本文關鍵詞： 環(huán)境會計 環(huán)境信息披露 債務融資　出處：《西南財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：全球經(jīng)濟不斷發(fā)展,伴隨而來的是環(huán)境污染日益嚴重,生態(tài)環(huán)境不斷惡化,已經(jīng)對人類賴以生存的社會環(huán)境造成巨大影響,對整個社會的可持續(xù)發(fā)展造成阻礙。企業(yè)作為社會經(jīng)濟發(fā)展中非常重要的組成部分,為社會創(chuàng)造了大量財富,但同時也帶來了環(huán)境污染。世界的環(huán)保機構、各國政府都在倡導低碳經(jīng)濟,以此作為社會經(jīng)濟的發(fā)展模式,打破資源環(huán)境的制約,發(fā)展清潔能源,實現(xiàn)經(jīng)濟發(fā)展與生態(tài)環(huán)境的和諧統(tǒng)一。企業(yè)作為環(huán)境污染的主要制造者,對保護環(huán)境有著義不容辭的責任。環(huán)境會計通過對企業(yè)生產(chǎn)經(jīng)營活動與環(huán)境有關的行為進行確認和計量,反應了企業(yè)的環(huán)境行為,既有助于企業(yè)對自身的環(huán)境活動作出評估又有利于外部投資人決策。企業(yè)的環(huán)境信息披露已逐漸成為利益相關者對企業(yè)環(huán)境活動評估的主要渠道,而企業(yè)為了自身經(jīng)營發(fā)展籌集資金所付出的融資成本又影響企業(yè)的經(jīng)濟效益。根據(jù)優(yōu)序融資理論,債務融資是企業(yè)偏好的第二種融資方式,僅此于內部融資。在我國的資本市場中,銀行等金融機構是企業(yè)融資的主要平臺。企業(yè)的環(huán)境信息披露水平是否與債務融資存在相關性?如果企業(yè)能夠通過提高環(huán)境信息披露水平獲得較低的債務融資成本,那么將會推動企業(yè)披露環(huán)境信息的積極性。 在2007年我國政府出臺“綠色信貸”、“綠色保險”和“綠色證券”三項綠色經(jīng)濟政策的背景下,本文選取我國2011-2012年滬市重污染行業(yè)A股上市公司為研究樣本,研究上市公司環(huán)境信息披露水平與債務融資的相關性。 結合我國當前的宏觀經(jīng)濟制度對研究背景和意義做出分析,并梳理文章結構。然后分別對環(huán)境信息披露、債務融資、信息披露對債務融資影響這三部分進行了文獻的閱讀、梳理和總結。通過回顧國內外學者的研究狀況,可以看出,由于起步較早以及對環(huán)境問題重視程度較高,國外在理論和實證研究方面都要領先于我國。國內研究學者更多的是通過借鑒國外已有的理論模型,結合我國上市公司具體情況進行實證研究。另外,由于環(huán)境會計作為傳統(tǒng)會計學的一門分支,近年來才逐步受到研究學者的關注,對于環(huán)境信息披露的研究還未達到十分完善的地步,并且主要集中在環(huán)境信息披露影響因素的研究,其他研究較少。環(huán)境信息披露與債務融資的研究更是幾乎空白。 在梳理了相關的文獻綜述后,對環(huán)境信息披露與債務融資分別進行了理論分析�？沙掷m(xù)發(fā)展理論主要以宏觀的視角揭示了環(huán)境信息披露的必要性,利益相關者理論闡釋了環(huán)境信息披露對其利益相關者的重要性,社會責任理論則指出環(huán)境信息披露是企業(yè)在通過生產(chǎn)經(jīng)營活動獲取利潤時應當為保護環(huán)境承擔的一份不可推卸的責任。債務融資的理論可以分為兩大模塊,一類主要從企業(yè)管理者角度出發(fā)揭露公司信息披露的動機,包括代理成本理論、信號傳遞理論和激勵理論,另一類則是從企業(yè)的融資成本角度研究信息披露與企業(yè)融資的關系,主要有流動性風險理論和利率風險理論。以相關理論為基礎,筆者又剖析了我國當前環(huán)境信息披露的制度現(xiàn)狀和上市公司環(huán)境信息披露的具體情況。在以政府頒布的上市公司環(huán)境信息披露指南等相關制度為背景的前提下,對研究的206家公司的環(huán)境信息披露項目進行了分析,包括當前披露狀況較好的條目以及仍需改善的地方。 筆者在綜合了GRI指引和我國政府的相關法律法規(guī)制度后,設立了環(huán)境信息披露評分項目,并通過對年報及其獨立環(huán)境報告的閱讀手工打分,得出環(huán)境信息披露指數(shù)這一因變量。然后選了債務融資成本和銀行借款融資率兩個指標作為被解釋變量,研究環(huán)境信息披露水平與債務融資的相關性。通過文獻綜述和理論分析,再結合我國的制度背景,對研究假設進行了描述性統(tǒng)計分析、各變量的相關系數(shù)分析和回歸分析。研究結果指出環(huán)境信息披露水平與債務融資存在顯著的相關關系。 最后,依據(jù)理論基礎和實證研究結果,筆者從政府宏觀的角度和企業(yè)的微觀視角給出了建議。政府應繼續(xù)完善環(huán)境信息披露制度的建設,明確披露內容,并加強監(jiān)管以及設立更具約束力的懲罰措施。企業(yè)為了獲得更低的債務融資成本,應提高環(huán)境信息披露水平。
[Abstract]:The global economic development, accompanied by the increasingly serious environmental pollution, deteriorating ecological environment, has caused a great impact on human survival and social environment, the sustainable development of the whole society to obstruct. As part of the enterprise is very important in the development of social economy, create wealth for the society, but also brought the pollution of the environment. The environmental protection agency in the world, governments are advocating low-carbon economy, as a social economic development model, breaking the constraints of resources and environment, the development of clean energy, to achieve harmony between economic development and ecological environment. The main manufacturing enterprises as environmental pollution, has an unshirkable responsibility to protect the environment. The environmental accounting confirmation and measurement of enterprise production and management activities related to the environment behavior, reflect the environmental behavior of enterprises, which helps enterprises To assess their environmental activities but also conducive to the external investors decision-making. The disclosure of environmental information has gradually become the main channel for stakeholders to assess the environment and business activities of enterprises, in order to develop their own business to raise funds to pay the cost of financing and affect the economic efficiency of enterprises. According to the pecking order theory, debt financing second kinds of corporate financing preference, only to internal financing. In China's capital market, banks and other financial institutions is the main platform for enterprise financing. The level of corporate environmental information disclosure and whether debt financing correlation exists? If the enterprises can get the lower costs of debt financing by raising the level of environmental information disclosure. It will promote the enthusiasm of enterprise environmental information disclosure.
