本文關(guān)鍵詞：環(huán)保核查下環(huán)境信息披露質(zhì)量與股權(quán)融資成本的相關(guān)性分析　出處：《青島大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著環(huán)境問題的日益凸顯,政府、企業(yè)及社會(huì)公眾越來越重視環(huán)境防治與生態(tài)保護(hù)。企業(yè)環(huán)境信息披露是政府及社會(huì)公眾了解企業(yè)環(huán)境情況的重要途徑,也是激勵(lì)或強(qiáng)制企業(yè)正確處理好環(huán)境與財(cái)務(wù)管理關(guān)系的方法之一。近年來國(guó)家相關(guān)部門發(fā)布了一系列規(guī)范公司環(huán)境信息披露的制度,其中2008至2014年實(shí)施的《關(guān)于加強(qiáng)上市公司環(huán)境保護(hù)監(jiān)督管理工作的指導(dǎo)意見》要求對(duì)重污染行業(yè)的公司申請(qǐng)首發(fā)上市或再融資時(shí),必須進(jìn)行環(huán)保核查。投資者也越來越關(guān)注公司環(huán)境信息披露情況,以減少自身投資風(fēng)險(xiǎn),優(yōu)化投資質(zhì)量。因此,我國(guó)上市公司,特別是重污染行業(yè)上市公司,需要規(guī)范自身環(huán)境行為,及時(shí)披露自身環(huán)境表現(xiàn)和環(huán)境風(fēng)險(xiǎn)信息。本文以2013至2014年我國(guó)深市A股重污染行業(yè)上市公司為研究對(duì)象,利用內(nèi)容分析法和熵權(quán)理論對(duì)環(huán)境信息披露質(zhì)量進(jìn)行計(jì)量,利用OJN模型和PEG模型對(duì)股權(quán)融資成本進(jìn)行計(jì)量,并運(yùn)用多元線性回歸模型,分別對(duì)環(huán)境信息披露與股權(quán)融資成本的關(guān)系、IPO或股權(quán)再融資對(duì)兩者的調(diào)節(jié)作用進(jìn)行了實(shí)證分析。研究發(fā)現(xiàn),樣本公司上年度環(huán)境信息披露質(zhì)量能顯著降低本年度的股權(quán)融資成本;受環(huán)保核查政策影響的企業(yè)環(huán)境信息披露質(zhì)量與股權(quán)融資成本之間的負(fù)相關(guān)關(guān)系更顯著。研究結(jié)果表明,我國(guó)資本市場(chǎng)的投資者已經(jīng)通過公司環(huán)境報(bào)告中披露的環(huán)境信息關(guān)注公司的環(huán)境表現(xiàn)及環(huán)境風(fēng)險(xiǎn);資本市場(chǎng)可以調(diào)節(jié)公司環(huán)境行為與投資行為的關(guān)系,降低環(huán)境信息披露質(zhì)量較好公司的股權(quán)融資成本;政府有關(guān)部門制定的相關(guān)政策及監(jiān)督作用,可以增強(qiáng)環(huán)境報(bào)告的可靠性,增強(qiáng)投資者對(duì)公司發(fā)布的環(huán)境報(bào)告的信任度,調(diào)節(jié)環(huán)境信息披露質(zhì)量與股權(quán)融資成本之間的關(guān)系。
[Abstract]:With the increasingly prominent environmental problems, the government, enterprises and the public pay more and more attention to environmental prevention and ecological protection. The disclosure of enterprise environmental information is an important way for the government and the public to understand the environmental situation of enterprises. It is also one of the ways to encourage or force enterprises to deal with the relationship between environment and financial management correctly. In recent years, the relevant departments of the state have issued a series of regulations to regulate the disclosure of corporate environmental information. The guidance on strengthening the supervision and management of environmental protection of listed companies implemented from 2008 to 2014 requires companies in heavy pollution industries to apply for IPO or refinancing. Environmental protection verification must be carried out. Investors also pay more and more attention to the disclosure of corporate environmental information in order to reduce their own investment risk and optimize the investment quality. Therefore, China's listed companies, especially the heavy pollution industry listed companies. Need to regulate their own environmental behavior, timely disclosure of their own environmental performance and environmental risk information. The content analysis method and entropy weight theory are used to measure the quality of environmental information disclosure, the OJN model and PEG model are used to measure the cost of equity financing, and the multiple linear regression model is used. The relationship between environmental information disclosure and the cost of equity financing is analyzed empirically, and the effect of IPO or equity refinancing on them is analyzed. The quality of environmental information disclosure of sample companies in last year can significantly reduce the cost of equity financing in this year; The negative correlation between the quality of environmental information disclosure and the cost of equity financing is more significant. Investors in China's capital market have paid close attention to the environmental performance and risk of the company through the environmental information disclosed in the company environmental report. Capital market can regulate the relationship between environmental behavior and investment behavior and reduce the cost of equity financing of companies with better quality of environmental information disclosure. The relevant policies and supervision functions of the relevant government departments can enhance the reliability of environmental reports and enhance the confidence of investors in the environmental reports issued by companies. Adjust the relationship between the quality of environmental information disclosure and the cost of equity financing.
【學(xué)位授予單位】：青島大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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