碳信息披露、企业收益与债务融资成本

Carbon Information Disclosure,Enterprise Income and Debt Financing Cost

随着我国“双碳”目标的实施,包括银行机构和债权人在内的利益相关者对企业低碳社会责任履行情况愈发关注。碳信息披露是否影响债务融资成本是一个值得研究的课题。本文通过分析碳信息披露、企业收益与债务融资成本之间的关系作用机理,提出碳信息披露与债务融资成本呈负相关关系,且企业收益在其中起中介作用的研究假设,并使用逐步回归法对研究假设进行验证。基于研究结论,文章提出企业为了更好发展应积极提高碳信息披露的主动性以及保护环境的社会责任感;同时政府需持续加强对碳信息披露的监督管理,以保障银行机构及债权人利益。

As China implements its"dual-carbon"goals,stakeholders,including banking institutions and creditors,are increasingly concerned about corporate performance in fulfi lling low-carbon social responsibilities.Whether carbon disclosure affects the cost of debt financing is a topic worthy of study.This paper analyzes the mechanism of the relationship between carbon disclosure,corporate earnings,and the cost of debt fi nancing.It proposes a hypothesis that carbon disclosure is negatively correlated with the cost of debt fi nancing,with corporate earnings playing an intermediary role,and validates this hypothesis using stepwise regression analysis.Based on the research fi ndings,the paper suggests that companies should actively enhance the proactiveness of carbon disclosure and their sense of social responsibility for environmental protection to better their development.Meanwhile,the government should continuously strengthen supervision and management of carbon disclosure to safeguard the interests of banking institutions and creditors.