含硫原油特性及数据管理系统研究-usaee.ppt

Impact of Environmental Policies on the Stock Prices of Energy Companies Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing Outline Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing Introduction Hypothesis Data Methodology Empirical results Conclusions In traditional corporate management, less attention has been paid to the environmental performance of firms because of profit maximization. Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing However, stricter environmental policies and a growing concern from consumers have triggered a change from a simple corporate management to an environmentally conscious one. Introduction Introduction Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing Environmental Policies the Stock Prices of Energy Companies Affect? Not Affect? The reaction of Capital Market and Energy Companies Hypothesis Generally，environmental control policies have negative impact on stock price of listed energy companies in the short term. Because, when dealing with environmental policies, companies have to pay extra money on them, and the corporate earnings are reduced (Yanying Chen, 2009). Samiah (2013) has the idea that environmental control policies will increase company cost. Hypothesis 1: Environmental control policies have negative impact on stock price of listed energy companies in the short term. Developed by: ? Ye Fan, School of Business Administration, China University of Petroleum, Beijing Hypothesis In China, traditional energy industries are mainly thermal power generation, coal and oil gas, they also play important parts in listed energy companies. Coal companies can adjust the selling price according to the market. However, companies of thermal power generation and oil gas are limited. Hypothesis 2: In the short term, environmental policie