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Impact of carbon disclosure on debt financing costs
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作者 Yiming Hu Yunfeng Liang 《Chinese Journal of Population,Resources and Environment》 2024年第1期98-108,共11页
Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideratio... Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards. 展开更多
关键词 Carbon disclosure debt financing cost State-owned enterprise Private enterprise
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The Effect of Corporate Governance on Debt Financing Cost of Listed Companies 被引量:2
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作者 LI Lin DONG Fangyu +2 位作者 LIU Yifang HUANG Haijun WANG Shouyang 《Journal of Systems Science & Complexity》 SCIE EI CSCD 2016年第3期772-788,共17页
In recent years, bank credit business is booming with the increasing borrowing retention o~ China's listed companies, and debt financing has become the major approach among listed companies' financing strategies. As... In recent years, bank credit business is booming with the increasing borrowing retention o~ China's listed companies, and debt financing has become the major approach among listed companies' financing strategies. As a series of institutional arrangements about rights, responsibilities and benefits between different shareholders, corporate governance mechanism has a significant influence on the cost of debt financing. This paper employs variable coefficient panel data model to investigate the relationship of the listed company's debt financing costs and corporate governance mechanism in terms of structural characteristics and time series characteristics. The results show that optimizing the structure of both Board of Directors and Board of Supervisors, establishing a reasonable management incentive system and reducing the concentration of ownership properly can directly contribute to a lower company's debt financing costs. Meanwhile, property rights have an interactive influence on corporate governance from four aspects, which indirectly effect in company's debt financing costs. 展开更多
关键词 Corporate governance debt financing cost property rights.
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Can material asset reorganizations affect acquirers' debt financing costs?——Evidence from the Chinese Merger and Acquisition Market 被引量:7
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作者 Qingquan Tang Hongwen Han 《China Journal of Accounting Research》 2018年第2期71-90,共20页
In this paper, we investigate whether material asset reorganizations(MARs), a special form of merger and acquisition(M&A) transactions, can affect the acquirers' cost of debt financing. Further, we examine the... In this paper, we investigate whether material asset reorganizations(MARs), a special form of merger and acquisition(M&A) transactions, can affect the acquirers' cost of debt financing. Further, we examine the effect of acquiring firms' accounting information quality on the cost of debt and on the association between MARs and debt costs. We predict that compared to conventional M&As, large-scale acquisitions through MARs can generate a much greater influx of assets from target firms. This raises the acquirers' asset collateral and thus reduces the cost of debt. Because the quality of accounting information is a key factor affecting the cost of debt, we suggest that it has a spillover effect on the debt-cost effect of MARs. Using M&A transactions by listed companies in the Chinese A-share market from 2008 to 2014 as our sample, we find that MARs are associated with a higher asset collateral and lower ex post cost of debt than conventional M&As. Furthermore, we show that the acquiring firms' accounting information quality has a significant negative effect on debt costs, and the negative association between MARs and the cost of debt is more pronounced when accounting information quality is higher. 展开更多
关键词 Material asset reorganizations Merger and acquisition Accounting information quality Asset collateral cost of debt financing
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ESG performance and cost of debt
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作者 Yongdong Shi Shijie Zheng +2 位作者 Pengsong Xiao Hongxian Zhen Tong Wu 《China Journal of Accounting Research》 2024年第4期165-189,共25页
We analyze China Securities Index Co.,Ltd.(CSI)environmental,social and governance(ESG)scoring data,which incorporate Chinese characteristics,to assess the impact of ESG performance on corporate debt financing costs.O... We analyze China Securities Index Co.,Ltd.(CSI)environmental,social and governance(ESG)scoring data,which incorporate Chinese characteristics,to assess the impact of ESG performance on corporate debt financing costs.Our findings indicate that better CSI ESG scores are correlated with lower debt financing costs.Additionally,improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing costs.However,this effect diminishes with increased internal control quality and marketization.Governance has the greatest impact on reducing debt financing costs,followed by social and environmental factors.Superior CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information asymmetry.Economic consequence analysis confirms that lower financing costs,driven by improved ESG performance,significantly enhance total factor productivity and firm value.CSI ESG scores also significantly impact bank loans but not corporate bond financing. 展开更多
关键词 CSI ESG performance debt financing costs Sustainable development Chinese capital market
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