空气污染对重污染公司股票价格的影响：基于政策干预视角的经济价值研究

doi:10.16381/j.cnki.issn1003-207x.2022.0126

中国管理科学 ›› 2023, Vol. 31 ›› Issue (1): 267-276.doi: 10.16381/j.cnki.issn1003-207x.2022.0126

• 论文 • 上一篇

空气污染对重污染公司股票价格的影响：基于政策干预视角的经济价值研究

吴晞, 王玉东

南京理工大学经济管理学院，江苏南京210094

收稿日期:2022-01-17 修回日期:2022-09-27 发布日期:2023-02-09
通讯作者: 王玉东(1987-)，男(汉族)，安徽天长人，南京理工大学经济管理学院,教授，博士生导师，副院长，研究方向：金融工程和能源金融，Email: wangyudongnj@126.com. E-mail:wangyudongnj@126.com
基金资助:
国家自然科学基金资助项目(72071114, 71722015)；霍英东青年教师基金资助项目(171074)

The Effects of Air Pollution on Stock Prices of Heavy-air-pollution Enterprises: A Policy Intervention Perspective on Economic Value

WU Xi, WANG Yu-dong

School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094, China

Received:2022-01-17 Revised:2022-09-27 Published:2023-02-09
Contact: 王玉东 E-mail:wangyudongnj@126.com

摘要/Abstract

摘要： 随着经济发展和产业结构调整，社会公众和政府部门对空气污染问题的原因和治理给予了更多关注。空气重污染公司聚焦度陡增，在经营业绩、发展前景和股市表现方面受到不同程度的冲击。本文利用2014—2019年全国地级市层面空气重污染公司的日度非平衡面板数据，研究政策干预视角下空气污染对股票交易的影响及其经济价值。相较人体弹性感知能力，以空气质量等级变化为触发条件的地方政府防治措施能够更精准地对空气污染做出反应，进而通过公司基本面和投资者情绪渠道影响股市交易。实证结果显示，空气质量等级恶化会对空气重污染公司的股价产生非持续性负面影响，且股价的短期下跌伴随换手率上升特点。经济意义检验表明，空气污染与股价短期关系的发现能够指导投资实践以获取经济增益，而空气质量指数具有改进股价预测的潜力。本文的研究对理解政策干预视角下空气污染对股票市场的影响、股价预测和投资组合均具有十分重要的理论和实践意义。

关键词: 空气污染；空气质量；股价；地方政策；投资者情绪

Abstract: Recent haze weather events make the air quality problem a social hot topic. Public awareness of the detrimental effects of air pollution on health has grown significantly. On the basis of overall control, government departments are increasingly paying attention to territorial responsibility, collaborative prevention and control, and pollution source supervision. Public awareness and the local government's measures have greatly impacted listed companies, especially those with heavy air pollution. Understanding the impact of air pollution on stock market trading is therefore imperative for policy makers and investors.

Key words: air pollution; air quality; stock prices; local policies; investor sentiment

中图分类号:

吴晞, 王玉东. 空气污染对重污染公司股票价格的影响：基于政策干预视角的经济价值研究[J]. 中国管理科学, 2023, 31(1): 267-276.

WU Xi, WANG Yu-dong. The Effects of Air Pollution on Stock Prices of Heavy-air-pollution Enterprises: A Policy Intervention Perspective on Economic Value[J]. Chinese Journal of Management Science, 2023, 31(1): 267-276.

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空气污染对重污染公司股票价格的影响：基于政策干预视角的经济价值研究

The Effects of Air Pollution on Stock Prices of Heavy-air-pollution Enterprises: A Policy Intervention Perspective on Economic Value

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