Host: 上海立信会计金融学院

  • ISSN 2096-9554
  • CN 31-2074/F
Volume 39 Issue 3
Jun.  2025
Turn off MathJax
Article Contents
Article Navigation >  Accounting and Economic Research  > 2025  >  39(3): 3-23
Wang Dan, Gao Weimin, Chen Deqiu. 2025. Government Environmental Credit Evaluation, Environmental Heterogeneous Beliefs, and Asset Mispricing. Accounting and Economic Research, 39(3): 3-23.
Citation: Wang Dan, Gao Weimin, Chen Deqiu. 2025. Government Environmental Credit Evaluation, Environmental Heterogeneous Beliefs, and Asset Mispricing. Accounting and Economic Research, 39(3): 3-23.
shu

Government Environmental Credit Evaluation, Environmental Heterogeneous Beliefs, and Asset Mispricing

  • Business School, University of International Business and Economics, Beijing 100029, China

  • Received Date: 2024-10-13
  • Publish Date: 2025-06-20
    Abstract
  • Green development relies on the supply and verification of environmental information. If information provision is left solely to market intermediaries, it can easily lead to rating jungle characterized by inconsistent rating quality. Can government-provided environmental credit evaluation effectively mitigate problems arising from environmental heterogeneous beliefs? Based on the potential asset mispricing caused by heterogeneity in environmental cognition among heavy-polluting industries, this study utilizes micro panel data from A-share listed companies in these industries from 2008 to 2023 to examine the impact and mechanism of environmental credit evaluation on asset mispricing. The findings reveal that environmental credit evaluation significantly alleviates asset mispricing by reducing information asymmetry and suppressing investor irrationality. The suppressive effect of environmental credit evaluation on asset mispricing is more pronounced in firms with greater market environmental disagreement, higher investor heterogeneous beliefs, and particularly in those with lower investor attention, higher media coverage, and lower environmental information transparency. Further analysis shows that environmental credit evaluation plays a more significant pull-up role for undervalued stocks. This study contributes to understanding the role of the government as an information provider in capital markets and offers theoretical insights and practical implications for promoting the healthy and sustainable development of capital markets.

     