In 2007 the Chinese government promulgated the "green credit", "green insurance" and "green securities" three green economic policy under the background, the paper selects 2011-2012 Shanghai A shares of heavy polluting industries listed companies as research samples, the correlation research of environmental information disclosure of listed companies and the level of debt financing.
According to China's current macro economic system analyzes the background and significance of the research, and combing the structure of the paper. Then the environmental information disclosure, information disclosure of debt financing, debt financing of the three parts of the literature review, analysis and summary. Through review of research status of domestic and foreign scholars can be seen as an early start and a high degree of attention to environmental problems, countries are leading in China in the aspects of theoretical and empirical research. The domestic research scholars more by learning from theoretical model abroad, combined with China's listed company specific empirical research. In addition, due to environmental accounting as a branch of traditional accounting in recent years. Gradually attention by researchers, for the study of environmental information disclosure is not perfect, and mainly focus on the influence of environmental information disclosure There are few other studies on the factors. The research on environmental information disclosure and debt financing is almost blank.
On the basis of the relevant literature review, the financing of environmental information disclosure and debt are analyzed in theory. The theory of sustainable development mainly in the macro perspective reveals the necessity of environmental information disclosure, stakeholder theory explains the importance of environmental information disclosure related to the interests of the social responsibility theory points out environmental information disclosed is an enterprise should not shirk its responsibility to protect the environment in the production and business activities to obtain profits. The theory of debt financing can be divided into two modules, a class of enterprise managers mainly from the perspective of disclosure of information disclosure motivation, including agency cost theory, signaling theory and incentive theory. The other is to study the relationship between information disclosure from the angle of enterprise financing cost and financing of enterprises, mainly the theory of liquidity risk and interest rate risk in theory. Close the theory, and analyzes the current environmental information disclosure system in our country and the status of environmental information disclosure of listed companies related to the specific situation. In the government environmental information disclosure of listed companies such as the background of the guide system under the premise of the 206 companies on the research of Environmental Information Disclosure Project are analyzed, including the current status and better disclosure items still need to improve the place.
The author in the synthesis of the GRI guidelines and the Chinese government's relevant laws and regulations system, the establishment of environmental information disclosure evaluation project, and through the annual report and the independent environmental report reading manual scoring, that the environmental information disclosure index of the dependent variable. Then the cost of debt financing and bank loan financing rate of two indicators as study on the correlation between the explanatory variables, the level of environmental information disclosure and debt financing. Through literature review and theoretical analysis, combined with the institutional background of China, the research hypothesis of descriptive statistical analysis, correlation analysis and regression analysis of each variable. Results indicate that there is a significant correlation between the level of environmental information disclosure and debt financing.
Finally, on the basis of the results of theoretical and empirical research, the micro perspective gives the author from the government macroscopic angle and enterprise are proposed. The government should continue to improve the construction of environmental information disclosure system, clear disclosure, and strengthen the supervision and punishment measures to set up more binding. Enterprises in order to get a lower cost of debt financing, should be improved the level of environmental information disclosure.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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