环境信息披露、银行信贷决策与债务融资成本——来自我国沪深两市A股重污染行业上市公司的经验证据

Environmental Information Disclosure,Bank Credit Decisions and Debt Financing Cost: Evidence from the Listed Company in Heavy Polluting Industries of A-Shares in Shanghai Stock Market and Shenzhen Stock Market

环境信息披露是银行评估企业或项目环境风险的重要信息来源,尤其是在重污染行业,环境信息披露已经成为银行借款契约的重要影响因素。本文以沪深两市A股重污染行业2012-2013年上市公司为样本,采用普通最小二乘法及倾向得分匹配法实证考察我国重污染行业上市公司是否披露环境信息对银行信贷决策及债务融资成本所产生的影响。研究发现:披露环境信息的公司能够获得较多的银行贷款,并且债务融资成本较低。因此,重污染行业上市公司积极进行环境信息披露可以在一定程度上降低银企之间的信息不对称程度,从而帮助企业获取更多的银行贷款并降低其债务融资成本。

Using samples of all listed company in heavy polluting industries of A-shares during the period from 2012-2013 in both Shanghai Stock Market and Shenzhen Stock Market,this paper studies the impact of environmental information disclosure on bank credit decisions and debt financing cost,based on the methods of OLS and PSM. The results show that companies which positively disclose their environmental information can get more bank borrowings,and their debt financing cost is lower. This paper confirms that improvement of environmental information disclosure of listed company in heavy pollution industries helps reduce information asymmetries between banks and enterprises,helps them get more bank borrowings and lower debt financing cost.