再融资环保核查、环境信息披露与权益资本成本  

On the Environmental Inspection for Refinancing,Environmental Disclosure and the Cost of Equity Capital

作　　者：沈洪涛[1] 游家兴[2] 刘江宏[1] 

机构地区：[1]暨南大学管理学院,广州510632 [2]厦门大学经济学院,厦门361005

出　　处：《金融研究》2010年第12期159-172,共14页Journal of Financial Research

基　　金：国家自然科学基金项目(70972080;71072125);教育部人文社科研究基金项目(08JC630073;09YJA630048)的资助

摘　　要：本文以我国重污染行业上市公司为样本,分析企业环境信息披露与权益资本成本的关系,以及"绿色金融"政策对两者关系的影响。研究发现:我国企业披露的环境信息能显著降低权益资本成本;再融资环保核查政策及其执行力度能显著影响环境信息披露与权益资本成本的关系。本文将信息披露与资本成本关系的研究向非财务信息进行了拓展,揭示了企业环境信息披露在资本市场上的作用,同时也为我国"绿色金融"政策的效果提供了经验证据。Based on the sample of listed companies from heavy pollution industries in China, this paper examines the relationship between environmental disclosure and cost of equity capital, as well as the effect of ＂Green Finance＂ policy on the relationship. The results show that environmental information can significantly reduces the cost of equity capital, and the promulgation and the enforcement of refinancing environmental inspection policy play an important role in the relationship between environmental disclosure and cost of equity capital. The study extends the research on relationship between disclosure and cost of capital to non-financial information, reveals the capital market effect of environmental disclosure and provides empirical evidence for ＂Green Finance＂ policy.

关 键 词：环境信息披露 权益资本成本 再融资环保核查 

分 类 号：F224[经济管理—国民经济] F275