本文選題：碳會(huì)計(jì)信息披露　切入點(diǎn)：資本成本　出處：《北京交通大學(xué)》2014年碩士論文

【摘要】：低碳經(jīng)濟(jì)之下,投資者越來越關(guān)注企業(yè)的碳排放情況,碳會(huì)計(jì)信息或許正成為影響投資決策及資本成本的因素之一。本文在回顧國(guó)內(nèi)外有關(guān)文獻(xiàn)的基礎(chǔ)之上,選取我國(guó)“十二五”節(jié)能減排規(guī)劃中所涉及到的如火電、鋼鐵、水泥、玻璃、陶瓷、石油石化、交通運(yùn)輸?shù)刃袠I(yè),以這些行業(yè)中的2011年的符合條件的323家A股上市公司為代表作為研究樣本,首先對(duì)碳會(huì)計(jì)信息披露指數(shù)及其他變量進(jìn)行了描述性統(tǒng)計(jì)分析,對(duì)數(shù)據(jù)進(jìn)行基本了解。其次對(duì)各個(gè)變量之間的相關(guān)性進(jìn)行了檢驗(yàn),得出初步結(jié)論。最后采用多元回歸的方法對(duì)碳會(huì)計(jì)信息披露和資本成本的關(guān)系進(jìn)行了檢驗(yàn)。實(shí)證結(jié)果發(fā)現(xiàn)：目前我國(guó)上市公司的碳會(huì)計(jì)信息披露水平普遍偏低,未來有較大的提升空間；公司規(guī)模及公司負(fù)債是碳會(huì)計(jì)信息披露的重要影響因素,與其顯著正相關(guān)；碳會(huì)計(jì)信息披露水平與資本成本負(fù)相關(guān),說明企業(yè)可以通過披露碳會(huì)計(jì)信息降低資本成本,而連接兩者關(guān)系的紐帶為投資者投資股票的流動(dòng)性風(fēng)險(xiǎn),即碳會(huì)計(jì)信息披露可以降低股票流動(dòng)性風(fēng)險(xiǎn),根據(jù)風(fēng)險(xiǎn)收益對(duì)等原則,資本成本隨之降低。研究結(jié)果還表明,預(yù)測(cè)風(fēng)險(xiǎn)并非碳會(huì)計(jì)信息披露與資本成本關(guān)系的紐帶；科研投入與資本成本顯著負(fù)相關(guān)等。在實(shí)證研究基礎(chǔ)上,本文最后就研究結(jié)論從企業(yè)、政府、投資者的視角分別提出相應(yīng)的建議,以期對(duì)提高我國(guó)企業(yè)碳會(huì)計(jì)信息披露水平、發(fā)展低碳經(jīng)濟(jì)有所幫助。
[Abstract]:Under the low carbon economy, investors are paying more and more attention to the carbon emission of enterprises. Carbon accounting information may be one of the factors influencing investment decision and capital cost. Select industries such as thermal power, iron and steel, cement, glass, ceramics, petroleum and petrochemical, transportation and so on, which are involved in the 12th Five-Year Plan of Energy Saving and Emission reduction in China. Based on 323 A-share listed companies in these industries in 2011, as the research sample, the paper firstly analyzes the carbon accounting information disclosure index and other variables. The basic understanding of the data. Secondly, the correlation between the various variables were tested, Finally, the relationship between carbon accounting information disclosure and capital cost is tested by the method of multiple regression. The empirical results show that the level of carbon accounting information disclosure of listed companies in China is generally low at present. There is great room for improvement in the future; the company size and company debt are the important influencing factors of carbon accounting information disclosure, and the level of carbon accounting information disclosure is negatively related to the capital cost, and the carbon accounting information disclosure level is negatively related to the cost of capital. It shows that enterprises can reduce the cost of capital through the disclosure of carbon accounting information, and the link between the two is the liquidity risk of investors investing in stocks, that is, the disclosure of carbon accounting information can reduce the liquidity risk of stocks. According to the principle of risk-return equivalence, the cost of capital decreases. The results also show that predicting risk is not the link between carbon accounting information disclosure and capital cost, and that scientific research investment is negatively correlated with capital cost. At the end of this paper, some suggestions are put forward from the perspective of enterprise, government and investor in order to improve the level of carbon accounting information disclosure and develop low carbon economy in Chinese enterprises.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F205;F233

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