环境信息披露的融资效应--来自重污染企业的证据  

The Financing Effect of Environmental Information Disclosure:Evidence from the Heavily Polluting Companies

作　　者：李政大 李凤 赵雅婷 LI Zhengda;LI Feng;ZHAO Yating(School of Management,Xi'an University of Architecture and Technology,Xi'an 710055,China)

机构地区：[1]西安建筑科技大学管理学院,陕西西安710055

出　　处：《审计与经济研究》2024年第1期117-127,共11页Journal of Audit & Economics

基　　金：国家社会科学基金西部项目(21XTJ003)。

摘　　要：环境信息披露是推进生态环境治理体系和治理能力现代化的重要举措。以2009-2020年沪深A股重污染上市公司为样本,分析了环境信息披露对企业融资方式的影响,揭示了其异质性。实证结果表明:环境信息披露促进了企业的外部融资,而在外部融资中债权融资是主要方式,债权融资的来源是金融负债,而非经营负债;环境信息披露能够提高企业社会声誉,优化投资结构,提高外部金融机构的信任,进而吸引更多金融机构贷款;环境信息披露的融资效应具有明显的异质性特点,在高成长性企业、中小企业和弱环境规制地区企业更为显著。Environmental information disclosure is an important measure to promote the modernization of ecological and environmental governance system and governance capacity.Taking A-share listed companies with heavily pollution in Shanghai and Shenzhen from 2009 to 2020 as samples,this paper analyzes the impact of environmental information disclosure on corporate financing methods and reveals its heterogeneity.The empirical results show that the disclosure of environmental information promotes the external financing of enterprises,and debt financing is the main way of external financing.The source of debt financing is financial liabilities rather than operating liabilities.Environmental information disclosure can improve the social reputation of enterprises,optimize the investment structure,improve the trust of external financial institutions,and then attract more financial institutions to lend money.The financing effect of environmental information disclosure has obvious heterogeneity,especially the ofenterprises in high-growth,small-medium-sized and under weak environmental regu-lation.

关 键 词：环境信息披露 融资效应 金融债务 声誉效应 投资决策 生态环境治理体系 

分 类 号：F275.5[经济管理—企业管理]