CAJ | 학술논문

本文考察上市公司环境污染事件的市场反应，并深入分析污染信息首次披露情况是否影响了不同投资者的行为。通过手工搜集2010年以来的污染事件并结合高频分笔交易数据，研究发现环境污染整体上导致了公司价值下降；但市场只对由媒体曝光的污染事件进行了惩罚，对于政府部门披露的污染事件则没有显著反应；不同于个人投资者，机构投资者的行为并未受事件冲击。本文研究意味着市场定价机制并未显著关注企业环保责任，而这种惩罚机制的缺失进一步导致了机构与个人投资者的行为差异。本研究有着积极的政策指导意义：政府应该加大环保知识的宣传，并积极鼓励媒体参与到企业环保治理的监督中，利用金融市场作为环境监管惩治的有效补充来改善污染对于经济发展的负外部性；同时，资本市场监管部门应尽快制定和颁布上市公司环境信息披露相关制度，提升公司的环保信息披露水平。整体上，本文对环境经济学研究在金融市场领域进行了拓展，也为我国“绿色金融”政策提供了清晰的经验证据。
본문고찰상시공사배경오염사건적시장반응，병심입분석오염신식수차피로정황시부영향료불동투자자적행위。통과수공수집2010년이래적오염사건병결합고빈분필교역수거，연구발현배경오염정체상도치료공사개치하강；단시장지대유매체폭광적오염사건진행료징벌，대우정부부문피로적오염사건칙몰유현저반응；불동우개인투자자，궤구투자자적행위병미수사건충격。본문연구의미착시장정개궤제병미현저관주기업배보책임，이저충징벌궤제적결실진일보도치료궤구여개인투자자적행위차이。본연구유착적겁적정책지도의의：정부응해가대배보지식적선전，병적겁고려매체삼여도기업배보치리적감독중，이용금융시장작위배경감관징치적유효보충래개선오염대우경제발전적부외부성；동시，자본시장감관부문응진쾌제정화반포상시공사배경신식피로상관제도，제승공사적배보신식피로수평。정체상，본문대배경경제학연구재금융시장영역진행료탁전，야위아국“록색금융”정책제공료청석적경험증거。
We investigate the reaction of market to environment pollution events of listed firms, and fur ther explore if the first disclosure of pollution events affect the actions of different investors. By using a dataset on environment pollution since 2010 and high frequency trading data in stock market, we find that the envi ronment pollution causes a value decline of listed finns overally, while the stock market only reacts to the envi ronment pollution exposed by media instead of the government. However, unlike individuals, institutions don＇ t sell significantly. This finding indicates that environment protection responsibilities of the firms are not signif icantly reflected in the market price mechanism. The lack of the punishment further results in the different re actions between individuals and institutions. Our study has clear policy implications： the regulators should pay more attention to environment protection publicizing, encourage the media＇ s monitor on the firm behaviors and use the finance market as the effective supplement of environment punishment to decrease the negative exter nalities of environment pollution. Meanwhile, regulators of capital market should formulate and issue relevant systems to promote the environmental information disclosure of listed companies. In general, our paper intro duces the financial theory into the field of environmental economics, and provides clear policy implications on the issue of ＂green finance＂, which is a new conception advocated by our government.