公司环保信息披露与融资约束

发布时间：2018-04-27 09:50

本文选题：公司环保信息 + 融资约束　；参考：《世界经济》2017年05期

【摘要】：本文利用2009-2013年中国污染行业所有上市公司数据,检验了公司披露环保信息对融资约束的作用。结果发现:公司提高环保信息披露水平可以显著降低公司面临的融资约束;进一步分析发现,这种作用在公司财务透明度低的情况下更显著,表明环保信息披露对财务信息披露具有补充作用。在考虑遗漏变量问题、变换环保披露水平和融资约束测度方式、采用工具变量和差分GMM方法估计等不同角度分析后,结论仍稳健。本文为分析"社会政治理论"与"经济披露理论"之间的争论提供了证据,丰富了公司非财务信息披露领域的文献。
[Abstract]:Based on the data of all listed companies in China's pollution industry from 2009 to 2013, this paper examines the role of disclosure of environmental information in financing constraints. The results show that the improvement of the level of environmental information disclosure can significantly reduce the financing constraints faced by the company, and further analysis shows that this effect is more significant when the financial transparency of the company is low. It shows that environmental information disclosure is complementary to financial information disclosure. After considering the problem of missing variables, changing the level of environmental protection disclosure and financing constraint measurement, and using tool variables and differential GMM method to estimate, the conclusion is still robust. This paper provides evidence for the analysis of the controversy between "social political theory" and "economic disclosure theory", and enriches the literature in the field of non-financial information disclosure.
【作者单位】：厦门大学管理学院;暨南大学经济学院;
【基金】：国家自然科学基金项目(71272081) 中央高校基本科研业务费专项资金(20720151184) 福建省社会科学规划项目(FJ2015C233)的资助
【分类号】：F275;X196

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