环境绩效信息披露对融资约束的影响研究

发布时间：2018-02-28 22:30

本文关键词： 环境绩效信息披露融资约束　出处：《哈尔滨工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：融资约束的产生，究其根源，是由于资本市场的不完善，即资本市场的非完全有效所导致的内部资金和外部资金的融资成本差异。融资约束的存在不只严重的干扰了资本市场资源的有序配置，且面临这一处境的企业自身快速发展也将受限。在当今环境问题日益受到关注的大背景下，环境绩效信息披露越来越被理论界和实务界所看重。同时，环境绩效信息披露作为区别于会计信息披露的另一种信息披露内容，它对上市公司面临的融资约束的影响却没有得到足够的研究。本研究选取了2008至2011年度，上海证券交易所的104家上市公司作为研究样本，实证研究了环境绩效信息披露对于上市公司融资约束的影响。具体来说，使用规范研究的方法，阐述以信息不对称为理论基础，以受托责任理论和利益相关者理论为依托的体系结构，，从理论上分析了环境绩效信息披露对融资约束的影响；在实证分析中，分别运用Whited Wu指数和Size Age指数作为衡量融资约束的代理变量，并区分重污染行业和非重污染行业、高低融资约束组别分别验证环境绩效信息披露对于上市公司融资约束的影响。本研究发现环境绩效信息披露与上市公司融资约束之间为显著的负相关关系，且环境绩效信息披露对于非重污染行业上市公司及高融资约束组别上市公司融资约束的影响更为显著。进行环境绩效信息披露对融资约束影响的讨论，不仅能缓解上市公司面临的融资约束问题，还能促进上市公司环境绩效信息披露行为，避免信息不对称可能造成的不良影响，助力环保企业价值提升。
[Abstract]:The source of financing constraint is the imperfection of capital market. That is, the difference of financing cost between internal and external funds caused by the incomplete efficiency of capital market. The existence of financing constraints not only seriously interferes with the orderly allocation of capital market resources. And the rapid development of enterprises facing this situation will also be limited. In the background of environmental problems being paid more and more attention to, environmental performance information disclosure has been paid more and more attention by the theorists and practitioners. At the same time, The environmental performance information disclosure is another kind of information disclosure content which is different from the accounting information disclosure. However, its influence on the financing constraints faced by listed companies has not been fully studied. From 2008 to 2011, 104 listed companies in Shanghai Stock Exchange were selected as the research samples to empirically study the impact of environmental performance information disclosure on the financing constraints of listed companies. On the basis of asymmetric information, based on the theory of fiduciary responsibility and stakeholder theory, the paper theoretically analyzes the influence of environmental performance information disclosure on financing constraints. Whited Wu index and Size Age index are used as proxy variables to measure the financing constraints, and the heavy pollution industries and non-heavy pollution industries are distinguished. The high and low financing constraint groups verify the impact of environmental performance information disclosure on the financing constraints of listed companies. This study finds that there is a significant negative correlation between the disclosure of environmental performance information and the financing constraints of listed companies. The impact of environmental performance information disclosure on financing constraints of listed companies in non-heavily polluting industries and groups with high financing constraints is more significant. The impact of environmental performance information disclosure on financing constraints is discussed. It can not only alleviate the financing constraints faced by listed companies, but also promote the disclosure of environmental performance information of listed companies, avoid the adverse effects of asymmetric information, and promote the value of environmental protection enterprises.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275;X322

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