环保信息披露与IPO融资成本

Environmental disclosure and the cost of IPO

随着环境保护问题越来越受到政府和社会公众的关注,环境监管对上市公司尤其是对"准IPO"公司也提出了更多的要求。那么公司环保信息披露情况如何影响其IPO融资成本?本文通过对2009-2011年IPO成功的334家上市公司进行考察发现:(1)公司环保信息披露情况对于公司IPO融资成本有着明显的约束作用。(2)其他条件不变的情况下,相较于低污染行业的公司而言,高污染行业公司的环保信息披露对于其IPO融资成本的影响更大。本文的研究对上市公司的环境投入提供了有意义的政策建议。

Environmental problem is getting more and more attention from the government and thepublic. At the same time environmental supervision of listed companies especially companies paperingfor IPO is becoming striker and striker. The main purpose of this essay is to analyze how theenvironmental disclosure impacts the cost of IPO. Through the empirical study, we found that：（ 1 ） Environmental disclosure has a significant constraint for the cost of IPO. （2） Compared with lesspolluted industry, the impact of environmental disclosure for IPO financing cost is more significant inheavily polluting industry. This study provide meaningful policy recommendations of environmentalinput for listed companies.