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论文编号：	6484
作者编号：	2120122540
上传时间：	2014/6/11 16:03:56
中文题目：	企业环境绩效和债务融资的相关性研究
英文题目：	Study on the relationship between corporate environmental performance and debt financing
指导老师：	李姝
中文关键字：	环境绩效；债务融资成本；债务融资规模；重污染企业
英文关键字：	environmental performance; the cost of debt financing; the size of debt financing; heavily polluting enterprises
中文摘要：	近年来，随着人们生活环境质量状况的下降，环境问题也逐渐成为社会大众关注的焦点。作为实施可持续发展战略必须要面对和解决的重点问题，环境相关问题也成为我国会计学术界讨论和研究的热门对象。在最近十几年里，企业的环境表现在世界各地都受到了广泛的重视并取得了长足的发展，中国也不例外。本文以我国重污染行业上市公司环境绩效和债务融资为研究对象，讨论了企业的环境绩效对债务融资的成本以及规模的影响。 本文首先介绍了选题的背景和意义，阐述了与环境绩效和债务融资相关的几个重要概念；然后简要叙述了与环境绩效和债务融资相关的理论，并在文献综述部分回顾总结了与环境绩效和债务融资相关的国内外文献，并进一步对环境绩效影响债务融资的机理进行分析。 然后是文章的实证部分，本文以我国重污染行业A股上市公司为研究对象，在梳理了环境绩效和债务融资相关理论的基础上，针对他们之间的关系予以分析并提出本文的研究假设。并借鉴先前学者的方法对企业的环境绩效和债务融资成本和规模予以计量，通过描述性统计、组间因素分析和多元回归分析探究企业环境绩效是否对债务融资成本和规模产生的影响。研究结果发现企业环境绩效与债务融资成本之间有显著的负相关关系，而与债务融资规模之间存在显著的正相关关系。最后，本文总结了研究成果并针对研究发现为改善我国上市公司环境绩效提出了一些建议。
英文摘要：	In recent years, as people living environment quality to drop, environmental problems also gradually become the focus of public attention. As the key problem of implementing sustainable development strategy must face and solve, environment problem has become a hot object of accounting academic discussion and research in China .In the recent decades, enterprise's environmental performance have received widespread attention all over the world ,also, they have got a rapid development, China is no exception. This paper take the environmental performance and debt financing of listed companies in China as the research object, discuss the impact of the enterprise's environmental performance on the cost of debt financing and size. First, we will introduce the background of the selected topic of elaborate several important concepts related to environmental performance and debt financing; Then briefly describe the theory related to environmental performance and debt financing, and review and summarizes the related literature of environmental performance and debt financing in the domestic and overseas in the literature part, and take further analysis about the mechanism of environmental performance influence debt financing. Next is the empirical part of this paper based on the comb of relevant theories of the environmental performance and debt financing. This article analyses the relationship between them and put forward the research hypothesis in this paper, and take method which draw lessons from the previous scholars to measure enterprise's environmental performance, debt financing cost and scale ,through descriptive statistics, factor analysis and multiple regression analysis between groups to explore whether the enterprise environmental performance exert an influence on debt financing cost and size. The results show that corporate environmental performance have a significant negative correlation relationship with the cost of debt, meanwhile, a significant positive correlation with the debt financing scale. Finally, this paper summarizes the research results and put forward several suggestions based on the research results in order to improve the environmental performance of listed companies in China .
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