环保核查下环境信息披露质量与股权融资成本的相关性分析

发布时间：2018-01-08 07:29

本文关键词：环保核查下环境信息披露质量与股权融资成本的相关性分析　出处：《青岛大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着环境问题的日益凸显,政府、企业及社会公众越来越重视环境防治与生态保护。企业环境信息披露是政府及社会公众了解企业环境情况的重要途径,也是激励或强制企业正确处理好环境与财务管理关系的方法之一。近年来国家相关部门发布了一系列规范公司环境信息披露的制度,其中2008至2014年实施的《关于加强上市公司环境保护监督管理工作的指导意见》要求对重污染行业的公司申请首发上市或再融资时,必须进行环保核查。投资者也越来越关注公司环境信息披露情况,以减少自身投资风险,优化投资质量。因此,我国上市公司,特别是重污染行业上市公司,需要规范自身环境行为,及时披露自身环境表现和环境风险信息。本文以2013至2014年我国深市A股重污染行业上市公司为研究对象,利用内容分析法和熵权理论对环境信息披露质量进行计量,利用OJN模型和PEG模型对股权融资成本进行计量,并运用多元线性回归模型,分别对环境信息披露与股权融资成本的关系、IPO或股权再融资对两者的调节作用进行了实证分析。研究发现,样本公司上年度环境信息披露质量能显著降低本年度的股权融资成本;受环保核查政策影响的企业环境信息披露质量与股权融资成本之间的负相关关系更显著。研究结果表明,我国资本市场的投资者已经通过公司环境报告中披露的环境信息关注公司的环境表现及环境风险;资本市场可以调节公司环境行为与投资行为的关系,降低环境信息披露质量较好公司的股权融资成本;政府有关部门制定的相关政策及监督作用,可以增强环境报告的可靠性,增强投资者对公司发布的环境报告的信任度,调节环境信息披露质量与股权融资成本之间的关系。
[Abstract]:With the increasingly prominent environmental problems, the government, enterprises and the public pay more and more attention to environmental prevention and ecological protection. The disclosure of enterprise environmental information is an important way for the government and the public to understand the environmental situation of enterprises. It is also one of the ways to encourage or force enterprises to deal with the relationship between environment and financial management correctly. In recent years, the relevant departments of the state have issued a series of regulations to regulate the disclosure of corporate environmental information. The guidance on strengthening the supervision and management of environmental protection of listed companies implemented from 2008 to 2014 requires companies in heavy pollution industries to apply for IPO or refinancing. Environmental protection verification must be carried out. Investors also pay more and more attention to the disclosure of corporate environmental information in order to reduce their own investment risk and optimize the investment quality. Therefore, China's listed companies, especially the heavy pollution industry listed companies. Need to regulate their own environmental behavior, timely disclosure of their own environmental performance and environmental risk information. The content analysis method and entropy weight theory are used to measure the quality of environmental information disclosure, the OJN model and PEG model are used to measure the cost of equity financing, and the multiple linear regression model is used. The relationship between environmental information disclosure and the cost of equity financing is analyzed empirically, and the effect of IPO or equity refinancing on them is analyzed. The quality of environmental information disclosure of sample companies in last year can significantly reduce the cost of equity financing in this year; The negative correlation between the quality of environmental information disclosure and the cost of equity financing is more significant. Investors in China's capital market have paid close attention to the environmental performance and risk of the company through the environmental information disclosed in the company environmental report. Capital market can regulate the relationship between environmental behavior and investment behavior and reduce the cost of equity financing of companies with better quality of environmental information disclosure. The relevant policies and supervision functions of the relevant government departments can enhance the reliability of environmental reports and enhance the confidence of investors in the environmental reports issued by companies. Adjust the relationship between the quality of environmental information disclosure and the cost of equity financing.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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