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13647文章以上证A股强环境敏感型行业2011–2015年的公司为样本，研究公司环境信息的披露对股价同步性的影响，以及分析师关注所起的调节作用，以揭示环境信息进入股价的渠道。研究表明：（1）上市公司环境信息的披露，无论是显著性、量化性还是时间性的内容，其披露水平与股价同步性正相关；（2）环境信息的披露并不会增加分析师的关注度；（3）关注该公司的分析师会对年报中的环境信息进行解读，并将其反映在股价中，使得环境信息与股价同步性之间的正向关系随着分析师关注度的增加而降低。因此，当噪音是股价同步性的主要驱动因素时，环境信息披露降低了对企业未来发展的不确定性认知，起了“降噪”作用。文章的研究结果为中国股票市场的环境信息效率研究提供了更为直接的证据。
环境信息披露、分析师关注与股价同步性——基于强环境敏感型行业的分析
摘要
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引用本文
危平, 曾高峰. 环境信息披露、分析师关注与股价同步性——基于强环境敏感型行业的分析[J]. 上海财经大学学报, 2018, 20(2): 39-58.
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