3422 
2791党的十八大以来，我国出台了一系列环保政策，如2015年1月施行新修订的《环境保护法》，2016年1月启动“中央环境保护督查”计划等，因而环境法律风险成为社会各方的关注焦点。随着环保执法信息披露制度的日益规范，环境法律风险能否得到合理定价？对于环境法律风险冲击，资本市场、评级机构以及企业自身有何反应？文章基于2013—2018年发债工业企业受到环境行政处罚后，政府依法公开的环境行政处罚决定书，研究了环境行政处罚对债券市场的影响。研究发现，环境行政处罚会影响企业的营业收入，导致债券违约风险上升，这种现象在重污染行业中和中央环保督察之后更加明显。环境行政处罚会使评级机构出具的信用评级得分出现分化，投资人付费评级机构会加强后续的主动评级跟踪，发债企业后续则更多地选择没有下调企业信用评级得分的发行人付费评级机构，表明两者之间存在“评级保持”而后“评级选择”的双向回馈路径。文章基于环境行政处罚视角，为环境规制如何影响资本市场提供了新的证据，也为研究企业信用评级提供了新的视角。
环境行政处罚与债券市场反应
摘要
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引用本文
刘莉亚, 周舒鹏, 闵敏, 等. 环境行政处罚与债券市场反应[J]. 财经研究, 2022, 48(4): 64-78.
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