摘要
以2013—2015年上证上市公司社会责任指数股为研究样本,利用联立结构方程模型探讨碳信息披露、机构投资者与企业权益资本成本之间的关联。研究表明,上市公司碳信息披露水平总体较低,但有逐年提高的趋势;碳信息披露与权益资本成本显著负相关;机构投资者存在投资偏好,不同类型的机构投资者对碳信息披露与权益资本成本间作用存在差异。对提高企业碳信息披露水平提出建议。
This article takes the SSE Social Responsibility Index stocks from 2013 to 2015 as a sample and uses the simultaneous structural equation model to explore the relationship between carbon disclosure,institutional investors and corporate equity capital costs.Research shows that the level of carbon disclosure in listed companies is generally low,but there is an increasing trend year by year;carbon disclosure is significantly negatively correlated with the cost of equity;institutional investors have investment preferences,different types of institutional investors have different effects on carbon disclosure and equity capital cost.Therefore,some suggestions are offered to the improvement of enterprises'carbon disclosure level.
作者
杜湘红
张红燕
DU Xianghong;ZHANG Hongyan(School of Business,Hunan Normal University,Changsha,Hunan,410006,China)
出处
《西安石油大学学报(社会科学版)》
2018年第5期47-53,共7页
Journal of Xi’an Shiyou University:Social Science Edition
基金
湖南省教育厅科学研究项目(15C0867)
关键词
碳信息披露
权益资本成本
机构投资者
异质性
carbon disclosure
equity capital cost
institutional investors
heterogeneity