公司治理、环境信息披露与债务融资关系研究

发布时间：2018-05-11 17:26

本文选题：公司治理 + 环境信息披露　；参考：《青岛大学》2016年硕士论文

【摘要】：改革开放以来,我国GDP总量迅猛增长,经济发展速度较快,重污染行业企业为经济增长贡献巨大,同时也对生态环境造成了严重的破坏。环境问题已成为关乎我国经济发展和国计民生的重大问题,为了督促和鼓励重污染企业节能降耗,2007年,原国家环保总局、中国人民银行、银监会三大部门联合颁布“绿色信贷”政策,首次将环保情况作为信贷审批的重要条件,旨在从信贷融资方面遏制重污染行业的盲目扩张,督促企业自觉主动进行环境信息的披露。由于我国环境信息披露法规较不完善,仅依赖外部监管还不足以使企业主动披露高质量的环境信息。作为内部机制,有效的公司治理可以为环境信息披露提供保障,使得企业内设部门积极履行职责,在外部法律制度较不完善的情况下,从企业内部约束机制保证环境信息及时、完整、可靠地披露。因此,在“绿色信贷”政策背景下,研究公司治理、环境信息披露以及债务融资三者的关系具有重大理论和现实意义。本文选取2012-2014年沪深两市重污染行业A股上市公司为样本,对公司治理、环境信息披露、债务融资三者的相关性进行研究。通过分析宏观经济发展与政策背景,回顾国内外学者对环境信息披露的研究成果,以及梳理公司治理、债务融资相关理论,发现研究的切入点,并提出假设。在实证研究过程中,参考我国环保部2010年出台的《上市公司环境信息披露指南》中要求重污染行业上市公司应当披露的环境信息,结合我国上市公司环境信息披露现状,通过内容分析法建立EDI环境信息披露指数体系,对上市公司年报、社会责任报告、环境报告中的环境信息进行手工收集并打分,得出环境信息披露指数。然后对样本进行描述性统计、相关性研究、多元回归分析以及稳健性检验,研究发现:(1)在公司治理方面,良好的公司治理结构对环境信息披露水平有显著正向影响。(2)在债务融资方面,环境信息披露水平与债务融资成本呈显著负相关关系,与债务融资率呈显著正相关关系。(3)良好的公司治理加强了环境信息披露水平与债务融资的相关性关系。最后,结合实证结果,本文建议上市公司建立完善的公司治理结构和现代企业制度,监管机构加强环境信息披露法律法规的建设,建立环境审计制度,银行加大信贷环节对环境风险的审查力度,多方共同努力,促使企业提高环保意识,自愿披露高质量的环境信息,互利共赢,实现可持续发展。
[Abstract]:Since the reform and opening up, the total amount of GDP in China has increased rapidly, and the economic development has been rapid. The enterprises in heavy pollution industry have made a great contribution to the economic growth, and have also caused serious damage to the ecological environment. In order to urge and encourage heavy polluting enterprises to save energy and reduce consumption, in 2007, the former State Environmental Protection Administration, the people's Bank of China, The three major departments of the CBRC jointly promulgated the "Green Credit" policy, making environmental protection an important condition for credit approval for the first time in order to curb the blind expansion of heavily polluted industries in terms of credit financing. Urge enterprises to voluntarily disclose environmental information. Due to the imperfection of environmental information disclosure regulations in China, relying on external supervision is not enough to make enterprises actively disclose high-quality environmental information. As an internal mechanism, effective corporate governance can provide protection for the disclosure of environmental information, make the internal departments of the enterprise perform their duties actively, and ensure the timely environmental information from the internal restraint mechanism of the enterprise when the external legal system is not perfect. Complete and reliable disclosure. Therefore, under the background of "green credit" policy, it is of great theoretical and practical significance to study the relationship among corporate governance, environmental information disclosure and debt financing. This paper studies the correlation among corporate governance, environmental information disclosure and debt financing of A-share listed companies in heavy pollution industries in Shanghai and Shenzhen stock markets from 2012 to 2014. Through the analysis of macroeconomic development and policy background, this paper reviews the research achievements of domestic and foreign scholars on environmental information disclosure, combs the related theories of corporate governance and debt financing, finds out the breakthrough point of the research, and puts forward some hypotheses. In the process of empirical research, referring to the environmental information disclosure guidelines of listed companies issued by the Ministry of Environmental Protection in 2010, the environmental information should be disclosed by listed companies in heavy pollution industries, and combined with the current situation of environmental information disclosure of listed companies in China. The environmental information disclosure index system of EDI is established by content analysis method, and the environmental information in the annual report, social responsibility report and environmental report of listed company are collected and graded manually, and the environmental information disclosure index is obtained. Then, descriptive statistics, correlation study, multiple regression analysis and robustness test were carried out on the sample. The study found that: 1) in corporate governance, Good corporate governance structure has a significant positive impact on the level of environmental information disclosure. (2) in terms of debt financing, the level of environmental information disclosure has a significant negative correlation with debt financing costs. Good corporate governance strengthens the correlation between the level of environmental information disclosure and debt financing. Finally, combined with the empirical results, this paper suggests that listed companies should establish perfect corporate governance structure and modern enterprise system, and regulators should strengthen the construction of environmental information disclosure laws and regulations, and establish an environmental audit system. The bank strengthens the credit link to the environmental risk examination dynamics, the multi-party joint effort, impels the enterprise to raise the environmental protection consciousness, voluntarily discloses the high quality environmental information, mutually benefits win-win, realizes the sustainable development.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.4

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