本文關(guān)鍵詞： 綠色債券 融資成本 環(huán)境信息披露 投資者預(yù)期風(fēng)險(xiǎn)　出處：《哈爾濱工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著國(guó)內(nèi)外企業(yè)和投資者對(duì)于環(huán)境問題的重視程度與日俱增,目前備受推崇的環(huán)境、社會(huì)和公司治理準(zhǔn)則在輔助投資者進(jìn)行投資決策時(shí)發(fā)揮越來越重要的作用。國(guó)內(nèi)外相關(guān)學(xué)者的研究已表明企業(yè)環(huán)境信息披露水平與企業(yè)進(jìn)行債券融資的成本存在關(guān)聯(lián),流動(dòng)性偏好理論和風(fēng)險(xiǎn)溢價(jià)理論也從側(cè)面支持了這一觀點(diǎn)。環(huán)境信息披露作為企業(yè)年度信息披露的重要部分之一,隨著中國(guó)向低碳經(jīng)濟(jì)轉(zhuǎn)型,企業(yè)環(huán)境保護(hù)方面政策和方針不斷受到投資者的青睞,在關(guān)于投資決策方面施展越來越重要的作用。本文在相關(guān)研究的基礎(chǔ)上,考查了不同類別的環(huán)境信息披露水平分別對(duì)企業(yè)綠色債券融資成本的影響,并從債券流動(dòng)性和投資者風(fēng)險(xiǎn)預(yù)期兩個(gè)角度考查了環(huán)境信息披露是通過何種路徑影響企業(yè)綠色債券融資成本的。首先,本文在理論層面分析了企業(yè)環(huán)境信息披露和綠色債券融資成本的概念、內(nèi)外部動(dòng)因、制度背景和路徑機(jī)理分析。根據(jù)投資者流動(dòng)性偏好理論和風(fēng)險(xiǎn)溢價(jià)理論,在理論層面上分析了企業(yè)環(huán)境信息披露對(duì)債券融資成本的路徑影響。其次,本文以滬深A(yù)債券市場(chǎng)302組綠色債券作為研究樣本,根據(jù)2015年年度報(bào)告數(shù)據(jù)進(jìn)行統(tǒng)計(jì),并結(jié)合國(guó)內(nèi)外學(xué)者的研究和相關(guān)理論支持,使用內(nèi)容分析法構(gòu)建環(huán)境信息披露指數(shù)EDI,并且使用信用利差模型估算債券融資成本,在以企業(yè)規(guī)模、資產(chǎn)負(fù)債率和行業(yè)屬性等三個(gè)變量作為控制變量的基礎(chǔ)上,實(shí)證分析了企業(yè)綠色債券融資成本和環(huán)境信息披露水平之間的關(guān)系。最后,本文在得出了上述相關(guān)關(guān)系的基礎(chǔ)上,進(jìn)一步研究變量間的路徑分析,使用債券期限作為債券流動(dòng)性的衡量指標(biāo);預(yù)期收益率作為投資者風(fēng)險(xiǎn)預(yù)期的衡量指標(biāo),并且在控制了債券信用評(píng)級(jí)和債券發(fā)行規(guī)模的基礎(chǔ)上,使用中介效應(yīng)檢驗(yàn)法,以債券流動(dòng)性和投資者預(yù)期風(fēng)險(xiǎn)作為中介變量,分別從上述兩個(gè)角度研究環(huán)境信息披露水平是否是通過上述兩個(gè)中介變量對(duì)企業(yè)綠色債券融資的成本產(chǎn)生影響的。最后,通過本文的研究發(fā)現(xiàn),企業(yè)環(huán)境信息披露程度與企業(yè)綠色債券的融資成本顯著負(fù)相關(guān),且主要是通過債券流動(dòng)性和投資者風(fēng)險(xiǎn)預(yù)期削減的企業(yè)融資成本。
[Abstract]:As domestic and foreign enterprises and investors pay more and more attention to environmental issues, the environment is now highly respected. Social and corporate governance guidelines play an increasingly important role in assisting investors in making investment decisions. Studies by domestic and foreign scholars have shown that the level of corporate environmental information disclosure and the cost of corporate bond financing exist. Connection. Liquidity preference theory and risk premium theory also support this view. Environmental information disclosure as an important part of the annual information disclosure of enterprises, with the transition to a low-carbon economy in China. Enterprise environmental protection policies and guidelines have been favored by investors and play an increasingly important role in investment decision-making. This paper is based on the relevant research. This paper examines the impact of different environmental information disclosure levels on corporate green bond financing costs. And from the perspective of bond liquidity and investor risk expectations, this paper examines the path through which environmental information disclosure affects corporate green bond financing costs. First of all. This paper analyzes the concept of corporate environmental information disclosure and green bond financing cost, internal and external causes, institutional background and path mechanism analysis, based on investor liquidity preference theory and risk premium theory. On the theoretical level, this paper analyzes the impact of corporate environmental information disclosure on bond financing costs. Secondly, this paper takes 302 groups of green bonds in Shanghai and Shenzhen A bond market as research samples. According to the 2015 annual report data, combined with the domestic and foreign scholars' research and related theory support, the content analysis method is used to construct the environmental information disclosure index (EDI). And use credit spread model to estimate bond financing cost, on the basis of enterprise size, asset-liability ratio and industry attributes as control variables. Empirical analysis of the relationship between corporate green bond financing costs and environmental information disclosure level. Finally, this paper further studies the path analysis between variables on the basis of the above correlation. Using bond maturity as a measure of bond liquidity; The expected rate of return is used as a measure of investors' risk expectation, and on the basis of controlling the credit rating of bonds and the size of bond issuance, the intermediary effect test method is used. Taking bond liquidity and investors' expected risk as intermediary variables. Respectively from the above two angles to study whether the level of environmental information disclosure is through the above two intermediary variables on the corporate green bond financing costs. Finally, through the study of this paper found. The degree of corporate environmental information disclosure is negatively related to the financing cost of corporate green bonds, and is mainly reduced by bond liquidity and investor risk expectations.
【學(xué)位授予單位】：哈爾濱工業(yè)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;X196

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