分析师关注与企业环境治理——来自中国上市公司的证据
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摘要
以2007年～2015年沪深两市上市公司为研究样本,考察分析师关注对企业环境绩效的治理作用。对分析师这一资本市场中介影响企业环境绩效的机理进行分析,提出两个竞争性假说:市场监督假说和业绩压力假说。实证结果显示:分析师关注有助于约束企业管理层以牺牲环境为代价的利己行为,使得企业管理层为应对环境合法性危机和获得环境合法性认同而显著提升企业环境治理绩效,从而支持市场监督假说。这一研究结论不仅丰富和拓展了分析师关注及企业环境治理的相关文献,而且为政府通过完善资本市场中介来推动环境治理提供了一定的经验证据,同时对激发企业履行环境治理责任也有一定参考价值。
Taking the listed companies in Shanghai and shenzhen from 2007 to 2015 as samples,this study examines the function of the analysts' attention to corporate environment performance. By analyzing the mechanism of how the analyst as the capital market intermediary affects the corporate environmental performance,two competitive hypotheses are proposed: market supervision hypothesis and performance pressure hypothesis. The empirical results show that analysts' attention helps to constrain management's self-interested behavior at the expense of the environment,which urges the enterprise management to deal with the crisis of environmental legitimacy and obtain the recognition of environmental legitimacy,thus significantly improving the performance of enterprise environmental governance and supporting the hypothesis of market supervision.The conclusion of this paper not only enriches and expands the relevant literatures on analysts' attention and corporate environmental governance,but also provides some empirical evidence for the government to promote environmental governance through improving the capital market intermediary,and has some reference value for how to better motivate enterprises to fulfill their responsibilities in environmental governance.
Taking the listed companies in Shanghai and shenzhen from 2007 to 2015 as samples,this study examines the function of the analysts' attention to corporate environment performance. By analyzing the mechanism of how the analyst as the capital market intermediary affects the corporate environmental performance,two competitive hypotheses are proposed: market supervision hypothesis and performance pressure hypothesis. The empirical results show that analysts' attention helps to constrain management's self-interested behavior at the expense of the environment,which urges the enterprise management to deal with the crisis of environmental legitimacy and obtain the recognition of environmental legitimacy,thus significantly improving the performance of enterprise environmental governance and supporting the hypothesis of market supervision.The conclusion of this paper not only enriches and expands the relevant literatures on analysts' attention and corporate environmental governance,but also provides some empirical evidence for the government to promote environmental governance through improving the capital market intermediary,and has some reference value for how to better motivate enterprises to fulfill their responsibilities in environmental governance.
引文
[1]程博,潘飞.语言多样性、信息获取与分析师盈余预测质量[J].管理科学学报,2017(4):50-70.
[2]AERTS W,CORMIER D. Media legitimacy and corporate environmental communication[J]. Accounting Organizations and Society,2009,34(1):1-27.
[3]包群,彭水军.经济增长与环境污染:基于面板数据的联立方程估计[J].世界经济,2006(11):48-58.
[4]许和连,邓玉萍.外商直接投资导致了中国的环境污染吗?——基于中国省际面板数据的空间计量研究[J].管理世界,2012(2):30-43.
[5]LEITER A M,PAROLINI A,WINNER H. Environmental regulation and investment:evidence from European industry data[J]. Ecological Economics,2011,70(4):759-770.
[6]张济建,于连超,毕茜,等.媒体监督、环境规制与企业绿色投资[J].上海财经大学学报,2016(5):91-103.
[7]毕茜,顾立盟,张济建.传统文化、环境制度与企业环境信息披露[J].会计研究,2015(3):12-19.
[8]刘星河.公共压力、产权性质与企业融资行为——基于“PM2. 5爆表”事件的研究[J].经济科学,2016(2):67-80.
[9]胡珺,宋献中,王红建.非正式制度、家乡认同与企业环境治理[J].管理世界,2017(3):76-94.
[10]CHAN K,HAMEED A. Stock price synchronicity and analyst coverage in emerging markets[J]. Journal of Financial Economics,2006,80(1):115-147.
[11]MANSO G. Motivating innovation[J]. The Journal of Finance,2011,66(5):1823-1860.
[12]COHEN L,DIETHER K,MALLOY C. Misvaluing innovation[J]. Review of Financial Studies,2013,26(3):635-666.
[13]周开国,应千伟,陈晓娴.媒体关注度、分析师关注度与盈余预测准确度[J].金融研究,2014(2):139-152.
[14]周铭山,林靖,许年行.分析师跟踪与股价同步性——基于过度反应视角的证据[J].管理科学学报,2016(6):49-73.
