由于金融市场存在信息不对称使得投资决策者缺乏必要的环境信息,从而导致了投资决策信息不完全、金融资金分配不合理等问题。本文在Nikolaou,Chymis和Evangelinos[5]提出的环境信息、金融市场不对称博弈模型的基础上,引入政府局中人行为策略,构建了政府、企业与金融市场之间的博弈模型。通过设置相关参数发现,该博弈模型能够覆盖Nikolaou,Chymis和Evangelinos[5]提出的模型,并证明了在政府局中人参与并满足一定条件的情况下,由环境信息缺失引起的信息不对称问题可以通过引入第三方国际环境审计来解决,从而为我国环境污染问题的化解机制提供新的研究角度。
Due to a lack of essential environmental information, asymmetric information can lead to some problems such as incomplete information for investment decisions and misallocation of financial markets funds in financial markets. Another game model which include three players, government, financial markets and firm is developed by incorporating government moves based on the game model of Nikolaou, Chymis and Evangelinos[5] financial markets, environmental information asymmetry. By setting the relevant parameters, it is revealed that Nikolaou, Chymis and Evangelinos[5] model could be covered by above mentioned game model and proved, under the conditions for participation in the government's case, that asymmetric information problem due to the lack of accurate environmental information can be solved by introducing third-party international environmental audit, so as to providing a new research angle for China's environmental problem resolution mechanism.
[1] O'dwyer B. Stakeholder democracy:Challenges and contributions from social accounting[J]. Business Ethics:A European Review, 2005, 14(1):28-41.
[2] Blowfield M. Corporate social responsibility:Reinventing the meaning of development?[J]. International Affairs, 2005, 81(3):515-524.
[3] Gale R. Environmental management accounting as a reflexive modernization strategy in cleaner production[J]. Journal of Cleaner Production, 2006, 14(14):1228-1236.
[4] Lorraine N H J, Collison D J, Power D M. An analysis of the stock market impact of environmental performance information[J]. Accounting Forum, 2004,28(1):7-26.
[5] Nikolaou I E, Chymis A, Evangelinos K. Environmental information, asymmetric information, and financial markets:A game-theoretic approach[J]. Environmental Modeling & Assessment, 2013, 18(6):615-628.
[6] Akerlof G A. The market for "lemons":Quality uncertainty and the market mechanism[J]. The Quarterly Journal of Economics, 1970, 84(3):488-500.
[7] Coase R H. The nature of the firm[J]. Economica, 1937, 4(16):386-405.
[8] Williamson O E. Logic of economic organization[J]. Journal of Law Economics & Organization, 1988, 4(1):65-93.
[9] Spence M. Job market signaling[J]. The quarterly Journal of Economics, 1973, 87(3):355-374.
[10] Schaltegger S. Information costs, quality of information and stakeholder involvement-The necessity of international standards of ecological accounting[J]. Eco-Management and Auditing, 1997, 4(3):87-97.
[11] Boyer M, Laffont J-J. Environmental risks and bank liability[J]. European Economic Review, 1997, 41(8):1427-1459.
[12] Boyd J. 'Green money' in the bank:Firm responses to environmental financial responsibility rules[J]. Managerial and Decision Economics, 1997, 18(6):491-506.
[13] 郑君君, 韩笑, 邹祖绪, 等. IPO市场中风险投资家策略的演化博弈分析[J]. 管理科学学报, 2012, 15(2):72-82.
[14] Hoque Z. Linking environmental uncertainty to non-financial performance measures and performance:A research note[J]. The British Accounting Review, 2005, 37(4):471-481.
[15] Healy P M, Palepu K G. Information asymmetry, corporate disclosure, and the capital markets:A review of the empirical disclosure literature[J]. Journal of accounting and economics, 2001, 31(1):405-440.
[16] Verrecchia R E. Discretionary disclosure[J]. Journal of Accounting and Economics, 1983, 5:179-194.
[17] 张兆国, 靳小翠, 李庚秦. 低碳经济与制度环境实证研究——来自我国高能耗行业上市公司的经验证据[J]. 中国软科学, 2012, (3):109-119.
[18] 张坤民. 低碳世界中的中国:地位, 挑战与战略[J]. 中国人口、资源与环境, 2008, 18(3):1-7.
[19] 张国兴, 张绪涛, 程素杰, 等. 节能减排补贴政策下的企业与政府信号博弈模型[J]. 中国管理科学, 2013, 21(4):129-136.
[20] 杨仕辉, 魏守道. 碳关税对中美两国影响的博弈分析[J]. 中国管理科学, 2013, 21(S2):634-640.
[21] 郭本海, 方志耕, 刘卿. 基于演化博弈的区域高耗能产业退出机制研究[J]. 中国管理科学, 2012, 20(4):79-85.
[22] Holder-Webb L, Cohen J R, Nath L, et al. The supply of corporate social responsibility disclosures among US firms[J]. Journal of Business Ethics, 2009, 84(4):497-527.
[23] Chymis A G. Using Friedman to understand the relationship between market competition and corporate social performance.Columbia,Missouri,U.S,:University of Missouri, 2007.
[24] El Ghoul S, Guedhami O, Kwok C C, et al. Does corporate social responsibility affect the cost of capital?[J]. Journal of Banking & Finance, 2011, 35(9):2388-2406.
[25] Miles M P, Covin J G. Environmental marketing:A source of reputational, competitive, and financial advantage[J]. Journal of Business Ethics, 2000, 23(3):299-311.