摘要
企业的环境信息披露作为市场关系与环境的重要支撑，逐渐受到
社会公众、企业投资者和监管机构的关注。 2021年 7月，全国碳排
放权交易已经在上海环境能源交易所正式启动，国家使用市场手段解
决环境问题进入实践阶段。目前，环境信息披露不仅是发展绿色经济
的基本要求，也是在气候问题日趋严重的情况下企业必须肩负的社会
责任。企业进行主动环境信息披露以及评级机构对企业环境信息的被
动披露，能够有效改善市场信息披露环境，降低信息不对称。本文旨
在研究有着不同环境披露信息的投资者，是否会通过投资者信心的中
介作用而改变投资行为，进而影响股票的流动。本文研究对我国尝试
使用市场手段解决环境问题，探究环境信息披露与市场的关系有重要
的意义。
本文在文献研究基础上探究了环境信息披露、股票流动性、投资
者信心的内在关联机制，选取349个重污染企业作为研究对象，从主
动信息披露与被动信息披露角度，以投资者信心为中介变量，建立中
介效应模型进行实证研究。研究得出以下结论：（1）股票市场对环
境信息披露的反应较为敏感，主动和被动环境信息披露均与股票流动
性呈显著正相关；（2）企业较好的主动环境信息披露水平往往会增
强投资者信心；（3）被动环境信息披露不会影响投资者信心，且投
资者信心并不能在被动信息披露与股票流动性之间起到中介作用。相
关建议是：一方面政府部门应该鼓励企业进行环境信息披露并完善管
制，另一方面企业也应主动披露环境信息以提振投资者信心，增强股
票流动性。此外，评级机构应该向投资者公开评级结果，拓宽企业被
动环境信息的获取途径，减少信息不对称。
关键词：环境信息披露；股票流动性；投资者信心；中介效应
I

硕士学位论文
ABSTRACT
As an important support for the relationship between the environment and the
market, corporate environmental information disclosure has gradually attracted the
attention of regulatory agencies, corporate investors and the public. In July 2021, the
national carbon emission rights trading was officially launched at the Shanghai
Environment and Energy Exchange, and the state's use of market means to solve
environmental problems entered the practical stage. At present, environmental
information disclosure is not only a basic requirement for the development of green
finance, but also a social responsibility that must be fulfilled when climate issues are
prominent. Active environmental information disclosure by enterprises and passive
disclosure of corporate environmental information by rating agencies can effectively
improve the market information environment and reduce information asymmetry. This
article aims to study whether investors with different environments to disclose
information will change their investment behavior through the intermediary effect of
investor confidence, thereby affecting the flow of stocks. The research in this paper is
of great significance to our country's attempts to use market means to solve
environmental problems and to explore the relationship between environmental
information disclosure and the market.
This article expounds the internal linkage mechanism of environmental
information disclosure, stock liquidity, and investor confidence. It selects 349 heavily
polluting companies as the research objects. From the perspective of active and
passive information disclosure, investor confidence is used as an intermediary
variable to establish Conduct empirical research on the mediation effect model. This
article draws the following conclusions: (1) The stock market is more sensitive to
environmental information disclosure, and both active and passive environmental
information disclosure are significantly positively correlated with stock liquidity; (2)
Companies have active environmental information disclosure, which tends to increase
investment (3) Passive environmental information disclosure will not affect investor
II

confidence, and investor confidence cannot play an intermediary role between passive
information disclosure and stock liquidity. Related recommendations are: On the one
hand,
government
departments
should encourage
companies
to disclose
environmental information and formulate disclosure content; on the other hand,
companies should also actively disclose environmental information to boost investor
confidence and enhance stock liquidity. In addition, rating agencies should disclose
the results of ratings to investors, broaden the channels for companies to obtain
passive environmental information, and reduce information asymmetry.
Keywords: Environmental information disclosure； stock liquidity； investor
confidence；intermediary effect
III
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