碳绩效、碳信息披露质量与股权融资成本
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摘要
本文以2009-2014年中国重污染行业上市企业为样本,并选择房地产等轻污染行业中规模相当的上市企业作为配对样本,通过构建碳信息披露指标评价体系,实证检验了碳绩效、碳信息披露质量与企业的股权融资成本的关系。研究结果表明,碳绩效越好的企业,碳信息披露质量越高,而且对分类后的非财务性碳信息披露质量和财务性碳信息披露质量的提高都有显著的促进作用。碳绩效好的企业通过高质量的碳信息披露增强自身的可识别性,达到将自己与碳绩效差的企业划清界限的意图。企业提高碳信息披露质量可以降低股权融资成本,财务性碳信息披露具有减少股权融资成本的效果,非财务性碳信息披露不能明显降低股权融资成本。就企业性质而言,非公有制企业提升碳信息披露质量更容易降低企业股权融资成本,而公有制企业碳信息披露对股权融资成本的影响关系不明显。另外,企业碳绩效的提高并没有显著强化碳信息披露质量与股权融资成本之间的负相关关系。理论上,研究结果符合关注非财务性信息披露的研究趋势;实践上,对促进企业进行低碳减排领域的投资有一定的现实意义。
This paper takes China's highly polluting companies listed in the period from 2009 to 2014 as samples and mildly polluting listed companies of similar size,e.g. real estate companies,as paired samples,and empirically tests the relationship between carbon performance,carbon information disclosure quality and cost of equity financing through constructing a carbon information disclosure index evaluation system. The research results show that the better the carbon performance is,the higher quality the carbon information disclosure will have,and it can promote the quality of non-financial carbon information and financial carbon information. The enterprise with good carbon performance can identify themselves from the bad by enhancing carbon information disclosure quality. Enterprises which improve the quality of carbon information disclosure can reduce the cost of equity financing,and the disclosures of financial carbon information has effect on reducing the cost of equity financing,but non-financial carbon information has not. In terms of enterprise property,non-public enterprises that improve carbon information disclosure quality are more likely to reduce the cost of equity financing,but the influence of public enterprises is not obvious. In addition,the improving of enterprise carbon performance does not strengthen the negative relationship between carbon information disclosure and cost of equity financing. In theory,the results accord with the research trend of focusing on non-financial information disclosure; in practice,it has a certain practical significance in encouraging enterprises to invest in the field of low-carbon reduction.
This paper takes China's highly polluting companies listed in the period from 2009 to 2014 as samples and mildly polluting listed companies of similar size,e.g. real estate companies,as paired samples,and empirically tests the relationship between carbon performance,carbon information disclosure quality and cost of equity financing through constructing a carbon information disclosure index evaluation system. The research results show that the better the carbon performance is,the higher quality the carbon information disclosure will have,and it can promote the quality of non-financial carbon information and financial carbon information. The enterprise with good carbon performance can identify themselves from the bad by enhancing carbon information disclosure quality. Enterprises which improve the quality of carbon information disclosure can reduce the cost of equity financing,and the disclosures of financial carbon information has effect on reducing the cost of equity financing,but non-financial carbon information has not. In terms of enterprise property,non-public enterprises that improve carbon information disclosure quality are more likely to reduce the cost of equity financing,but the influence of public enterprises is not obvious. In addition,the improving of enterprise carbon performance does not strengthen the negative relationship between carbon information disclosure and cost of equity financing. In theory,the results accord with the research trend of focusing on non-financial information disclosure; in practice,it has a certain practical significance in encouraging enterprises to invest in the field of low-carbon reduction.
