基地研究员吴震星副教授的论文“Green Factory Certification, information asymmetry, and stock liquidity”在重要学术期刊Finance Research Letters发表。

摘要：This paper investigates the causal effect of China’s Green Factory Certification (GFC) on firm stock liquidity. Using data from Chinese listed firms from 2011 to 2023, we treat GFC as a quasi-experiment and apply a staggered difference-in-differences specification to establish the causality. We find that firms receiving GFC experience significant improvements in stock liquidity compared to those uncertified. Mechanism analyses reveal that increased attention and enhanced financial information precision jointly reduce asymmetric information, thereby facilitating better liquidity. In addition, we find that the effects are more pronounced among non-state-owned enterprises, heavily polluting industries, and firms located in regions with weaker environmental regulations. Our findings highlight the potential of sustainability programs led by governments to improve financial market performance.

关键词：Green factory certification; Stock liquidity; Information asymmetry; Attention; Financial transparency

论文链接：https://doi.org/10.1016/j.frl.2025.107816

教师简介

吴震星，中南财经政法大学金融学院年薪制副教授，数字技术与现代金融学科创新引智基地研究员。研究领域包含市场微观结构理论在国际金融，资产定价与公司金融议题上的应用。研究成果发表于Journal of International Money and Finance, Journal of Corporate Finance等国际期刊。