低碳视角下企业股票融资成本的影响因素分析——基于湘江新区上市公司的经验证据

Analysis on Influential Factors of Stock Financing Costs from the Perspective of Low-carbon——Based on the Empirical Evidence of Listed Companies of Xiangjiang New District

发展低碳经济的首要任务就是解决低碳融资问题,其中股票融资是其主要融资方式,企业股权融资成本受多种因素影响。以湘江新区上市公司为实证样本,基于融资结构理论,从政府、银行、资本市场及企业自身等方面探讨企业股票融资成本的影响因素,实证结果表明:企业融资环境包括政府政策、银行效率及资本市场等,对低碳视角下的股票融资成本有显著的负相关影响,而诸如企业融资规模、资产规模、经营能力、担保水平和账面价值等在内的企业自身因素对股票融资成本也有显著的负相关影响。

The primary task of developing low-carbon economy is to solve the problem of low-carbon financing and stock financing is its main financing way. The costs of enterprises＇ equity financing are affected by a variety of factors. This paper takes the listed companies of Xiangjiang New District as an empirical sample based on the theory of financing structure,and discusses the influential factors of the enterprises＇ stock financing costs from the government,banks,capital market and enterprises themselves. The empirical results show that： the financing environment of enterprises including government policy,bank efficiency and capital market has a significant negative correlation with the costs of stock financing in the perspective of low-carbon. What＇s more,the internal factors of enterprises,such as the scale of enterprise financing,the scale of assets,the management ability,the guarantee level,the book value,and so on also have an apparent negative influence on the costs of stock financing.