碳绩效、碳信息披露质量与股权融资成本

摘要/Abstract

摘要：

本文以2009-2014年中国重污染行业上市企业为样本，并选择房地产等轻污染行业中规模相当的上市企业作为配对样本，通过构建碳信息披露指标评价体系，实证检验了碳绩效、碳信息披露质量与企业的股权融资成本的关系。研究结果表明，碳绩效越好的企业，碳信息披露质量越高，而且对分类后的非财务性碳信息披露质量和财务性碳信息披露质量的提高都有显著的促进作用。碳绩效好的企业通过高质量的碳信息披露增强自身的可识别性，达到将自己与碳绩效差的企业划清界限的意图。企业提高碳信息披露质量可以降低股权融资成本，财务性碳信息披露具有减少股权融资成本的效果，非财务性碳信息披露不能明显降低股权融资成本。就企业性质而言，非公有制企业提升碳信息披露质量更容易降低企业股权融资成本，而公有制企业碳信息披露对股权融资成本的影响关系不明显。另外，企业碳绩效的提高并没有显著强化碳信息披露质量与股权融资成本之间的负相关关系。理论上，研究结果符合关注非财务性信息披露的研究趋势；实践上，对促进企业进行低碳减排领域的投资有一定的现实意义。

关键词: 碳绩效, 碳信息披露, 碳信息披露质量, 股权融资成本

Abstract:

This paper takes China's highly polluting companies listed in the period from 2009 to 2014 as samples and mildly polluting listed companies of similar size, e.g. real estate companies, as paired samples, and empirically tests the relationship between carbon performance, carbon information disclosure quality and cost of equity financing through constructing a carbon information disclosure index evaluation system. The research results show that the better the carbon performance is, the higher quality the carbon information disclosure will have, and it can promote the quality of non-financial carbon information and financial carbon information. The enterprise with good carbon performance can identify themselves from the bad by enhancing carbon information disclosure quality. Enterprises which improve the quality of carbon information disclosure can reduce the cost of equity financing, and the disclosures of financial carbon information has effect on reducing the cost of equity financing, but non-financial carbon information has not. In terms of enterprise property, non-public enterprises that improve carbon information disclosure quality are more likely to reduce the cost of equity financing, but the influence of public enterprises is not obvious. In addition, the improving of enterprise carbon performance does not strengthen the negative relationship between carbon information disclosure and cost of equity financing. In theory, the results accord with the research trend of focusing on non-financial information disclosure; in practice, it has a certain practical significance in encouraging enterprises to invest in the field of low-carbon reduction.

Key words: carbon performance, carbon information disclosure, carbon information disclosure quality, cost of equity financing

李力, 刘全齐, 唐登莉. 碳绩效、碳信息披露质量与股权融资成本[J]. , 2019, 31(1): 221-235.

Li Li, Liu Quanqi, Tang Dengli. Carbon Performance, Carbon Information Disclosure Quality and Cost of Equity Financing[J]. , 2019, 31(1): 221-235.

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