气候风险会计信息披露、投资者信心与债务融资成本  

Climate Risk Accounting Disclosure,Investor Confidence,and Debt Financing Costs

作　　者：张多蕾[1] 寇如翔 朱梦烜 ZHANG Duo-lei;KOU Ru-xiang;ZHU Meng-xuan(School of Accounting,Anhui University of Finance and Economics,Bengbu,Anhui 233030)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《吉林工商学院学报》2025年第2期49-56,128,共9页Journal of Jilin Business and Technology College

基　　金：财政部2022年“会计名家培养工程”项目(财会[2023]3号);安徽省哲学社会科学规划项目“基于会计信息的经济高质量发展测度体系构建与应用研究”(AHSKY2020D07)。

摘　　要：随着气候危机事件在世界各地频频发生,气候转型风险已成为21世纪人类共同面对的重大危机。为实现双碳目标,积极应对气候转型风险,政府逐步推动企业由自愿转向强制披露气候风险会计信息,因此研究气候风险会计信息披露对企业产生的影响效应具有重要的现实意义。基于2008—2021年A股上市公司的数据,实证检验了气候风险会计信息披露对企业债务融资成本的影响效应及作用路径,发现气候风险会计信息披露能够显著降低企业的债务融资成本,而投资者信心在其中起到中介作用。进一步研究发现,企业信息披露质量和环境治理绩效能够正向促进这种影响效应。此外,气候风险会计信息披露亦能降低资本市场的股价同步性。With climate crisis events occurring frequently worldwide,climate transition risks have become a major crisis facing humanity in the 21st century.To achieve the dual carbon goals and actively address climate transition risks,governments have progressively shifted corporate climate risk accounting disclosures from voluntary to mandatory requirements.Consequently,researching the impact effects of climate risk accounting information disclosure on enterprises has gained significant practical importance.Taking the data of A-share listed companies from 2008 to 2021 as the research object,this paper empirically tested the impact and action path of climate risk accounting information disclosure on the debt financing cost of enterprises.It was found that climate risk accounting information disclosure could significantly reduce the debt financing cost of enterprises,and investor confidence played a mediating role in this process.Further research revealed that the quality of enterprise information disclosure and environmental governance performance could positively promote this impact.In addition,climate risk accounting information disclosure could also reduce the stock price synchronicity in the capital market.

关 键 词：气候风险会计信息披露 投资者信心 债务融资成本 

分 类 号：F230[经济管理—会计学] F275.6[经济管理—国民经济]