    • FullText(HTML)
  • loading
    • References(52)
  • [1]
    冯钰婷, 郭雪萌, 曾晓亮. 2024. ESG信息披露与ESG评级分歧: 众口一词还是莫衷一是? ——兼论中国ESG的制度规范. 会计研究 (1): 49−63.
    [2]
    管考磊, 朱海宁, 刘洋. 2023. 网络平台互动能缓解资产误定价吗——来自交易所互动平台的经验证据. 会计研究 (8): 33−45.
    [3]
    何熙琼, 尹长萍. 2018. 企业战略差异度能否影响分析师盈余预测——基于中国证券市场的实证研究. 南开管理评论 (2): 149−159.
    [4]
    胡天杨, 谌仁俊, 涂正革. 2022. 环境信息披露评价与市场价值: 第三方机构的影响研究. 世界经济 (11): 150−176.
    [5]
    季昱丞, 徐维军, 赵琪, 张卫国. 2024. ESG披露、异质估值与权益资本成本. 系统工程理论与实践 (6): 1768−1779.
    [6]
    姜广省, 卢建词, 李维安. 2021. 绿色投资者发挥作用吗? ——来自企业参与绿色治理的经验研究. 金融研究 (5): 117−134.
    [7]
    蒋琰, 王逸如, 姜慧慧. 2020. 新《环境保护法》、环境信息披露与价值效应. 中国经济问题 (4): 32−46.
    [8]
    孔东民, 韦咏曦, 季绵绵. 2021. 环保费改税对企业绿色信息披露的影响研究. 证券市场导报 (8): 2−14.
    [9]
    李善民, 黄志宏, 郭菁晶. 2020. 资本市场定价对企业并购行为的影响研究——来自中国上市公司的证据. 经济研究 (7): 41−57.
    [10]
    李哲, 王文翰. 2021. “多言寡行”的环境责任表现能否影响银行信贷获取——基于“言”和“行”双维度的文本分析. 金融研究 (12): 116−132.
    [11]
    刘海建, 胡化广. 2024. 政府环境治理如何“以点带面”——基于自愿型环境规制的非约束性机制研究. 中国工业经济 (8): 80−98.
    [12]
    刘建秋, 尹广英, 吴静桦. 2022. 企业社会责任报告语调与资产误定价. 会计研究 (5): 131−145.
    [13]
    刘金科, 肖翊阳. 2022. 中国环境保护税与绿色创新: 杠杆效应还是挤出效应? 经济研究 (1): 72−88.
    [14]
    聂萍, 周欣. 2019. 有比较才有鉴别: 会计信息可比性、资产误定价与公司价值评估. 现代财经(天津财经大学学报) (9): 40−55.
    [15]
    潘爱玲, 张启浩, 李广鹏. 2024. 中小投资者环境关注会影响重污染企业绿色并购吗? 南开管理评论 (7): 135−147.
    [16]
    戚拥军, 周梦雨, 张晓宇. 2020. 限售股解禁、政府监管与公司股份送转行为——基于投资者非理性的调节效应. 会计研究 (8): 91−103.
    [17]
    权小锋, 吴世农. 2010. 投资者关注、盈余公告效应与管理层公告择机. 金融研究 (11): 90−107.
    [18]
    沈洪涛, 黄珍, 郭肪汝. 2014. 告白还是辩白——企业环境表现与环境信息披露关系研究. 南开管理评论 (2): 56−63, 73. doi: 10.3969/j.issn.1008-3448.2014.02.007
    [19]
    沈洪涛, 游家兴, 刘江宏. 2010. 再融资环保核查、环境信息披露与权益资本成本. 金融研究 (12): 159−172.
    [20]
    唐勇军, 马文超, 夏丽. 2021. 环境信息披露质量、内控“水平”与企业价值——来自重污染行业上市公司的经验证据. 会计研究 (7): 69−84.
    [21]
    佟孟华, 许东彦, 郑添文. 2020. 企业环境信息披露与权益资本成本——基于信息透明度和社会责任的中介效应分析. 财经问题研究 (2): 63−71.
    [22]
    王瑞雪. 2020. 公法视野下的环境信用评价制度研究. 中国行政管理 (4): 125−129, 152.
    [23]
    王婉菁, 朱红兵, 张兵. 2021. 资本市场开放与环境信息披露质量. 管理科学 (6): 29−42.
    [24]
    吴红军. 2014. 环境信息披露、环境绩效与权益资本成本. 厦门大学学报(哲学社会科学版) (3): 129−138.
    [25]
    徐寿福, 徐龙炳. 2015. 信息披露质量与资本市场估值偏误. 会计研究 (1): 40−47.
    [26]
    于连超, 季培楠. 2024. 环保信用评价制度能促进企业环保投资吗? 中南财经政法大学学报 (2): 3−14.
    [27]
    于连超, 单约楠, 马宁. 2023. 环保信用评价制度能提高企业资本配置效率吗? 审计与经济研究 (3): 65−74.
    [28]
    俞庆进, 张兵. 2012. 投资者有限关注与股票收益——以百度指数作为关注度的一项实证研究. 金融研究 (8): 152−165.
    [29]
    余艳, 王雪莹, 郝金星, 董小英. 2024. 酒香还怕巷子深? 制造企业数字化转型信号与资本市场定价. 南开管理评论 (8): 185−196.
    [30]
    张光利, 薛慧丽, 高皓. 2021. 企业IPO价值审核与股票市场表现. 经济研究 (10): 155−171.
    [31]
    Avramov, D., S. Cheng, A. Lioui, and A. Tarelli. 2022. Sustainable investing with ESG rating uncertainty. Journal of Financial Economics 145(2): 642−664. doi: 10.1016/j.jfineco.2021.09.009
    [32]
    Baker, M., and J. Wurgler. 2006. Investor sentiment and the cross-section of stock returns. The Journal of Finance 61(4): 1645−1680. doi: 10.1111/j.1540-6261.2006.00885.x
    [33]
    Bertomeu, J., and E. Cheynel. 2013. Toward a positive theory of disclosure regulation: In search of institutional foundations. The Accounting Review 88(3): 789−824. doi: 10.2308/accr-50388
    [34]
    Blankespoor, E., E. Dehaan, J. Wertz, and C. Zhu. 2019. Why do individual investors disregard accounting information? The roles of information awareness and acquisition costs. Journal of Accounting Research 57(1): 53−84. doi: 10.1111/1475-679X.12248
    [35]
    Bushee, B. J., J. E. Core, W. Guay, and S. J. W. Hamm. 2010. The role of the business press as an information intermediary. Journal of Accounting Research 48(1): 1−19. doi: 10.1111/j.1475-679X.2009.00357.x
