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论文编号：	9310
作者编号：	2120152442
上传时间：	2017/6/19 22:34:28
中文题目：	环境信息披露与企业债务融资的关系研究——来自我国沪市A股重污染行业上市公司的经验数据
英文题目：	Research on the relationship between Environmental Disclosure and Corporate Debt Financing: Evidence from the Listed Company in Heavy Polluting Industries of A－Shares in Shanghai Stock Market
指导老师：	刘志远
中文关键字：	环境信息披露；债务融资规模；债务融资成本；债务期限结构
英文关键字：	Environmental Disclosure；Scale of Debt Financing；Debt Financing Cost；Debt Maturity Structure
中文摘要：	我国经济自改革开放以来始终保持高速发展，但与此同时“高投入、高消耗、高污染”的粗放型经济发展模式却引发了很多环境污染问题。为了遏制环境污染，贯彻落实可持续发展战略，我国政府相关部门出台了一系列政策及法规，其中就包括要求商业银行加强对绿色环保企业的信贷支持力度的“绿色信贷”政策。在此背景下，研究环境信息披露与债务融资活动的关系对企业的经营和发展极具现实意义。本文以2013-2015年沪市A股重污染行业的203家上市公司的数据为样本，在回顾了与环境信息披露相关的前人研究成果和理论的基础上，通过构建环境信息披露评价体系和手工收集的环境信息数据计算出环境信息披露指数，分析了我国当前的环境信息披露情况，然后对环境信息披露与企业债务融资的规模、成本以及期限结构的关系进行了实证研究。并进一步考察了不同披露载体、不同产权性质及不同市场化进程下，环境信息披露对债务融资的影响差别。得出的结论有：（1）企业的环境信息披露质量与债务融资规模显著正相关，与债务融资成本负相关但不显著；（2）环境信息披露能够影响企业的债务期限结构，其对短期借款规模有着显著的积极影响，而对于长期借款的作用则不明显；（3）额外编制独立报告披露环境信息的企业，与仅在年报中进行环境信息披露的企业相比，环境信息披露质量对债务融资规模和债务融资成本的影响更显著，且对短期借款的积极作用更加明显；（4）从产权性质的角度看，非国有企业的环境信息披露水平与债务融资成本的显著负相关，而国有企业的环境信息披露水平与债务融资成本关系不显著；（5）与中部、西部地区相比，市场化程度较高的东部地区企业的环境信息披露水平对债务融资成本的降低作用更显著。最后在此基础上，向企业、政府相关部门和债权人三方提出了有针对性的几点建议。
英文摘要：	China's economy has been growing rapidly since the reform and opening, but at the same time the extensive economic growth mode called "high input, high consumption, and high pollution" has brought many environmental problems．In order to curb environmental pollution and implement the strategy of sustainable development, the Chinese government issued a series of relevant policies and regulations, including the requirements of commercial banks to increase support for green enterprise credit, called "green credit" policy．Under this background, it is very practical and important to study the relationship between environmental information disclosure and debt financing activities. In this paper, the data of 203 listed companies on the Stock Exchange Shanghai during 2013 to 2015 of heavy polluting industries are chosen as the sample．After reviewing the previous research results and theory related to environmental information disclosure, we construct the Environmental Information Evaluation System and calculate the Environmental Disclosure Index (EDI) using the manually collecting data．Then we analyze the present situation of environmental information disclosure in China, and do empirical researched on the relationship of environmental disclosure and corporate debt financing scale, debt financing costs and debt maturity structure, further investigate the effect differences of environmental disclosure with different carriers, different properties and different process of market disclosure on debt financing．The conclusion is that: (1) The level of environmental information disclosure is positively correlated with the scale of debt financing, and has negative correlation with debt financing cost, but not significant; (2) The environmental disclosure can affect the debt maturity structure of enterprises, and it has a significant positive impact on the scale of short-term loans, but the impact on long-term borrowing is not obvious; (3) Compared with the enterprises that disclose environmental information in the annual report of the enterprise only, enterprises that compiling additional independent reports to disclose environmental information have more significant relationship between environmental disclosure and debt financing, and the positive effect on short-term borrowing is more obvious; (4) From the perspective of property rights, the negative correlation between non-state enterprises’ environmental information disclosure and debt financing cost is more significant; (5) Compared with the central and western regions, the environmental disclosure of the enterprises with higher degree of Marketization in the eastern regions can reduce debt financing cost more prominently．Finally, on the basis of the study conclusions, some suggestions are put forward to the enterprise, the government and the creditors.
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