本文選題：公司環(huán)保信息 + 融資約束��； 參考：《世界經(jīng)濟》2017年05期

【摘要】：本文利用2009-2013年中國污染行業(yè)所有上市公司數(shù)據(jù),檢驗了公司披露環(huán)保信息對融資約束的作用。結(jié)果發(fā)現(xiàn):公司提高環(huán)保信息披露水平可以顯著降低公司面臨的融資約束;進一步分析發(fā)現(xiàn),這種作用在公司財務透明度低的情況下更顯著,表明環(huán)保信息披露對財務信息披露具有補充作用。在考慮遺漏變量問題、變換環(huán)保披露水平和融資約束測度方式、采用工具變量和差分GMM方法估計等不同角度分析后,結(jié)論仍穩(wěn)健。本文為分析"社會政治理論"與"經(jīng)濟披露理論"之間的爭論提供了證據(jù),豐富了公司非財務信息披露領域的文獻。
[Abstract]:Based on the data of all listed companies in China's pollution industry from 2009 to 2013, this paper examines the role of disclosure of environmental information in financing constraints. The results show that the improvement of the level of environmental information disclosure can significantly reduce the financing constraints faced by the company, and further analysis shows that this effect is more significant when the financial transparency of the company is low. It shows that environmental information disclosure is complementary to financial information disclosure. After considering the problem of missing variables, changing the level of environmental protection disclosure and financing constraint measurement, and using tool variables and differential GMM method to estimate, the conclusion is still robust. This paper provides evidence for the analysis of the controversy between "social political theory" and "economic disclosure theory", and enriches the literature in the field of non-financial information disclosure.
【作者單位】： 廈門大學管理學院;暨南大學經(jīng)濟學院;
【基金】：國家自然科學基金項目(71272081) 中央高�；究蒲袠I(yè)務費專項資金(20720151184) 福建省社會科學規(guī)劃項目(FJ2015C233)的資助
【分類號】：F275;X196

【相似文獻】

相關碩士學位論文 前2條

1 顏云;環(huán)境績效信息披露對融資約束的影響研究[D];哈爾濱工業(yè)大學;2013年

2 戴皓宇;碳信息披露與企業(yè)融資約束的相關性研究[D];上海交通大學;2014年

，

本文編號：1810242