management, 2017,24(6):606-619.