环境信息披露、媒体关注与债务融资成本——基于重污染行业上市公司的分析  

Environmental information disclosure,media attention and debt financing costs:Based on analysis of listed companies in heavy polluting industries

作　　者：王喜[1] 武玲玲[2] 邓晓兰 WANG Xi;WU Lingling;DENG Xiaolan(College of Economics,Jia Xing University,Jiaxing 314001,P.R.China;Yanjing Institute of Technology,Langfang 065201,P.R.China;School of Economics and Management,Northwest University,Xi’an 710127,P.R.China)

机构地区：[1]嘉兴学院商学院,浙江嘉兴314001 [2]燕京理工学院,河北廊坊065201 [3]西北大学经济管理学院,陕西西安710127

出　　处：《重庆大学学报（社会科学版）》2022年第2期67-78,共12页Journal of Chongqing University(Social Science Edition)

基　　金：教育部人文社会科学基金项目“大学—企业创新链‘断裂带’修复机理研究:多案例追踪分析”(18YJC880049)。

摘　　要：债务融资是企业的一种外部融资方式。企业将获得的资金用于企业的发展和生产,可以促进生产结构的升级和经营能力的提高。因此,如何有效地降低融资成本,解除企业的债务约束,进而提高企业产值是目前我国债务融资关注的重点。为了降低重污染行业的债务融资成本,文章从媒体关注这一视角入手,以2015—2017年媒体关注下的重污染上市公司为研究对象,对其债务融资成本和环境信息披露进行分析,进而揭示了二者之间的关系,并通过对样本数据的统计分析、相关性分析和回归分析验证了文章提出的假设。理论分析表明:高质量的环境信息披露不仅能向市场展示企业可持续发展的可能性,增强企业口碑,提升投资人的信心,同时也能有效地缓解合作过程中投资人和企业之间存在的信息不对称问题,节约双方时间成本,进而有助于企业以较低的融资成本获得资金投入。媒体可以通过信息传递弥补投资人和企业之间信息不对称问题,并且能通过监管机制促进企业的良好发展,从而帮助企业降低融资成本,媒体对企业环境信息的关注度越高,企业的融资成本越低。媒体关注是一种外部的监管机制,企业内部环境信息的公开是一种企业制度的管理模式,二者相辅相成,不仅可以保证企业优势的充分发挥,还可以促进资本投入与企业良好、快速地发展。媒体对企业的关注度越高,企业对环境信息的披露质量越高,企业的融资成本就会越低。实证研究结果表明:媒体关注可以直接影响债务融资成本的高与低,二者之间呈负相关关系,媒体传播表现为积极状态,债务融资成本就会降低,反之亦然。此外,媒体关注度和媒体对企业环境信息披露的质量与债务融资成本成反比,高的媒体关注度和高质量的信息披露会使企业的债务融资成本逐渐降低。最后,基于我国当前的时代背景,针对�Debt financing is an external corporate financing tool.By applying the obtained funds on corporate development and manufacturing,companies can promote the upgrading of producing structure and the improvement of operating capacity.Therefore,nowadays,debt financing mainly focuses on how to effectively reduce the financing cost,lift debt constraints,and in turn,enhance the output value of the enterprise.This paper adopts a media attention approach aiming at reducing the debt financing cost in heavily polluting industries.Some heavily polluting listed companies under media attention from 2015 to 2017 are selected as the research object.This research analyzes their debt financing costs and environmental information disclosure and reveals the relationship between them.Statistical analysis,correlation analysis,and regression analysis are applied to verify the hypothesizes.Theoretical analysis suggests that high-quality environmental information disclosure can show a corporate’s sustainable development possibility to market.It enhances corporate word-of-mouth and improves investors’confidence.This level of information disclosure can also alleviate information asymmetry problems that exist in cooperation between investors and enterprises,save time for both parties,and help the companies to gain funds with less financing cost.Media can make up for the information asymmetry between investors and enterprises through information transmission.It also promotes the sound development of enterprises through the regulatory mechanism and helps to reduce financing costs.The more attention media pay to corporate environmental information,the lower the financing cost of enterprises.Media attention is an external regulatory mechanism,while corporate internal environmental information disclosure is a management model of the enterprise system.The two are mutually complementary,not only ensuring the full play of corporate advantages,but also promoting capital investment,sound development,and rapid growth of the enterprise.The higher th

关 键 词：环境信息披露 媒体关注 债务融资成本 重污染公司 

分 类 号：F272[经济管理—企业管理] F832.51[经济管理—国民经济]