引文
[1]Reverte C.Corporate Social Responsibility Disclosure and Market Valuation:Evidence from Spanish Listed Firms[J].Review Managerial Science,2016,10(2):411-435
[2]Yu G.,Wang B.Y.The Impact of Information Disclosure Quality on the Cost of Equity Financing[J].Journal of Financial Risk Management,2016,5(3):107-112
[3]Matsumura E.M.,Prakash R.,Vera-Mu1oz S.C.Firm-Value Effects of Carbon Emissions and Carbon Disclosures[J].The Accounting Review,2014,89(2):695-724
[4]张巧良,宋文博,谭婧.碳排放量、碳信息披露质量与企业价值[J].南京审计学院学报,2013,(2):56-63
[5]何玉,唐清亮,王开田.碳信息披露、碳业绩与资本成本[J].会计研究,2014,(1):79-86
[6]张娟,王君彩,弓秀玲.碳信息自愿披露与权益资本成本[J].现代管理科学,2015,(8):51-53
[7]Peng J.,Sun J.F.,Luo R.Corporate Voluntary Carbon Information Disclosure:Evidence from China’s Listed Companies[J].The World Economy,2015,38(1):91-109
[8]赵选民,严冠琼.企业经营绩效对碳信息披露水平的影响---基于CDP中国报告沪市A股企业经验数据[J].西安石油大学学报(社会科学版),2014,23(2):41-46
[9]吴勋,徐新歌.公共压力与自愿性碳信息披露---基于2008-2013年CDP中国报告的实证研究[J].科技管理研究,2015,(24):233-237
[10]Luo L.,Tang Q.L.Does Voluntary Carbon Disclosure Reflect Underlying Carbon Performance[J].Journal of Contemporary Accounting&Economics,2014,10(3):191-205
[11]Gonzalez-Gonzalez J.M.,Ramírez C.Z.Voluntary Carbon Disclosure by Spanish Companies:An Empirical Analysis[J].International Journal of Climate Change Strategies and Management,2016,8(1):57-79
[12]汪方军,朱莉欣,黄侃.低碳经济下国家碳排放信息披露系统研究[J].科学学研究,2011,29(4):515-520
[13]陈华,王海燕,荆新.中国企业碳信息披露:内容界定、计量方法和现状研究[J].会计研究,2013,(12):18-24
[14]吴红军.环境信息披露、环境绩效与权益资本成本[J].厦门大学学报,2014,(3):129-138
[15]Clarkson P.M.,Li Y.,Richardson G.D.,et al.Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis[J].Accounting Organization and Society,2008,33(4-5):303-327
[16]Iatridis G.E.Environmental Disclosure Quality:Evidence on Environmental Performance,Corporate Governance and Value Relevance[J].Emerging Markets Review,2013,14(1):55-75
[17]陈璇,Lindkvist K.B.环境绩效与环境信息披露:基于高新技术企业与传统企业的比较[J].管理评论,2013,25(9):117-130
[18]姚圣,毛子涵.环境业绩与环境信息披露的相关性研究[J].中国矿业大学学报,2013,(1):54-59
[19]Clarkson P.Environmental Reporting and Its Relation to Corporate Environmental Performance[J].Abacus,2011,47(1):27-60
[20]Sutantoputra A.W.,Lindorff M.,Prior Johnson E.The Relationship between Environmental Performance and Environmental Disclosure[J].Australasian Journal of Environmental Management,2012,19(1):51-65
[21]徐光华,林柯宇.基于DEA的企业碳绩效评价[J].财会月刊,2015,(33):65-68
[22]路正南,冯阳.环境规制对碳绩效影响的门槛效应分析[J].工业技术经济,2016,(8):31-37
[23]卢文彬,官峰,张佩佩,等.媒体曝光度、信息披露环境与权益资本成本[J].会计研究,2014,(12):66-71
[24]李姝,赵颖,童婧.社会责任报告降低了企业权益资本成本吗?---来自中国资本市场的经验证据[J].会计研究,2013,(9):64-70
[25]晏艳阳,周志.引入信息成本的信息结构与股权融资成本[J].中国管理学报,2014,22(9):10-17
[26]沈洪涛,游家兴,刘江宏.再融资环保核查、环境信息披露与权益资本成本[J].金融研究,2010,(12):159-172
[27]袁洋.环境信息披露质量与股权融资成本---来自沪市A股重污染行业的经验数据[J].中南财经政法大学学报,2014,(1):126-136
[28]李慧云,刘镝.市场化进程、自愿性信息披露和权益资本成本[J].会计研究,2016,(1):71-78
[29]皮天雷,唐秀萍.市场信息传导机制下公司权益资本的决定研究[J].管理评论,2016,28(2):185-196
[30]Dhaliwal D.Voluntary Non-financial Disclosure and the Cost of Equity Capital:The Initiation of Corporate Social Responsibility Reporting[J].The Accounting Review,2011,86(1):59-100
[31]叶陈刚,王孜,武剑锋,等.外部治理、环境信息披露与股权融资成本[J].南开管理评论,2015,18(5):85-96
[32]赵帆,毕茜.产权性质与企业环境信息披露[J].商业会计,2013,(15):14-16
[33]李力,刘全齐.新闻报道、政府监督对企业碳信息披露的影响[J].贵州财经大学学报,2016,(3):30-39
[34]Larcker D.F.,Rusticus T.O.On the Use of Instrumental Variables in Accounting Research[J].Journal of Accounting and Economics,2010,49(3):186-205
[35]沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J].会计研究,2012,(2):72-78
