环境业绩与企业价值和融资成本的关系——来自重污染上市公司的经验证据  

The Relation between Environmental Performance and Cost of Capital and Firm Value——An Empirical Evidence from the Heavily Polluted Listed Companies

作　　者：邓学衷[1] 杨杰英[1] 

机构地区：[1]长沙理工大学经济与管理学院,湖南长沙410004

出　　处：《长沙理工大学学报（社会科学版）》2014年第1期89-95,共7页Journal of Changsha University of Science and Technology：Social Science

基　　金：国家社会科学基金项目"促进节能减排的激励政策研究"(10BGL065);湖南省社科基金(08YBB359)

摘　　要：以2008-2010年我国重污染行业上市公司为研究样本,通过构造样本公司环境业绩指数,研究了环境业绩对企业价值和综合资本成本的影响。研究发现,环境业绩能显著降低企业综合资本成本,并对企业价值产生积极影响,说明环保融资政策已发挥了作用,污染企业的环境业绩表现已通过资本市场得到了债权人和投资者的响应,研究成果为企业减排的激励政策提供了微观层面的实证支持。Based on the data of A share listed companies from pollution industries from 2008 to 2010, this article investigates the in fluence of environmental performance on the firm value and weighed average cost of capital, through constructing the environmental performance index. The result shows that environmental performance can significantly reduce the weighed average cost of capital, and has a positive impact on the firm value. This finding implies environmental financing policy in China has played a role, and environ-mental performance of polluting firm has been the response of creditors and investors through the capital market. This provides mi- cro-level empirical support for emission reduction incentive polices.

关 键 词：环境业绩 企业价值 综合资本成本 

分 类 号：F275[经济管理—企业管理]