摘要
以2015—2019年我国沪深A股重污染行业上市公司为研究样本,使用双重固定效应模型,分析了环境信息披露质量、分析师关注与股价崩盘风险之间的关系,并进一步研究了分析师关注在环境信息披露质量影响股价崩盘风险路径中的作用。研究发现,公司环境信息披露质量的提高可以降低股价崩盘风险,分析师关注与股价崩盘风险正相关,分析师关注在环境信息披露质量与股价崩盘风险的关系中发挥了部分中介的效应。此研究既能帮助认识股价崩盘风险的影响因素和分析师在资本市场中的作用,又能为重污染行业的上市公司加强环境信息披露质量提供建议。
From 2015 to 2019 in Shanghai and Shenzhen A-share listed companies of heavy pollution industry as the research sample,using dual fixed effects model,analyzes the environmental information disclosure quality,analysts are concerned with the relationship between the stock price crash risk,and further research analyst attention in the environmental information disclosure quality affects the function of stock price crash risk path.The results show that the improvement of the quality of corporate environmental information disclosure can reduce the risk of stock price crash.Analysts'concerns are positively correlated with the risk of stock price crash.Analysts'concerns play a partial mediating role in the relationship between the quality of environmental information disclosure and the risk of stock price crash.This study can not only help to understand the influencing factors of stock price crash risk and the role of analysts in the capital market,but also provide suggestions for listed companies in heavy polluting industries to strengthen the quality of environmental information disclosure.
作者
刘光彦
张文洁
LIU Guang-yan;ZHANG Wen-jie(Shandong Technology and Business University,Yantai 264005,China)
出处
《山东工商学院学报》
2022年第2期1-11,共11页
Journal of Shandong Technology and Business University
关键词
环境信息披露质量
股价崩盘风险
分析师关注
中介效应
environmental information disclosure quality
stock price crash risk
analyst attention
mediating effect
作者简介
刘光彦,1963年生,男,山东青岛人,山东工商学院教授,博士生导师,研究方向为证券市场投融资、区域经济发展与创新,(电子信箱)yantailgy@126.com。