(1)易碳家期刊:http://www.tanjiaoyi.com/article-789-1.html,2014-4-16。
[2]Yu G.,Wang B.Y.The Impact of Information Disclosure Quality on the Cost of Equity Financing[J].Journal of Financial Risk Management,2016,5(3):107-112
[3]Matsumura E.M.,Prakash R.,Vera-Mu1oz S.C.Firm-Value Effects of Carbon Emissions and Carbon Disclosures[J].The Accounting Review,2014,89(2):695-724
[4]张巧良,宋文博,谭婧.碳排放量、碳信息披露质量与企业价值[J].南京审计学院学报,2013,(2):56-63
[5]何玉,唐清亮,王开田.碳信息披露、碳业绩与资本成本[J].会计研究,2014,(1):79-86
[6]张娟,王君彩,弓秀玲.碳信息自愿披露与权益资本成本[J].现代管理科学,2015,(8):51-53
[7]Peng J.,Sun J.F.,Luo R.Corporate Voluntary Carbon Information Disclosure:Evidence from China’s Listed Companies[J].The World Economy,2015,38(1):91-109
[8]赵选民,严冠琼.企业经营绩效对碳信息披露水平的影响---基于CDP中国报告沪市A股企业经验数据[J].西安石油大学学报(社会科学版),2014,23(2):41-46
[9]吴勋,徐新歌.公共压力与自愿性碳信息披露---基于2008-2013年CDP中国报告的实证研究[J].科技管理研究,2015,(24):233-237
[10]Luo L.,Tang Q.L.Does Voluntary Carbon Disclosure Reflect Underlying Carbon Performance[J].Journal of Contemporary Accounting&Economics,2014,10(3):191-205
[11]Gonzalez-Gonzalez J.M.,Ramírez C.Z.Voluntary Carbon Disclosure by Spanish Companies:An Empirical Analysis[J].International Journal of Climate Change Strategies and Management,2016,8(1):57-79
[12]汪方军,朱莉欣,黄侃.低碳经济下国家碳排放信息披露系统研究[J].科学学研究,2011,29(4):515-520
[13]陈华,王海燕,荆新.中国企业碳信息披露:内容界定、计量方法和现状研究[J].会计研究,2013,(12):18-24
[14]吴红军.环境信息披露、环境绩效与权益资本成本[J].厦门大学学报,2014,(3):129-138
[15]Clarkson P.M.,Li Y.,Richardson G.D.,et al.Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis[J].Accounting Organization and Society,2008,33(4-5):303-327
[16]Iatridis G.E.Environmental Disclosure Quality:Evidence on Environmental Performance,Corporate Governance and Value Relevance[J].Emerging Markets Review,2013,14(1):55-75
[17]陈璇,Lindkvist K.B.环境绩效与环境信息披露:基于高新技术企业与传统企业的比较[J].管理评论,2013,25(9):117-130
[18]姚圣,毛子涵.环境业绩与环境信息披露的相关性研究[J].中国矿业大学学报,2013,(1):54-59
[19]Clarkson P.Environmental Reporting and Its Relation to Corporate Environmental Performance[J].Abacus,2011,47(1):27-60
[20]Sutantoputra A.W.,Lindorff M.,Prior Johnson E.The Relationship between Environmental Performance and Environmental Disclosure[J].Australasian Journal of Environmental Management,2012,19(1):51-65
[21]徐光华,林柯宇.基于DEA的企业碳绩效评价[J].财会月刊,2015,(33):65-68
[22]路正南,冯阳.环境规制对碳绩效影响的门槛效应分析[J].工业技术经济,2016,(8):31-37
[23]卢文彬,官峰,张佩佩,等.媒体曝光度、信息披露环境与权益资本成本[J].会计研究,2014,(12):66-71
[24]李姝,赵颖,童婧.社会责任报告降低了企业权益资本成本吗?---来自中国资本市场的经验证据[J].会计研究,2013,(9):64-70
[25]晏艳阳,周志.引入信息成本的信息结构与股权融资成本[J].中国管理学报,2014,22(9):10-17
[26]沈洪涛,游家兴,刘江宏.再融资环保核查、环境信息披露与权益资本成本[J].金融研究,2010,(12):159-172
[27]袁洋.环境信息披露质量与股权融资成本---来自沪市A股重污染行业的经验数据[J].中南财经政法大学学报,2014,(1):126-136
[28]李慧云,刘镝.市场化进程、自愿性信息披露和权益资本成本[J].会计研究,2016,(1):71-78
[29]皮天雷,唐秀萍.市场信息传导机制下公司权益资本的决定研究[J].管理评论,2016,28(2):185-196
[30]Dhaliwal D.Voluntary Non-financial Disclosure and the Cost of Equity Capital:The Initiation of Corporate Social Responsibility Reporting[J].The Accounting Review,2011,86(1):59-100
[31]叶陈刚,王孜,武剑锋,等.外部治理、环境信息披露与股权融资成本[J].南开管理评论,2015,18(5):85-96
[32]赵帆,毕茜.产权性质与企业环境信息披露[J].商业会计,2013,(15):14-16
[33]李力,刘全齐.新闻报道、政府监督对企业碳信息披露的影响[J].贵州财经大学学报,2016,(3):30-39
[34]Larcker D.F.,Rusticus T.O.On the Use of Instrumental Variables in Accounting Research[J].Journal of Accounting and Economics,2010,49(3):186-205
[35]沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J].会计研究,2012,(2):72-78
(1)易碳家期刊:http://www.tanjiaoyi.com/article-789-1.html,2014-4-16。