环境信息披露质量对绿色债券融资成本的影响研究

发布时间：2018-01-20 15:44

本文关键词： 绿色债券融资成本环境信息披露投资者预期风险　出处：《哈尔滨工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着国内外企业和投资者对于环境问题的重视程度与日俱增,目前备受推崇的环境、社会和公司治理准则在辅助投资者进行投资决策时发挥越来越重要的作用。国内外相关学者的研究已表明企业环境信息披露水平与企业进行债券融资的成本存在关联,流动性偏好理论和风险溢价理论也从侧面支持了这一观点。环境信息披露作为企业年度信息披露的重要部分之一,随着中国向低碳经济转型,企业环境保护方面政策和方针不断受到投资者的青睐,在关于投资决策方面施展越来越重要的作用。本文在相关研究的基础上,考查了不同类别的环境信息披露水平分别对企业绿色债券融资成本的影响,并从债券流动性和投资者风险预期两个角度考查了环境信息披露是通过何种路径影响企业绿色债券融资成本的。首先,本文在理论层面分析了企业环境信息披露和绿色债券融资成本的概念、内外部动因、制度背景和路径机理分析。根据投资者流动性偏好理论和风险溢价理论,在理论层面上分析了企业环境信息披露对债券融资成本的路径影响。其次,本文以沪深A债券市场302组绿色债券作为研究样本,根据2015年年度报告数据进行统计,并结合国内外学者的研究和相关理论支持,使用内容分析法构建环境信息披露指数EDI,并且使用信用利差模型估算债券融资成本,在以企业规模、资产负债率和行业属性等三个变量作为控制变量的基础上,实证分析了企业绿色债券融资成本和环境信息披露水平之间的关系。最后,本文在得出了上述相关关系的基础上,进一步研究变量间的路径分析,使用债券期限作为债券流动性的衡量指标;预期收益率作为投资者风险预期的衡量指标,并且在控制了债券信用评级和债券发行规模的基础上,使用中介效应检验法,以债券流动性和投资者预期风险作为中介变量,分别从上述两个角度研究环境信息披露水平是否是通过上述两个中介变量对企业绿色债券融资的成本产生影响的。最后,通过本文的研究发现,企业环境信息披露程度与企业绿色债券的融资成本显著负相关,且主要是通过债券流动性和投资者风险预期削减的企业融资成本。
[Abstract]:As domestic and foreign enterprises and investors pay more and more attention to environmental issues, the environment is now highly respected. Social and corporate governance guidelines play an increasingly important role in assisting investors in making investment decisions. Studies by domestic and foreign scholars have shown that the level of corporate environmental information disclosure and the cost of corporate bond financing exist. Connection. Liquidity preference theory and risk premium theory also support this view. Environmental information disclosure as an important part of the annual information disclosure of enterprises, with the transition to a low-carbon economy in China. Enterprise environmental protection policies and guidelines have been favored by investors and play an increasingly important role in investment decision-making. This paper is based on the relevant research. This paper examines the impact of different environmental information disclosure levels on corporate green bond financing costs. And from the perspective of bond liquidity and investor risk expectations, this paper examines the path through which environmental information disclosure affects corporate green bond financing costs. First of all. This paper analyzes the concept of corporate environmental information disclosure and green bond financing cost, internal and external causes, institutional background and path mechanism analysis, based on investor liquidity preference theory and risk premium theory. On the theoretical level, this paper analyzes the impact of corporate environmental information disclosure on bond financing costs. Secondly, this paper takes 302 groups of green bonds in Shanghai and Shenzhen A bond market as research samples. According to the 2015 annual report data, combined with the domestic and foreign scholars' research and related theory support, the content analysis method is used to construct the environmental information disclosure index (EDI). And use credit spread model to estimate bond financing cost, on the basis of enterprise size, asset-liability ratio and industry attributes as control variables. Empirical analysis of the relationship between corporate green bond financing costs and environmental information disclosure level. Finally, this paper further studies the path analysis between variables on the basis of the above correlation. Using bond maturity as a measure of bond liquidity; The expected rate of return is used as a measure of investors' risk expectation, and on the basis of controlling the credit rating of bonds and the size of bond issuance, the intermediary effect test method is used. Taking bond liquidity and investors' expected risk as intermediary variables. Respectively from the above two angles to study whether the level of environmental information disclosure is through the above two intermediary variables on the corporate green bond financing costs. Finally, through the study of this paper found. The degree of corporate environmental information disclosure is negatively related to the financing cost of corporate green bonds, and is mainly reduced by bond liquidity and investor risk expectations.
【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】：2017
【分类号】：F275;F832.51;X196

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