本文關鍵詞： 環(huán)境績效 信息披露 融資約束　出處：《哈爾濱工業(yè)大學》2013年碩士論文　論文類型：學位論文

【摘要】：融資約束的產(chǎn)生，究其根源，是由于資本市場的不完善，即資本市場的非完全有效所導致的內部資金和外部資金的融資成本差異。融資約束的存在不只嚴重的干擾了資本市場資源的有序配置，且面臨這一處境的企業(yè)自身快速發(fā)展也將受限。在當今環(huán)境問題日益受到關注的大背景下，環(huán)境績效信息披露越來越被理論界和實務界所看重。同時，環(huán)境績效信息披露作為區(qū)別于會計信息披露的另一種信息披露內容，它對上市公司面臨的融資約束的影響卻沒有得到足夠的研究。 本研究選取了2008至2011年度，上海證券交易所的104家上市公司作為研究樣本，實證研究了環(huán)境績效信息披露對于上市公司融資約束的影響。具體來說，使用規(guī)范研究的方法，闡述以信息不對稱為理論基礎，以受托責任理論和利益相關者理論為依托的體系結構，，從理論上分析了環(huán)境績效信息披露對融資約束的影響；在實證分析中，分別運用Whited Wu指數(shù)和Size Age指數(shù)作為衡量融資約束的代理變量，并區(qū)分重污染行業(yè)和非重污染行業(yè)、高低融資約束組別分別驗證環(huán)境績效信息披露對于上市公司融資約束的影響。 本研究發(fā)現(xiàn)環(huán)境績效信息披露與上市公司融資約束之間為顯著的負相關關系，且環(huán)境績效信息披露對于非重污染行業(yè)上市公司及高融資約束組別上市公司融資約束的影響更為顯著。進行環(huán)境績效信息披露對融資約束影響的討論，不僅能緩解上市公司面臨的融資約束問題，還能促進上市公司環(huán)境績效信息披露行為，避免信息不對稱可能造成的不良影響，助力環(huán)保企業(yè)價值提升。
[Abstract]:The source of financing constraint is the imperfection of capital market. That is, the difference of financing cost between internal and external funds caused by the incomplete efficiency of capital market. The existence of financing constraints not only seriously interferes with the orderly allocation of capital market resources. And the rapid development of enterprises facing this situation will also be limited. In the background of environmental problems being paid more and more attention to, environmental performance information disclosure has been paid more and more attention by the theorists and practitioners. At the same time, The environmental performance information disclosure is another kind of information disclosure content which is different from the accounting information disclosure. However, its influence on the financing constraints faced by listed companies has not been fully studied. From 2008 to 2011, 104 listed companies in Shanghai Stock Exchange were selected as the research samples to empirically study the impact of environmental performance information disclosure on the financing constraints of listed companies. On the basis of asymmetric information, based on the theory of fiduciary responsibility and stakeholder theory, the paper theoretically analyzes the influence of environmental performance information disclosure on financing constraints. Whited Wu index and Size Age index are used as proxy variables to measure the financing constraints, and the heavy pollution industries and non-heavy pollution industries are distinguished. The high and low financing constraint groups verify the impact of environmental performance information disclosure on the financing constraints of listed companies. This study finds that there is a significant negative correlation between the disclosure of environmental performance information and the financing constraints of listed companies. The impact of environmental performance information disclosure on financing constraints of listed companies in non-heavily polluting industries and groups with high financing constraints is more significant. The impact of environmental performance information disclosure on financing constraints is discussed. It can not only alleviate the financing constraints faced by listed companies, but also promote the disclosure of environmental performance information of listed companies, avoid the adverse effects of asymmetric information, and promote the value of environmental protection enterprises.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F275;X322

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