环境信息披露、会计稳健性与融资约束  

Environmental Information Disclosure,Accounting Conservatism and Financing Constraints

作　　者：张正勇[1,2] 李芳祺 ZHANG Zheng-yong;LI Fang-qi(School of Accounting,Nanfing University of Finance ＆ Economics,Nanjing Jiangsu 210046;School of Business,Nanjing University,Nanjing Jiangsu 210093)

机构地区：[1]南京财经大学会计学院,江苏南京210046 [2]南京大学商学院,江苏南京210093

出　　处：《湖南财政经济学院学报》2018年第5期39-48,共10页Journal of Hunan University of Finance and Economics

基　　金：国家自然科学基金青年项目"企业社会责任信息价值研究--基于呈报格式和信息使用者认知的视角"(项目编号:71402068);江苏高校哲学社会科学研究基金项目"高管海外背景对企业环境治理的影响研究"(项目编号:2018SJA0241);江苏省研究生培养创新工程研究生科研与实践创新计划"省域环境竞争与企业环境管理--以许继电气与宝胜股份为例"(项目编号:SJCX18_0414)

摘　　要：从产权异质性的角度,以中国A股上市重污染行业2009-2016年年报和独立报告中披露了环境信息的公司作为样本,实证考察了企业环境信息披露、会计稳健性对融资约束的影响。通过实证研究发现:环境信息披露和会计稳健性对企业融资约束程度有显著的负向影响,且这种影响主要体现在民营企业中,在国有企业中并不显著;由于资源约束的限制,二者在对企业融资约束程度的缓解作用上主要呈替代的关系,且这种关系也主要体现在民营企业中。dFrom the perspective of the heterogeneity- of property- rights, this paper uses the companies that disclosed environmental ilfformation in the 2009 - 2016 annual report of China＇s A - share listed heavy pollution industry- and independent report （social responsibility- report, etc. ） as sample to empirically exanfine how the environmental information disclosure and accounting and conservatism affect financing constraints. Through the empirical research, this paper finds that： environ- mental information disclosure and accounting conservatism have a significant negative impact on the degree of compa- nies＇ financing constraints, that is, both are important factors to ease it, and this effect is mainly reflected in the private enterprises, but not in the state - owned enterprises. Due to the linfitations of resource constraints, environmental informarion disclosure and accounting conservatism have an alternative relationship to ease the degree of financing con- straints, and this kind of relationship is also mainly embodied in the private enterprises.

关 键 词：环境信息披露 会计稳健性 融资约束 所有权性质 

分 类 号：F230[经济管理—会计学] F275[经济管理—国民经济]