碳会计信息披露与资本成本关系研究

发布时间：2018-03-23 14:51

本文选题：碳会计信息披露　切入点：资本成本　出处：《北京交通大学》2014年硕士论文

【摘要】：低碳经济之下,投资者越来越关注企业的碳排放情况,碳会计信息或许正成为影响投资决策及资本成本的因素之一。本文在回顾国内外有关文献的基础之上,选取我国“十二五”节能减排规划中所涉及到的如火电、钢铁、水泥、玻璃、陶瓷、石油石化、交通运输等行业,以这些行业中的2011年的符合条件的323家A股上市公司为代表作为研究样本,首先对碳会计信息披露指数及其他变量进行了描述性统计分析,对数据进行基本了解。其次对各个变量之间的相关性进行了检验,得出初步结论。最后采用多元回归的方法对碳会计信息披露和资本成本的关系进行了检验。实证结果发现：目前我国上市公司的碳会计信息披露水平普遍偏低,未来有较大的提升空间；公司规模及公司负债是碳会计信息披露的重要影响因素,与其显著正相关；碳会计信息披露水平与资本成本负相关,说明企业可以通过披露碳会计信息降低资本成本,而连接两者关系的纽带为投资者投资股票的流动性风险,即碳会计信息披露可以降低股票流动性风险,根据风险收益对等原则,资本成本随之降低。研究结果还表明,预测风险并非碳会计信息披露与资本成本关系的纽带；科研投入与资本成本显著负相关等。在实证研究基础上,本文最后就研究结论从企业、政府、投资者的视角分别提出相应的建议,以期对提高我国企业碳会计信息披露水平、发展低碳经济有所帮助。
[Abstract]:Under the low carbon economy, investors are paying more and more attention to the carbon emission of enterprises. Carbon accounting information may be one of the factors influencing investment decision and capital cost. Select industries such as thermal power, iron and steel, cement, glass, ceramics, petroleum and petrochemical, transportation and so on, which are involved in the 12th Five-Year Plan of Energy Saving and Emission reduction in China. Based on 323 A-share listed companies in these industries in 2011, as the research sample, the paper firstly analyzes the carbon accounting information disclosure index and other variables. The basic understanding of the data. Secondly, the correlation between the various variables were tested, Finally, the relationship between carbon accounting information disclosure and capital cost is tested by the method of multiple regression. The empirical results show that the level of carbon accounting information disclosure of listed companies in China is generally low at present. There is great room for improvement in the future; the company size and company debt are the important influencing factors of carbon accounting information disclosure, and the level of carbon accounting information disclosure is negatively related to the capital cost, and the carbon accounting information disclosure level is negatively related to the cost of capital. It shows that enterprises can reduce the cost of capital through the disclosure of carbon accounting information, and the link between the two is the liquidity risk of investors investing in stocks, that is, the disclosure of carbon accounting information can reduce the liquidity risk of stocks. According to the principle of risk-return equivalence, the cost of capital decreases. The results also show that predicting risk is not the link between carbon accounting information disclosure and capital cost, and that scientific research investment is negatively correlated with capital cost. At the end of this paper, some suggestions are put forward from the perspective of enterprise, government and investor in order to improve the level of carbon accounting information disclosure and develop low carbon economy in Chinese enterprises.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F205;F233

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