3559 
2904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
参考文献
5 寇宗来,千茜倩,陈关亭. 跟随还是对冲:发行人付费评级机构如何应对中债资信的低评级?[J]. 管理世界,2020,(9):26−36. DOI:10.3969/j.issn.1002-5502.2020.09.005
7 林晚发,何剑波,周畅,等. “投资者付费”模式对“发行人付费”模式评级的影响:基于中债资信评级的实验证据[J]. 会计研究,2017,(9):62−68. DOI:10.3969/j.issn.1003-2886.2017.09.009
9 孟庆斌,张强,吴卫星,等. 中立评级机构对发行人付费评级体系的影响[J]. 财贸经济,2018,(5):53−70. DOI:10.3969/j.issn.1002-8102.2018.05.004
13 武恒光,王守海. 债券市场参与者关注公司环境信息吗?−来自中国重污染上市公司的经验证据[J]. 会计研究,2016,(9):68−74. DOI:10.3969/j.issn.1003-2886.2016.09.010
14 叶陈刚,王孜,武剑锋,等. 外部治理、环境信息披露与股权融资成本[J]. 南开管理评论,2015,(5):85−96. DOI:10.3969/j.issn.1008-3448.2015.05.009
16 Aaron J R, McMillan A, Cline B N. Investor reaction to firm environmental management reputation[J]. Corporate Reputation Review,2012,15(4): 304−318. DOI:10.1057/crr.2012.15
17 Allen F, Douglas G, Thakor A V. Book review. comparing financial systems[J]. The Review of Financial Studies,2001,14(2): 577−581. DOI:10.1093/rfs/14.2.577
18 Amihud Y. Illiquidity and stock returns: Cross-section and time-series effects[J]. Journal of Financial Markets,2002,5(1): 31−56. DOI:10.1016/S1386-4181(01)00024-6
19 Badrinath S G, Bolster P J. The role of market forces in EPA enforcement activity[J]. Journal of Regulatory Econo- mics,1996,10(2): 165−181. DOI:10.1007/BF00133530
20 Becker B, Milbourn T. How did increased competition affect credit ratings?[J]. Journal of Financial Economics,2011,101(3): 493−514. DOI:10.1016/j.jfineco.2011.03.012
21 Blacconiere W G, Patten D M. Environmental disclosures, regulatory costs, and changes in firm value[J]. Journal of Accounting and Economics,1994,18(3): 357−377. DOI:10.1016/0165-4101(94)90026-4
22 Bolton P, Freixas X, Shapiro J. The credit ratings game[J]. The Journal of Finance,2012,67(1): 85−111. DOI:10.1111/j.1540-6261.2011.01708.x
23 Cai X Q, Lu Y, Wu M Q, et al. Does environmental regulation drive away inbound foreign direct investment? Evi- dence from a quasi-natural experiment in China[J]. Journal of Development Economics,2016,123: 73−85. DOI:10.1016/j.jdeveco.2016.08.003
24 Cormier D, Magnan M, Van Velthoven B. Environmental disclosure quality in large German companies: Economic incentives, public pressures or institutional conditions?[J]. European Accounting Review,2005,14(1): 3−39. DOI:10.1080/0963818042000339617
25 Cornaggia J, Cornaggia K J. Estimating the costs of issuer-paid credit ratings[J]. The Review of Financial Studies,2013,26(9): 2229−2269. DOI:10.1093/rfs/hht041
26 Daniel K, Titman S. Market reactions to tangible and intangible information[J]. The Journal of Finance,2006,61(4): 1605−1643. DOI:10.1111/j.1540-6261.2006.00884.x
27 Du X Q, Weng J Y, Zeng Q, et al. Do lenders applaud corporate environmental performance? Evidence from Chinese private-owned firms[J]. Journal of Business Ethics,2017,143(1): 179−207. DOI:10.1007/s10551-015-2758-2
28 Gibbins M, Richardson A, Waterhouse J. The management of corporate financial disclosure: Opportunism, ritualism, policies, and processes[J]. Journal of Accounting Research,1990,28(1): 121−143. DOI:10.2307/2491219
29 Jiang J, Stanford M H, Xie Y. Does it matter who pays for bond ratings? Historical evidence[J]. Journal of Financial Economics,2012,105(3): 607−621. DOI:10.1016/j.jfineco.2012.04.001
30 Kolk A, Levy D, Pinkse J. Corporate responses in an emerging climate regime: The institutionalization and commensuration of carbon disclosure[J]. European Accounting Review,2008,17(4): 719−745. DOI:10.1080/09638180802489121
31 Lanoie P, Laplante B. The market response to environmental incidents in Canada: A theoretical and empirical analysis[J]. Southern Economic Journal,1994,60: 657−672. DOI:10.2307/1060574
32 Opp C C, Opp M M, Harris M. Rating agencies in the face of regulation[J]. Journal of Financial Economics,2013,108(1): 46−61. DOI:10.1016/j.jfineco.2012.10.011
33 Sengupta P. Corporate disclosure quality and the cost of debt[J]. The Accounting Review,1998,73: 459−474.
34 Sharfman M P, Fernando C S. Environmental risk management and the cost of capital[J]. Strategic Management Journal,2008,29(6): 569−592. DOI:10.1002/smj.678
35 Skreta V, Veldkamp L. Ratings shopping and asset complexity: A theory of ratings inflation[J]. Journal of Monetary Economics,2009,56(5): 678−695. DOI:10.1016/j.jmoneco.2009.04.006
36 Xia H. Can investor-paid credit rating agencies improve the information quality of issuer-paid rating agencies?[J]. Journal of Financial Economics,2014,111(2): 450−468. DOI:10.1016/j.jfineco.2013.10.015
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.
导出参考文献，格式为：
下一篇：医养结合与老年人健康养老