[15]陈钦源,马黎珺,伊志宏.分析师跟踪与企业创新绩效——中国的逻辑[J].南开管理评论,2017(3):15-27.
[16]BOIRAL O,RAINERI N,TALBOT D. Managers'citizenship behaviors for the environment:a developmental perspective[J]. Journal of Business Ethics,2018,44(1):1-15.
[17]YU F. Analyst coverage and earnings management[J]. Journal of Financial Economics,2008,88(2):245-271.
[18]潘越,林超群,戴亦一.信息不透明、分析师关注与个股暴跌风险[J].金融研究,2011(9):138-151.
[19]游家兴,张哲远.财务分析师公司治理角色研究——文献综述与研究展望[J].厦门大学学报:哲学社会科学版,2016(5):128-136.
[20]MILLER G S. The press as a watchdog for accounting fraud[J]. Journal of Accounting Research,2006,44(5):1001-1033.
[21]CLARKSON P M,LI Y,RICHARDSON,et al. Revisiting the relation between environmental performance and environmental disclosure:an empirical analysis[J]. Accounting Organizations and Society,2008,33(4-5):303-327.
[22]沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J].会计研究,2012(2):72-78.
[23]SUTTIIEE P,PHAPRUKE U. Corporate social responsibility(CSR)information disclosure and firm sustainability:an empirical research of Thai-listed firms[J]. Journal of International Business and Economics,2009,9(4):40-59.
[24]沈洪涛,黄珍,郭肪汝.告白还是辩白——企业环境表现与环境信息披露关系研究[J].南开管理评论,2014(2):56-63.
[25]WIERSEMA M F,ZHANG Y. CEO dismissal:the role of investment analysts[J]. Strategic Management Journal,2011,32(11):1161-1182.
[26]EDMANS A. Blockholder trading,market efficiency,and managerial myopia[J]. The Journal of Finance,2009,64(6):2481-2513.
[27]李春涛,宋敏,张璇.分析师跟踪与企业盈余管理——来自中国上市公司的证据[J].金融研究,2014(7):124-139.
[28]余明桂,钟慧洁,范蕊.分析师关注与企业创新——来自中国资本市场的经验证据[J].经济管理,2017(3):177-194.
[29]BARTOV E,GIVOVY D,HAYN C. The rewards to meeting or beating earnings expectations[J]. Journal of Accounting and Economics,2000,33(2):173-204.
[30]FARRELL K A,WHIDBEE D A. Impact of firm performance expectations on CEO turnover and replacement decisions[J]. Journal of Accounting&Economics,2003,36(1-3):165-196.
[31]GRAHAM J R,HARVEY C R,RAJGOPAL S. The economic implications of corporate financial reporting[J]. Journal of Accounting and Economics,2005,40(1):3-73.
[32]PATTEN D M. The accuracy of financial report projections of future environmental capital expenditures:a research note[J]. Accounting Organizations and Society,2005,30(5):457-468.
[33]黎文靖,路晓燕.机构投资者关注企业的环境绩效吗?——来自我国重污染行业上市公司的经验证据[J].金融研究,2015(12):97-112.
[34]程博,许宇鹏,李小亮.公共压力、企业国际化与企业环境治理[J].统计研究,2018(9):54-66.
[35]PETERSEN M A. Estimating standard errors in finance panel data sets:comparing approaches[J]. Review of Financial Studies,2009,22(1):435-480.
[36]DRISCOLL J C,KRAAY A C. Consistent co-variance matrix estimation with spatially dependent panel data[J]. Review of Economics and Statistics,1998,80(4):549-560.
[37]谢震,艾春荣.分析师关注与公司研发投入:基于中国创业板公司的分析[J].财经研究,2014(2):108-119.
[2]AERTS W,CORMIER D. Media legitimacy and corporate environmental communication[J]. Accounting Organizations and Society,2009,34(1):1-27.
[3]包群,彭水军.经济增长与环境污染:基于面板数据的联立方程估计[J].世界经济,2006(11):48-58.
[4]许和连,邓玉萍.外商直接投资导致了中国的环境污染吗?——基于中国省际面板数据的空间计量研究[J].管理世界,2012(2):30-43.
[5]LEITER A M,PAROLINI A,WINNER H. Environmental regulation and investment:evidence from European industry data[J]. Ecological Economics,2011,70(4):759-770.
[6]张济建,于连超,毕茜,等.媒体监督、环境规制与企业绿色投资[J].上海财经大学学报,2016(5):91-103.
[7]毕茜,顾立盟,张济建.传统文化、环境制度与企业环境信息披露[J].会计研究,2015(3):12-19.
