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博碩士論文 etd-0608124-182058 詳細資訊
Title page for etd-0608124-182058
論文名稱
Title
空氣品質對股價崩盤的影響-以中國為例
The Impact of Air Quality on Stock Price Crash Risk -A Study on China
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
46
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2024-06-17
繳交日期
Date of Submission
2024-07-08
關鍵字
Keywords
空氣污染、股價崩盤風險、投資行為偏誤、新興市場、煤炭消耗
Air pollution, Emerging market, Stock price crash risk, Investor behavioral bias, Coal consumption
統計
Statistics
本論文已被瀏覽 140 次,被下載 0
The thesis/dissertation has been browsed 140 times, has been downloaded 0 times.
中文摘要
本研究針對空氣污染對於投資人行為導致股價崩盤的影響進行分析與探討。而中國近年來正在歷經迅速工業化及都市化的過程。通過分析空氣質量、股市崩盤和投資人情緒的相關數據,本研究旨在提供環境因素與金融市場之間關係的見解。
根據本研究結果顯示,中國北方地區的空氣污染平均水平,顯著高於中國南方地區,其中煤炭的消耗在北方較為嚴重並對於加劇污染方面扮演頗具重要的角色,且證實北方地區公司對於股市崩盤影響較顯著。研究證實了空氣污染較高與股市崩盤風險增加之間存在關聯性,其突顯了在金融決策中考慮環境因素的重要性。
此研究也針對其中的限制提出建議與見解。以供未來研究者於數據收集範圍和分析方法上進行改進,例如擴大樣本範圍,或使用更為精確的分析方法,以此提高研究結果的普遍性及可靠性。此外,本研究給予未來研究者及投資人重要參考的依據,即為投資決策的過程中,需綜合考量環境因素,特別是空氣汙染對市場風險的潛在影響。
Abstract
This research investigates the impact of air pollution on human health and investor behavior in China, a country experiencing rapid industrialization and urbanization. By analyzing data on air quality, stock market crashes, and investor sentiment, the research aims to provide insights into the relationship between environmental factors and financial markets. The findings reveal that regions in northern China exhibit higher levels of air pollution compared to southern regions, with coal consumption playing a significant role in exacerbating pollution levels. This study confirms the hypothesis that higher air pollution is associated with an increasing risk of stock market crashes, highlighting the importance of considering environmental factors in financial decision-making.
目次 Table of Contents
Table of Contents

Thesis/Dissertation Validation Letter i
Abstract (中文摘要) ii
Abstract (English) iii
Chapter 1 Background and Hypothesis 1
1.1 Research Background and Motivation 1
1.2 Literature review and hypothesis 4
Chapter 2 Data 10
2.1 Data Selection 10
2.2 Core Variables 11
2.2.1 Independent Variables (explanatory variables) 11
2.2.2 Dependent Variables (response variables) 12
2.2.3 Controlled Variables (extraneous variables) 14
Chapter 3 Experimental Findings 16
3.1 Summary Statistics 16
3.2 AQI and Stock Price Crash Risk 18
3.2.1 Baseline Regression 18
3.2.2 AQI Classified 21
3.2.3 Important Factors in the Context of China 22
Chapter 4 Robustness Tests 27
4.1 Two Stage Regression 27
4.2 Alternative Model 29
Chapter 5 Conclusion 31
Reference 34
Appendix 1 39

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