外部治理下碳信息披露质量对企业债务成本的影响  

The Influence of Carbon Information Disclosure Quality on Cost of Debt Based on External Governance Regulation

作　　者：刘长奎[1] 边季亚 LIU Changkui;BIAN Jiya(Glorious Sun School of Business and Management,Donghua University,Shanghai 200051,China)

机构地区：[1]东华大学旭日工商管理学院,上海200051

出　　处：《东华大学学报（自然科学版）》2020年第2期321-327,共7页Journal of Donghua University(Natural Science)

摘　　要：基于外部治理的调节作用,采用指数分析和多元回归分析相结合的方法,选取9大行业2013—2017年沪深两市上市公司A股260家公司共1300个样本,实证分析碳信息披露质量对企业债务成本的影响。研究表明,碳信息披露水平与债务成本呈负相关,政府监管增强了该负相关关系,媒体关注度对此无明显调节作用。研究结果可为社会、政府和企业协同共建低碳社会提供经验证据与政策启示。Based on the adjustment effect of external governance,we selected 1 300 samples from260 Ashares listed companies in nine major industries from2013 to 2017,and empirically analyzed the effect of carbon information disclosure quality on cost of debt through index analysis and multiple regression analysis.The results show that the improvement of carbon information disclosure quality can reduce corporates'cost of debt,and government supervision can strengthen the negative correlation,while media attention has no obvious adjustment effect on it.The results can provide empirical evidence and policy inspiration for society,government and enterprises to build a low-carbon society.

关 键 词：碳信息披露 债务成本 产权性质 政府监管 媒体关注 

分 类 号：F234.3[经济管理—会计学]