文澜金融论坛（第370期）

摘要：

Pricing firms’ environmental risk is central to ensuring that capital is efficiently allocated in the presence of environmental externalities. We examine whether heightened salience of pollution information affects analysts’ beliefs and valuations. Using China’s staggered monitoring rollout, we find that treated-city analysts become more likely to discuss air pollution than untreated-city analysts covering the same firms, despite identical data access. Following treatment, analysts become more pessimistic on brown firms (lower forecasts, target prices, ratings, and more negative tones) and opposite for green firms. Stock prices respond negatively to treated analysts’ reports on brown firms and positively on green firms, with no reversal later. Earnings announcements generate smaller abnormal returns, suggesting improved pricing rather than behavioral biases. Our findings suggest that ambient environmental monitoring can serve as a powerful policy tool for incorporating environmental risk into asset prices by increasing the salience of such risk.

主讲人介绍：

张鹏东，中山大学管理学院副教授、博士生导师，中国注册会计师、特许金融分析师，主要研究方向为公司金融、信息披露与审计等。他的论文发表在Journal of Accounting and Economics、Journal of Economic Behavior & Organization、Journal of Corporate Finance、Journal of Business Finance & Accounting、The British Accounting Review、《经济研究》、《会计研究》、《金融研究》、《中国工业经济》、《管理科学学报》等国内外权威刊物，主持国家自然科学基金项目面上项目、国家自然科学基金青年项目、广东省自然科学基金面上项目、广东省哲学社会科学规划项目等多项课题。Journal of Accounting and Economics、Contemporary Accounting Research、Research Policy等期刊的匿名审稿人。