企业环境信息披露与股价崩盘风险

基于2009-2019年A股非金融企业数据，检验企业环境信息披露对股价崩盘风险的影响，并进一步地关注所有权性质和公司治理水平的调节作用。实证研究发现，提高环境信息披露质量能够降低企业未来股价崩盘风险，环境信息披露对股价崩盘风险的抑制作用在非国有企业和公司治理质量较高的企业表现得更为显著，表明环境信息披露影响股价崩盘风险存在一定的作用条件。实证结果支持了环境信息披露对经济后果的积极影响，以及加强环境信息披露制度建设的重要性和必要性。

The Disclosure of Corporate Environmental Information on the Risk of Stock Price Crash

Based on the data of A-share non-financial companies from 2009 to 2019, this paper examines the impact of corporate environmental information disclosure on the risk of stock price collapse, and further pays attention to the moderating effect of the nature of ownership and the level of corporate governance. Empirical studies have found that improving the quality of environmental information disclosure can reduce the risk of future stock price crashes. The restraining effect of environmental information disclosure on stock price crash risks is more pronounced in non-state-owned enterprises and companies with higher corporate governance quality, indicating the impact of environmental information disclosure. There are certain conditions for the risk of stock price collapse. The empirical results support the positive impact of environmental information disclosure on economic consequences, and the importance and necessity of strengthening the construction of environmental information disclosure systems.