水信息披露、政治关联和资本成本——以2010—2015年中国高水敏感性行业为例

Water information disclosure, political connections and cost of capital: Evidence from high water sensitivity industry of 2010 to 2015

水信息披露是企业向资本市场传递信号并赢得利益相关者认同的重要途径。以2010—2015年中国高水敏感性行业的334家上市企业为样本,采用面板回归模型实证检验了水信息披露与企业资本成本之间的关系,并进一步验证了政治关联在水信息披露与企业资本成本之间的作用机理。结果表明,企业水信息披露在较低水平时,水信息披露与资本成本呈正相关关系,而企业水信息披露在较高水平时,则水信息披露与资本成本呈负相关关系;不同类别的政治关联对企业水信息披露与资本成本关系的调节作用存在显著差异,政府型政治关联表现为削弱二者之间相关关系,而代表型政治关联主要表现倾向相反。上述研究发现对企业管理者认识水信息披露的作用及避免盲目追求政治关联具有重要参考价值。

As an important means of transmitting signals between enterprises and capital markets, water information disclosure can help enterprises achieve more favorable views. Using a sample of 334 listed companies in the Chinese high-water sensitivity industry from 2010 to 2015, the present essay examines the influence of these firms＇ water information disclosure at the cost of capital and analyzes the function mechanism of political connection on the relationship between water information disclosure and enterprise capital cost by panel regression model. As is shown from the empirical results, when water information disclosure of the enterprise is at a low level, there is a positive correlation between water information disclosure and capital cost, but when water information disclosure is at a high level, the correlation turns to the contrary. The results also show that different types of political connections have significant moderating effects on the relationship between corporate water information disclosure and capital costs. Official political connection shows the weakening of the correlation between water information disclosure and capital cost while representative political connection is opposite. These findings have important reference value for enterprises to understand the role of water information disclosure and to avoid blind pursuit of political connections.