债务融资成本、碳信息披露对融资约束的作用研究

Study on the Role of Debt Financing Cost and Carbon Information Disclosure on Financing Constraints

选取我国2015—2019年沪、深两市A股重污染行业上市公司为研究样本,通过构建碳信息评价体系,确定样本企业的碳信息披露质量,实证研究债务融资成本、碳信息披露对融资约束效应的作用。结果表明,碳信息披露质量与融资约束、债务融资成本均存在显著负相关关系,且债务融资成本在碳信息披露质量与融资约束之间起到显著的中介作用。为此,建议政府应加大监管力度,企业应积极承担披露责任,债权人应强化低碳环保意识。

Listed companies in the A-share heavy pollution industry in Shanghai and Shenzhen from 2015 to 2019 were selected as the research samples for the study,and the carbon information disclosure quality of the sample enterprises was determined by the construction of a carbon information evaluation system,and the role of debt financing cost and the constraint effect of carbon information disclosure on financing was explored by using the empirical research method.The empirical results show that the quality has a significant negative relationship between carbon information disclosure and financing constraints and debt financing cost,and debt financing cost plays a significant intermediary role between the quality of carbon information disclosure and financing constraints.Therefore,it is suggested that the government should strengthen the supervision,enterprises should actively assume the disclosure responsibility,and creditors should strengthen the awareness of low-carbon environmental protection.