上市公司环境信息披露水平与债务融资相关性研究

发布时间：2018-02-26 23:12

本文关键词： 环境会计环境信息披露债务融资　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：全球经济不断发展,伴随而来的是环境污染日益严重,生态环境不断恶化,已经对人类赖以生存的社会环境造成巨大影响,对整个社会的可持续发展造成阻碍。企业作为社会经济发展中非常重要的组成部分,为社会创造了大量财富,但同时也带来了环境污染。世界的环保机构、各国政府都在倡导低碳经济,以此作为社会经济的发展模式,打破资源环境的制约,发展清洁能源,实现经济发展与生态环境的和谐统一。企业作为环境污染的主要制造者,对保护环境有着义不容辞的责任。环境会计通过对企业生产经营活动与环境有关的行为进行确认和计量,反应了企业的环境行为,既有助于企业对自身的环境活动作出评估又有利于外部投资人决策。企业的环境信息披露已逐渐成为利益相关者对企业环境活动评估的主要渠道,而企业为了自身经营发展筹集资金所付出的融资成本又影响企业的经济效益。根据优序融资理论,债务融资是企业偏好的第二种融资方式,仅此于内部融资。在我国的资本市场中,银行等金融机构是企业融资的主要平台。企业的环境信息披露水平是否与债务融资存在相关性?如果企业能够通过提高环境信息披露水平获得较低的债务融资成本,那么将会推动企业披露环境信息的积极性。在2007年我国政府出台“绿色信贷”、“绿色保险”和“绿色证券”三项绿色经济政策的背景下,本文选取我国2011-2012年沪市重污染行业A股上市公司为研究样本,研究上市公司环境信息披露水平与债务融资的相关性。结合我国当前的宏观经济制度对研究背景和意义做出分析,并梳理文章结构。然后分别对环境信息披露、债务融资、信息披露对债务融资影响这三部分进行了文献的阅读、梳理和总结。通过回顾国内外学者的研究状况,可以看出,由于起步较早以及对环境问题重视程度较高,国外在理论和实证研究方面都要领先于我国。国内研究学者更多的是通过借鉴国外已有的理论模型,结合我国上市公司具体情况进行实证研究。另外,由于环境会计作为传统会计学的一门分支,近年来才逐步受到研究学者的关注,对于环境信息披露的研究还未达到十分完善的地步,并且主要集中在环境信息披露影响因素的研究,其他研究较少。环境信息披露与债务融资的研究更是几乎空白。在梳理了相关的文献综述后,对环境信息披露与债务融资分别进行了理论分析。可持续发展理论主要以宏观的视角揭示了环境信息披露的必要性,利益相关者理论阐释了环境信息披露对其利益相关者的重要性,社会责任理论则指出环境信息披露是企业在通过生产经营活动获取利润时应当为保护环境承担的一份不可推卸的责任。债务融资的理论可以分为两大模块,一类主要从企业管理者角度出发揭露公司信息披露的动机,包括代理成本理论、信号传递理论和激励理论,另一类则是从企业的融资成本角度研究信息披露与企业融资的关系,主要有流动性风险理论和利率风险理论。以相关理论为基础,笔者又剖析了我国当前环境信息披露的制度现状和上市公司环境信息披露的具体情况。在以政府颁布的上市公司环境信息披露指南等相关制度为背景的前提下,对研究的206家公司的环境信息披露项目进行了分析,包括当前披露状况较好的条目以及仍需改善的地方。笔者在综合了GRI指引和我国政府的相关法律法规制度后,设立了环境信息披露评分项目,并通过对年报及其独立环境报告的阅读手工打分,得出环境信息披露指数这一因变量。然后选了债务融资成本和银行借款融资率两个指标作为被解释变量,研究环境信息披露水平与债务融资的相关性。通过文献综述和理论分析,再结合我国的制度背景,对研究假设进行了描述性统计分析、各变量的相关系数分析和回归分析。研究结果指出环境信息披露水平与债务融资存在显著的相关关系。最后,依据理论基础和实证研究结果,笔者从政府宏观的角度和企业的微观视角给出了建议。政府应继续完善环境信息披露制度的建设,明确披露内容,并加强监管以及设立更具约束力的惩罚措施。企业为了获得更低的债务融资成本,应提高环境信息披露水平。
[Abstract]:The global economic development, accompanied by the increasingly serious environmental pollution, deteriorating ecological environment, has caused a great impact on human survival and social environment, the sustainable development of the whole society to obstruct. As part of the enterprise is very important in the development of social economy, create wealth for the society, but also brought the pollution of the environment. The environmental protection agency in the world, governments are advocating low-carbon economy, as a social economic development model, breaking the constraints of resources and environment, the development of clean energy, to achieve harmony between economic development and ecological environment. The main manufacturing enterprises as environmental pollution, has an unshirkable responsibility to protect the environment. The environmental accounting confirmation and measurement of enterprise production and management activities related to the environment behavior, reflect the environmental behavior of enterprises, which helps enterprises To assess their environmental activities but also conducive to the external investors decision-making. The disclosure of environmental information has gradually become the main channel for stakeholders to assess the environment and business activities of enterprises, in order to develop their own business to raise funds to pay the cost of financing and affect the economic efficiency of enterprises. According to the pecking order theory, debt financing second kinds of corporate financing preference, only to internal financing. In China's capital market, banks and other financial institutions is the main platform for enterprise financing. The level of corporate environmental information disclosure and whether debt financing correlation exists? If the enterprises can get the lower costs of debt financing by raising the level of environmental information disclosure. It will promote the enthusiasm of enterprise environmental information disclosure.
In 2007 the Chinese government promulgated the "green credit", "green insurance" and "green securities" three green economic policy under the background, the paper selects 2011-2012 Shanghai A shares of heavy polluting industries listed companies as research samples, the correlation research of environmental information disclosure of listed companies and the level of debt financing.
