安徽工程大学学报2025，Vol.40Issue(1)：80-86,7.
中央环保督察的信息效应:来自分析师盈余预测的证据
Information Effect of the Central Environmental Protection Inspection:Evidence from Analyst Earnings Forecasts
摘要
Abstract
Unlike previous studies,this paper discusses the capital market information effect of the central environmental protection inspection system by using the multi-phase difference-in-differences model based on the perspective of analyst earnings forecast.Empirical research found that after the first round of central environmental inspection,securities analysts revised the earnings forecast of heavy polluting enterprises upward,supporting the innovative compensation effect of environmental regulation is greater than the cost effect.The mechanism inspection shows that the first round of central environmental inspection mainly affects the analyst's earnings forecast by improving the performance of enterprises and reducing the operating risk and other company fundamentals.It is further found that when the cost of compliance is low,the analysts to revise the surplus forecast of heavy polluting enterprises more,after the central environmental inspection action and on the surplus forecast error of heavy polluting enterprises is significantly reduced,proving that the central environmental inspection for the capital market brings incremental information.关键词
中央环保督察/分析师盈余预测/信息效应/环境规制Key words
central environmental protection inspection/analyst earnings forecast/information effect/environmental regulation分类
管理科学引用本文复制引用
杨晓艺,李刚..中央环保督察的信息效应:来自分析师盈余预测的证据[J].安徽工程大学学报,2025,40(1):80-86,7.基金项目
国家自然科学基金项目(71862030) （71862030）
