企业环境信息披露对权益成本的影响研究——基于火电行业上市公司的经验证据  

On Impact of Corporate Environmental Information Disclosure on Equity Cost

作　　者：赵萱[1] 

机构地区：[1]西南大学财务处,重庆400715

出　　处：《西南师范大学学报（自然科学版）》2017年第5期97-102,共6页Journal of Southwest China Normal University(Natural Science Edition)

基　　金：重庆市社会科学规划项目(2016QNGL64)

摘　　要：近几年来,我国环境污染事件频频发生,雾霾越来越严重,环境保护迫在眉睫.作为重污染行业的火电行业所承担的环境信息披露责任成为人们关注的焦点.选择火电行业上市公司为研究样本,运用内容分析方法衡量企业环境信息披露水平,从企业权益资本成本约束的角度,实证研究了上市公司的环境信息披露与权益资本成本之间的关系.研究发现:火电类上市公司环境信息披露水平显著影响权益融资成本,两者之间呈显著的负相关关系;虽然火电类上市公司环境信息披露水平呈逐年上升的趋势,但是仍然处于低水平的状态;在环境污染日益严峻的形势下,上市公司正从被动适应环境管制向主动进行环保管理转变.In the recent years, incidents of environment pollution occurred frequently in China. The fog haze is more and more serious, so environment protection is imminent. As the heavy pollution industry, thermal power industr/s responsibility of environment information disclosure is becoming the focus of peo-ple＇s attention. Based on the sample of listed corporations of thermal power industry, content analysis method has been used in this paper to measure the corporate environmental information disclosure level, and the relationship between corporate＇s environmental information disclosure and equity cost has also been empirically studied. It has been found that there is a significant impact of listed corporate environmental in-formation disclosure on equity cost in thermal power industry, and there is a significant negative correla-tion between them. Though the corporation environment information disclosure level in thermal power in-dustry shows an increasing trend year by year, it is at a low level. Under the serious situation of environ-ment pollution, listed corporations is changing from passively adjusting to environment surveillance to ac-tively implementing environment management.

关 键 词：火电行业 环境信息披露 权益资本成本 

分 类 号：F275[经济管理—企业管理]