According to China's current macro economic system analyzes the background and significance of the research, and combing the structure of the paper. Then the environmental information disclosure, information disclosure of debt financing, debt financing of the three parts of the literature review, analysis and summary. Through review of research status of domestic and foreign scholars can be seen as an early start and a high degree of attention to environmental problems, countries are leading in China in the aspects of theoretical and empirical research. The domestic research scholars more by learning from theoretical model abroad, combined with China's listed company specific empirical research. In addition, due to environmental accounting as a branch of traditional accounting in recent years. Gradually attention by researchers, for the study of environmental information disclosure is not perfect, and mainly focus on the influence of environmental information disclosure There are few other studies on the factors. The research on environmental information disclosure and debt financing is almost blank.
On the basis of the relevant literature review, the financing of environmental information disclosure and debt are analyzed in theory. The theory of sustainable development mainly in the macro perspective reveals the necessity of environmental information disclosure, stakeholder theory explains the importance of environmental information disclosure related to the interests of the social responsibility theory points out environmental information disclosed is an enterprise should not shirk its responsibility to protect the environment in the production and business activities to obtain profits. The theory of debt financing can be divided into two modules, a class of enterprise managers mainly from the perspective of disclosure of information disclosure motivation, including agency cost theory, signaling theory and incentive theory. The other is to study the relationship between information disclosure from the angle of enterprise financing cost and financing of enterprises, mainly the theory of liquidity risk and interest rate risk in theory. Close the theory, and analyzes the current environmental information disclosure system in our country and the status of environmental information disclosure of listed companies related to the specific situation. In the government environmental information disclosure of listed companies such as the background of the guide system under the premise of the 206 companies on the research of Environmental Information Disclosure Project are analyzed, including the current status and better disclosure items still need to improve the place.
The author in the synthesis of the GRI guidelines and the Chinese government's relevant laws and regulations system, the establishment of environmental information disclosure evaluation project, and through the annual report and the independent environmental report reading manual scoring, that the environmental information disclosure index of the dependent variable. Then the cost of debt financing and bank loan financing rate of two indicators as study on the correlation between the explanatory variables, the level of environmental information disclosure and debt financing. Through literature review and theoretical analysis, combined with the institutional background of China, the research hypothesis of descriptive statistical analysis, correlation analysis and regression analysis of each variable. Results indicate that there is a significant correlation between the level of environmental information disclosure and debt financing.
Finally, on the basis of the results of theoretical and empirical research, the micro perspective gives the author from the government macroscopic angle and enterprise are proposed. The government should continue to improve the construction of environmental information disclosure system, clear disclosure, and strengthen the supervision and punishment measures to set up more binding. Enterprises in order to get a lower cost of debt financing, should be improved the level of environmental information disclosure.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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