[8]刘星河.公共压力、产权性质与企业融资行为——基于“PM2. 5爆表”事件的研究[J].经济科学,2016(2):67-80.
[9]胡珺,宋献中,王红建.非正式制度、家乡认同与企业环境治理[J].管理世界,2017(3):76-94.
[10]CHAN K,HAMEED A. Stock price synchronicity and analyst coverage in emerging markets[J]. Journal of Financial Economics,2006,80(1):115-147.
[11]MANSO G. Motivating innovation[J]. The Journal of Finance,2011,66(5):1823-1860.
[12]COHEN L,DIETHER K,MALLOY C. Misvaluing innovation[J]. Review of Financial Studies,2013,26(3):635-666.
[13]周开国,应千伟,陈晓娴.媒体关注度、分析师关注度与盈余预测准确度[J].金融研究,2014(2):139-152.
[14]周铭山,林靖,许年行.分析师跟踪与股价同步性——基于过度反应视角的证据[J].管理科学学报,2016(6):49-73.
[15]陈钦源,马黎珺,伊志宏.分析师跟踪与企业创新绩效——中国的逻辑[J].南开管理评论,2017(3):15-27.
[16]BOIRAL O,RAINERI N,TALBOT D. Managers'citizenship behaviors for the environment:a developmental perspective[J]. Journal of Business Ethics,2018,44(1):1-15.
[17]YU F. Analyst coverage and earnings management[J]. Journal of Financial Economics,2008,88(2):245-271.
[18]潘越,林超群,戴亦一.信息不透明、分析师关注与个股暴跌风险[J].金融研究,2011(9):138-151.
[19]游家兴,张哲远.财务分析师公司治理角色研究——文献综述与研究展望[J].厦门大学学报:哲学社会科学版,2016(5):128-136.
[20]MILLER G S. The press as a watchdog for accounting fraud[J]. Journal of Accounting Research,2006,44(5):1001-1033.
[21]CLARKSON P M,LI Y,RICHARDSON,et al. Revisiting the relation between environmental performance and environmental disclosure:an empirical analysis[J]. Accounting Organizations and Society,2008,33(4-5):303-327.
[22]沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J].会计研究,2012(2):72-78.
[23]SUTTIIEE P,PHAPRUKE U. Corporate social responsibility(CSR)information disclosure and firm sustainability:an empirical research of Thai-listed firms[J]. Journal of International Business and Economics,2009,9(4):40-59.
[24]沈洪涛,黄珍,郭肪汝.告白还是辩白——企业环境表现与环境信息披露关系研究[J].南开管理评论,2014(2):56-63.
[25]WIERSEMA M F,ZHANG Y. CEO dismissal:the role of investment analysts[J]. Strategic Management Journal,2011,32(11):1161-1182.
[26]EDMANS A. Blockholder trading,market efficiency,and managerial myopia[J]. The Journal of Finance,2009,64(6):2481-2513.
[27]李春涛,宋敏,张璇.分析师跟踪与企业盈余管理——来自中国上市公司的证据[J].金融研究,2014(7):124-139.
[28]余明桂,钟慧洁,范蕊.分析师关注与企业创新——来自中国资本市场的经验证据[J].经济管理,2017(3):177-194.
[29]BARTOV E,GIVOVY D,HAYN C. The rewards to meeting or beating earnings expectations[J]. Journal of Accounting and Economics,2000,33(2):173-204.
[30]FARRELL K A,WHIDBEE D A. Impact of firm performance expectations on CEO turnover and replacement decisions[J]. Journal of Accounting&Economics,2003,36(1-3):165-196.
[31]GRAHAM J R,HARVEY C R,RAJGOPAL S. The economic implications of corporate financial reporting[J]. Journal of Accounting and Economics,2005,40(1):3-73.
[32]PATTEN D M. The accuracy of financial report projections of future environmental capital expenditures:a research note[J]. Accounting Organizations and Society,2005,30(5):457-468.
[33]黎文靖,路晓燕.机构投资者关注企业的环境绩效吗?——来自我国重污染行业上市公司的经验证据[J].金融研究,2015(12):97-112.
[34]程博,许宇鹏,李小亮.公共压力、企业国际化与企业环境治理[J].统计研究,2018(9):54-66.
[35]PETERSEN M A. Estimating standard errors in finance panel data sets:comparing approaches[J]. Review of Financial Studies,2009,22(1):435-480.
[36]DRISCOLL J C,KRAAY A C. Consistent co-variance matrix estimation with spatially dependent panel data[J]. Review of Economics and Statistics,1998,80(4):549-560.
[37]谢震,艾春荣.分析师关注与公司研发投入:基于中国创业板公司的分析[J].财经研究,2014(2):108-119.