高质量碳信息披露能降低重污染企业融资成本吗?——基于碳政策从严五年来的经验证据  

Can High-quality Carbon Information Disclosure Reduce the Financing Cost of Heavily Polluting Companies?——Based on Empirical Evidences from Five Years of Strict Carbon Policy

作　　者：王小鹏[1] 王庆 WANG Xiaopeng;WANG Qing(School of Economics and Management,Xi'an Shiyou University,Xi'an,Shaanxi,710065,China)

机构地区：[1]西安石油大学经济管理学院,陕西西安710065

出　　处：《西安石油大学学报（社会科学版）》2023年第1期49-57,共9页Journal of Xi’an Shiyou University:Social Science Edition

摘　　要：碳信息是影响资本市场利益相关者决策的重要因素之一。选取沪深两市2015—2019年A股重污染行业上市公司为样本,研究碳信息披露质量与企业股权成本和债务成本之间的关系。结果表明:碳信息披露质量与企业股权成本和债务成本均呈现显著负相关,并且对企业融资成本具有增量信息含量。建议政府进一步健全碳信息披露的制度规范,出资方(贷款方)大力拓展和支持绿色金融,通过高质量的碳信息披露和传导机制,实现企业的低碳转型发展。Carbon information has become an important factor influencing the decision-making of stakeholders in the capital market.This paper selects A-share heavily polluting listed companies in Shanghai and Shenzhen stock markets from 2015 to 2019 as the samples, and studies the relationship between the quality of carbon information disclosure and the costs of enterprise equity and debts.The results show that the quality of carbon information disclosure is significantly postively correlated to the costs of enterprise equity and debts, and has the incremental information content for the financial costs of enterprises.ftherefore, it is suggested that the government should further improve the institutional norms of carbon information disclosure, the investors(lenders) should vigorously expand and support green finance, so as to realize the low-carbon transformation development of enterprises through high-quality carbon information disclosure and transmission mechanism.

关 键 词：碳政策 碳信息披露质量 股权成本 债务成本 

分 类 号：F272.3[经济管理—企业管理]