    [36]
    Chatterji, A. K., R. Durand, D. I. Levine, and S. Touboul. 2016. Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal 37(8): 1597−1614. doi: 10.1002/smj.2407
    [37]
    Chen, J. C., C. H. Cho, and D. M. Patten. 2014. Initiating disclosure of environmental liability information: An empirical analysis of firm choice. Journal of Business Ethics 125(4): 681−692. doi: 10.1007/s10551-013-1939-0
    [38]
    Clarkson, P. M., Y. Li, G. D. Richardson, and F. P. Vasvari. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society 33(4-5): 303−327. doi: 10.1016/j.aos.2007.05.003
    [39]
    Dhaliwal, D. S., O. Z. Li, A. Tsang, and Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(1): 59−100. doi: 10.2308/accr.00000005
    [40]
    Diamond, D. W., and R. E. Verrecchia. 1991. Disclosure, liquidity, and the cost of capital. The Journal of Finance 46(4): 1325−1359. doi: 10.1111/j.1540-6261.1991.tb04620.x
    [41]
    Hassan, A., and X. Guo. 2017. The relationships between reporting format, environmental disclosure and environmental performance. Journal of Applied Accounting Research 18(4): 425−444. doi: 10.1108/JAAR-06-2015-0056
    [42]
    Healy, P. M., and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31(1-3): 405−440. doi: 10.1016/S0165-4101(01)00018-0
    [43]
    Hirshleifer, D., and S. H. Teoh. 2003. Limited attention, information disclosure, and financial reporting. Journal of Accounting and Economics 36(1-3): 337−386. doi: 10.1016/j.jacceco.2003.10.002
    [44]
    Hong, H., and J. C. Stein. 2007. Disagreement and the stock market. Journal of Economic Perspectives 21(2): 109−128. doi: 10.1257/jep.21.2.109
    [45]
    Kahneman, D., and A. Tversky. 1973. On the psychology of prediction. Psychological Review 80(4): 237−251. doi: 10.1037/h0034747
    [46]
    Kahneman, D., and A. Tversky. 1979. Prospect theory: An analysis of decision under risk. Econometrica 47(2): 263−291. doi: 10.2307/1914185
    [47]
    Lewis, K. F., F. A. Longstaff, and L. Petrasek. 2021. Asset mispricing. Journal of Financial Economics 141(3): 981−1006. doi: 10.1016/j.jfineco.2020.05.011
    [48]
    Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13(2): 187−221. doi: 10.1016/0304-405X(84)90023-0
    [49]
    Rhodes-Kropf, M., D. T. Robinson, and S. Viswanathan. 2005. Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics 77(3): 561−603. doi: 10.1016/j.jfineco.2004.06.015
    [50]
    Richardson, A. J., M. Welker, and I. R. Hutchinson. 1999. Managing capital market reactions to corporate social responsibility. International Journal of Management Reviews 1(1): 17−43. doi: 10.1111/1468-2370.00003
    [51]
    Sims, C. A. 2003. Implications of rational inattention. Journal of Monetary Economics 50(3): 665−690. doi: 10.1016/S0304-3932(03)00029-1
    [52]
    Spence, M. 1973. Job market signaling. The Quarterly Journal of Economics 87(3): 355−374. doi: 10.2307/1882010
    • Relative Articles
    • Supplements(0)
    • Cited By

Catalog

    通讯作者: 陈斌, bchen63@163.com
    • 1. 

      沈阳化工大学材料科学与工程学院 沈阳 110142

    1. 本站搜索
    2. 百度学术搜索
    3. 万方数据库搜索
    4. CNKI搜索

    Figures(1)  / Tables(10)

    Get Citation
    PDF
    XML
    Article views (13) PDF downloads(3) Cited by()
    Proportional views
    Related
    Link 

    Copyright © 会计与经济研究备案序号: 沪ICP备09005481号-4

    /

    DownLoad:  Full-Size Img  PowerPoint
    Return
    Return