Business School of Sichuan University (Wangjiang Campus), No. 24 South Section 1 of the Yihuan Road, Chengdu, 610065, People's Republic of China.
Environ Sci Pollut Res Int. 2023 Apr;30(20):58253-58275. doi: 10.1007/s11356-023-26428-0. Epub 2023 Mar 28.
Using a 2005-2020 sample of A-share listed companies in China's heavily polluting industries, this paper divides environmental investment strategies into "light green," "medium green," and "deep green" dimensions and constructs a panel threshold model to investigate the impact of different environmental strategies on China's stock market. The study found that environmental investment intensity has a double threshold effect on stock returns, "medium green" behavior helps improve stock returns, and "light green" and "deep green" behaviors are not conducive to stock returns. Institutional investors are more accurate than ordinary investors in identifying heterogeneous environmental strategies. The mechanism test shows that different environmental strategies affect stock returns through internal "value enhancement" and external "government subsidy" mechanisms. Moreover, "greenwashing" benefits for companies are short-lived; the market eventually imposes punitive pricing. These findings provide a reference for enterprise- and market-oriented green development systems.
本文使用了 2005 年至 2020 年中国重污染行业 A 股上市公司的样本，将环境投资策略划分为“浅绿”“中绿”和“深绿”三个维度，并构建面板门槛模型，考察不同环境策略对中国股票市场的影响。研究发现，环境投资强度对股票收益具有双重门槛效应，“中绿”行为有助于提高股票收益，而“浅绿”和“深绿”行为不利于股票收益。机构投资者比普通投资者更能准确识别异质环境策略。机制检验表明，不同的环境策略通过内部“价值提升”和外部“政府补贴”机制影响股票收益。此外，公司的“洗绿”收益是短暂的；市场最终会进行惩罚性定价。这些发现为企业和市场导向的绿色发展体系提供了参考。
