摘要
文章以2015-2019年我国A股重污染行业上市公司为主要调查样本,分析了媒体关注度对债务成本的影响,以及环境信息披露水平作为中介变量的中介效应。调查分析发现:媒体关注度与债务成本高度负相关,环境信息披露水平在其中产生了“遮掩效应”,也就是说,环境信息披露水平实际上抑制了媒体关注度对债务成本的负向影响。进一步调查发现:财务性环境信息披露水平的“遮掩效应”比非财务性环境信息披露水平的“遮掩效应”更显著;比起非国有企业,国有企业的媒体关注度对债务成本的负向影响更明显,环境信息披露水平的“遮掩效应”也更显著。
With China’s A-share listed companies of heavy-pollution industries from 2015 to 2019 as the main research samples,this paper analyzes the impact of media attention on the cost of debt and the mesomeric effect of the environmental information disclosure level as the mediator.It is found through the analysis of the research that media attention and the cost of debt are highly negatively correlated.the environmental information disclosure level has a“masking effect”on the relationship,i.e.the disclosure level actually suppresses the negative influence of the media attention on the cost of debt.The further survey reveals that the“masking effect”of financial environmental information disclosure level is more significant than that of non-financial one;Compared with the other enterprises,the negative influence of the media attention on the cost of debt is more significant for the state-owned enterprises,and the“masking effect”of the environmental information disclosure level is also more pronounced.
作者
杨洁
揭茗凯
YANG Jie;JIE Ming-kai(School of Economics and Trade,Hunan University of Technology,Zhuzhou 412007,China)
出处
《唐山学院学报》
2023年第3期63-72,99,共11页
Journal of Tangshan University
基金
国家社科基金项目(19BJY082)。
关键词
企业
环境信息披露水平
媒体关注度
遮掩效应
债务成本
enterprise
environmental information disclosure level
media attention
masking effect
cost of debt