市场化进程、债务融资与环境信息披露质量研究

发布时间：2019-06-18 09:58

【摘要】：当前，全社会大力提倡低碳经济与可持续发展，推行节能减排措施。如何有效抑制企业的环境污染行为，敦促企业自觉加大环境保护力度，自愿披露环境信息成为政府工作的主要任务之一。利用银行贷款督促企业披露环境信息，，是政府推进环境信息公开采取的一项措施。这项政策的实施效果如何成为政府和公众的关注热点。因此,本文对债务融资与环境信息披露质量进行研究具有现实意义,不仅可以检验这项政策的执行情况，也可以为政策的改进提供经验证据。为提高研究效果的可靠性，本文对各上市公司所在区域的市场化程度进行划分，研究不同市场化水平下债务融资与环境信息披露质量的关系，旨在探究现行的政策是否得到有效的贯彻落实。本文首先对国内外研究现状进行回顾，指出研究中存在的不足，在总结前人研究的基础上，提出本文的研究重点与思路。其次，本文从可持续发展理论、外部经济性理论、信息不对称理论三方面阐述环境信息披露的理论动机。最后，本文构建环境信息披露质量的评价体系，以2010-2012年石化塑胶行业上市公司为样本，采用多元线性回归的方法分析不同市场化进程地区债务融资与环境信息披露质量相关性的差异。本文的研究发现我国石化塑胶行业总体披露水平参差不齐，披露内容缺乏规范性与统一性；各地区市场化发展不平衡；资产负债率、银行借款比例、长期借款比例均与环境信息披露质量正相关，并且这种相关性在高市场化地区比低市场化地区更显著；商业信用比例与环境信息质量的负相关关系在低市场化地区比高市场化地区更明显，但在全样本中不存在明显的负相关关系；短期借款比例与环境信息披露质量不存在显著的负相关关系。因此，本文建议大力推进环境信息报告的编制，加快落后地区市场化进程的建设，缩小各地区市场化水平差异，继续推行信贷推动环境信息披露的政策以督促企业自愿披露环境信息，提高环境保护意识。
[Abstract]:At present, the whole society vigorously advocates low-carbon economy and sustainable development, and promotes energy saving and emission reduction measures. How to effectively restrain the environmental pollution behavior of enterprises, urge enterprises to consciously increase environmental protection, voluntary disclosure of environmental information has become one of the main tasks of government work. It is a measure taken by the government to promote the disclosure of environmental information by using bank loans to supervise enterprises to disclose environmental information. How to implement this policy has become the focus of attention of the government and the public. Therefore, it is of practical significance to study the quality of debt financing and environmental information disclosure, which can not only test the implementation of this policy, but also provide empirical evidence for the improvement of the policy. In order to improve the reliability of the research effect, this paper divides the marketization degree of each listed company's region, studies the relationship between debt financing and the quality of environmental information disclosure under different marketization levels, in order to explore whether the current policy has been effectively implemented. Firstly, this paper reviews the research status at home and abroad, points out the shortcomings of the research, and on the basis of summing up the previous studies, puts forward the research focus and ideas of this paper. Secondly, this paper expounds the theoretical motivation of environmental information disclosure from three aspects: sustainable development theory, external economy theory and information asymmetry theory. Finally, this paper constructs an evaluation system of environmental information disclosure quality, taking listed companies in petrochemical plastic industry from 2010 to 2012 as samples, using multiple linear regression method to analyze the correlation between debt financing and environmental information disclosure quality in different marketization processes. In this paper, it is found that the overall disclosure level of petrochemical plastic industry in China is uneven, and the disclosure content is lack of standardization and unity; the development of marketization in various regions is unbalanced; asset-liability ratio, bank loan ratio and long-term loan ratio are positively correlated with the quality of environmental information disclosure, and this correlation is more significant in high market-oriented areas than in low-market areas. The negative correlation between commercial credit ratio and environmental information quality is more obvious in low market-oriented areas than in high market-oriented areas, but there is no obvious negative correlation between short-term loan ratio and environmental information disclosure quality, but there is no significant negative correlation between short-term loan ratio and environmental information disclosure quality. Therefore, this paper suggests that we should vigorously promote the compilation of environmental information reports, speed up the construction of marketization process in backward areas, narrow the differences in marketization level in different regions, and continue to carry out the policy of credit promoting environmental information disclosure in order to urge enterprises to voluntarily disclose environmental information and improve the awareness of environmental protection.
【学位授予单位】：南华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F406.7;X196

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