环境管理体系认证与企业债务融资成本研究——基于政府补助与负面网络报道调节作用  

Environmental Management System Certification and Corporate Debt Financing Cost Based on the Moderating Effect of Government Subsidies and Negative Online Reporting

作　　者：宁哲[1] 张胜杰 NING Zhe;ZHANG Shengjie

机构地区：[1]东北林业大学经济管理学院,黑龙江哈尔滨150040

出　　处：《商业经济》2024年第4期74-77,99,共5页Business & Economy

摘　　要：以2011—2021年我国重污染上市企业为样本,检验环境管理体系认证对企业债务融资成本的影响,以及政府补助与负面网络报道在其中发挥的调节作用。结果表明:环境管理体系认证能显著降低债务融资成本,政府补助与负面网络报道在其中起了正向调节作用。分样本检验发现,环境管理体系认证对非国有企业及所在地市场化程度低的企业的债务融资成本降低效应更为突出。Taking China's heavily polluted listed enterprises from 2011 to 2021 as a sample,this paper examines the impact of environmental management system certification on corporate debt financing cost,as well as the moderating role of government subsidies and negative online reports.The results indicate that environmental management system certification can significantly reduce the cost of debt financing,and government subsidies and negative online reporting play a positive moderating role in it.Sub-sample testing finds that environmental management system certification has a more prominent effect on reducing debt financing cost for non-state-owned enterprises and enterprises with low marketization levels in their locations.

关 键 词：环境管理体系认证 政府补助 负面网络报道 债务融资成本 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]