分类号密级
U.D.C
环保概念炒作、盈余持续性与投资收益研究
The Environmental Concept Hype,Earnings Sustainability and Investment
Returns Research
学位申请人：周玉雯
学号：2201202Z6015
学科专业：财务管理
研究方向：公司财务理论与实务
指导教师：王新教授
定稿时间：2023年5月
摘要近年来我国不断加强环保建设，习近平总书记相继提出了“绿水青山就
是金山银山”、“打赢蓝天保卫战”等口号。政府对企业的环保监管力度也
在不断加强，新《环境保护法》中明确规定重污染行业上市公司需要披露排
污相关信息，这是我国首次以立法形式对企业所披露的环保信息进行了规定。
与此同时，随着保护环境、节约资源等理念日益深入人心，社会公众的环保
意识也在不断加强。企业面临着政府、投资者和消费者等利益相关者的多重
压力，迫使其越来越关注环保信息披露。但是从短期来看，环保投入会占据
企业的生产经营和发展资金，并且环保投入最终计入费用类科目，不利于提
高企业利润。面临着外部环保压力和内部发展的冲突，企业可能采取炒作的
方式披露其环保信息以满足自身利益诉求，即高举环保大旗、喊着响亮口号，
但却不进行或较少地进行环保投入。环保概念炒作是企业对其所披露的环保
信息的一种夸大陈述，是一种“多言寡行”的环保信息披露方式。
本文以2016-2020年我国制造业上市公司为研究对象，运用文本分析的
方法构建了环保概念炒作指标，实证检验了环保概念炒作对企业盈余持续性
和投资者收益的影响。研究发现，环保概念炒作降低了企业的盈余持续性，
并且投资者可以根据环保概念炒作这一指标构建投资组合从而在资本市场上
获得超额回报。此外，本文还区分环保监管强度和企业产权性质进行研究，
得出如下结论：第一，相比于弱环保监管地区，强环保监管地区中环保概念
炒作对盈余持续性的抑制作用更加显著；第二，相比于国有企业，非国有企
业中环保概念炒作对盈余持续性的抑制作用更加显著。在进一步研究中，本
文把盈余划分为现金流盈余和应计项目盈余，分别研究了环保概念炒作对于
两种盈余持续性的影响差异。最终研究发现，环保概念炒作对于现金流盈余
持续性的抑制作用大于应计项目盈余持续性。
本文的贡献主要体现在以下三个方面：第一，基于企业所披露的环保文
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环保概念炒作、盈余持续性与投资收益研究
本信息，运用Python 技术与文本分析法，构建了环保概念炒作指标，丰富了
环保概念炒作领域的研究。第二，本文不仅实证检验了企业环保概念炒作对
于其盈余持续性的影响，而且还进一步研究了投资者能否根据环保概念炒作
指标构建投资组合以在资本市场上获取超额收益，实现了财务会计领域与金
融领域的有机结合。第三，为企业环保信息披露与监管制度的完善提供了一
定的参考。
关键词：环保概念炒作、信息操纵、盈余持续性、投资收益
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Abstract
Abstract
General Secretary Xi Jinping put forward slogans such as "green water and
green mountains are golden mountain"and "winning the blue sky security war".
The government's environmental supervision of enterprises is also strengthening.
In the new environmental protection law promulgated in 2015,it clearly stipulates
that listed companies in heavily polluting industries need to disclose relevant
information about pollutants,which is the first time in China that environmental
protection is disclosed by enterprises in the form of legislation.At the same time,
with the concept of protecting the environment and saving resources,the public's
awareness of environmental protection is constantly strengthened.Enterprises are
faced with multiple pressures from stakeholders such as government,investors and
consumers,forcing them to pay more and more attention to environmental
information disclosure.However,in the short term,environmental protection
investment will occupy the production,operation and development funds of
enterprises,and environmental protection investment will be included in the cost
subjects,which is not conducive to improving enterprise profits.In the face of the
conflict between external environmental protection pressure and internal
development,enterprises may take the means of hype to disclose their
environmental protection information to meet their own interests,that is,holding
up the banner of environmental protection and Shouting loud slogans,but they do
not carry out or do less environmental protection investment.The concept of
environmental protection is an exaggerated statement of the environmental
protection information disclosed by an enterprise,and a way of "speaking and
acting"environmental information disclosure.
This paper takes China's manufacturing industry listed companies from 2016
to 2020as the research object,USES the method of text analysis to construct the
environmental protection concept hype index,and empirically examines the
influence of environmental protection concept hype on the enterprise surplus
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The Environmental Concept Hype,Earnings Sustainability and Investment Returns Research
sustainability.This paper finds that environmental protection concept hype reduces
the surplus sustainability of enterprises,that is,environmental protection concept
hype has a inhibiting effect on the surplus sustainability of enterprises,and
investors can build portfolios according to the index of environmental protection
concept hype so as to obtain excess returns in the capital market.In addition,this
paper also distinguishes the intensity of environmental protection supervision and
the nature of enterprise property rights research,and draws the following
conclusions:the first,compared with the weak environmental protection
supervision area,the concept hype of central protection supervision area in the
strong environmental protection supervision area has a more significant inhibitory
effect on the continuity of surplus;Second,compared with state-owned enterprises,
the concept of central insurance for non-state-owned enterprises has more
significant effect on the sustainability of surplus.In the further study,this paper
divides the surplus into cash flow surplus and accrual account surplus,and
respectively studies the difference of the influence of environmental concept hype
on the sustainability of the two different surpluses.Finally,it is found that the
inhibition effect of green concept hype on the sustainability of cash flow surplus is
greater than that of accrual project.
The contribution of this paper is mainly reflected in the following two aspects:
first,based on the environmental protection text information disclosed by
enterprises,Python technology and text analysis method are used to construct the
environmental protection concept hype index,which enrices the research in the
field of environmental protection concept hype.Second,this paper not only
empirically examines the impact of enterprise environmental protection concept
hype on its surplus sustainability,but also further studies whether investors can
build portfolios according to environmental concept hype indicators to obtain
excessive returns in the capital market,and realize the organic combination of
financial accounting and financial fields.Third,it provides some ideas and
references for the improvement of enterprise environmental protection information
disclosure and supervision system.
Key words:environmental protection concept hype,information manipulation,
earnings continuity,investment income.
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