环境信息披露质量影响债务融资成本吗?——来自我国环境敏感型行业上市公司的经验证据

Does the Quality of Environmental Information Disclosure Affect the Cost of Debt Financing?Empirical Evidence from Listed Companies in China's Environmentally Sensitive Industries

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。以我国环境敏感型行业2011—2016年上市公司为研究对象,采用固定效应模型实证分析环境信息披露质量对企业债务融资成本的影响,结果显示企业环境信息披露质量对债务融资成本的降低作用不显著;将环境信息分为货币性和非货币性信息,发现货币性环境信息披露的质量对降低债务融资成本有显著影响。如何提高非货币性环境信息的作用是未来值得关注的问题。

Environmental inormation disclosure is an important source of information for banks to assess the environmental risk of an enterprise or project. Taking the listed companies of environmentally sensitive industry from 2011 to 2016 as the research object, this paper uses the fixed-effect model to empirically analyze the impact of environmental information disclosure quality on the corporate debt financing costs. The results show that the quality of corporale environmental information disclosure has no significant effect on reduction of the debt financing cost. By dividing environmental information into monetary and non-monetary information, it is found that the quality- of monetary environment information disclosure has a significant impact on reducing debt financing cost. A concern in the future is how to improve the role of non-monetary environmental information.