企业环境信息披露对权益成本的影响研究——基于火电行业上市公司的经验证据

发布时间：2018-03-12 21:55

本文选题：火电行业　切入点：环境信息披露　出处：《西南师范大学学报(自然科学版)》2017年05期 　论文类型：期刊论文

【摘要】：近几年来,我国环境污染事件频频发生,雾霾越来越严重,环境保护迫在眉睫.作为重污染行业的火电行业所承担的环境信息披露责任成为人们关注的焦点.选择火电行业上市公司为研究样本,运用内容分析方法衡量企业环境信息披露水平,从企业权益资本成本约束的角度,实证研究了上市公司的环境信息披露与权益资本成本之间的关系.研究发现:火电类上市公司环境信息披露水平显著影响权益融资成本,两者之间呈显著的负相关关系;虽然火电类上市公司环境信息披露水平呈逐年上升的趋势,但是仍然处于低水平的状态;在环境污染日益严峻的形势下,上市公司正从被动适应环境管制向主动进行环保管理转变.
[Abstract]:In recent years, environmental pollution incidents have occurred frequently in China, and haze is becoming more and more serious. Environmental protection is imminent. The responsibility of environmental information disclosure in thermal power industry, which is a heavy pollution industry, has become the focus of attention. Using the method of content analysis to measure the level of environmental information disclosure, from the angle of the cost constraint of enterprise equity capital, The relationship between environmental information disclosure and equity capital cost of listed companies is studied empirically. It is found that the level of environmental information disclosure of listed thermal power companies significantly affects the cost of equity financing, and there is a significant negative correlation between them; Although the level of environmental information disclosure of listed thermal power companies is rising year by year, it is still in a low level. Listed companies are changing from passive adaptation to environmental control to active environmental management.
【作者单位】：西南大学财务处;
【基金】：重庆市社会科学规划项目(2016QNGL64)
【分类号】：F406.7;F426.61

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