企业生命周期、碳信息披露与融资约束——基于重污染行业的经验证据
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摘要
本文在碳信息披露评价体系的框架下,完成了对企业碳信息披露指数的构建,同时以中国重污染行业上市公司2012～2017年间的面板数据为研究样本,从企业生命周期的视角出发,实证检验了碳信息披露对企业融资约束的动态影响。研究表明:与未进行碳信息披露的企业相比,进行碳信息披露的企业会显著缓解企业的融资约束;对于初创期企业,碳信息披露对企业融资约束的缓解效应不显著;对于成长期和成熟期企业,碳信息披露会显著缓解企业的融资约束;对于衰退期企业,碳信息披露反而会加剧企业的融资约束。
Under the framework of the carbon information disclosure evaluation system,the construction of the enterprise carbon information disclosure index is completed in this paper. Taking the panel data of listed companies in China's heavily polluting industries for the period 2012 ～ 2017 as a sample,from the perspective of the company's life cycle,the empirical test of the dynamic impact of carbon disclosure on corporate financing constraints shows that: compared with enterprises,companies that disclose carbon information will significantly ease their financing constraints; for start-up companies,the mitigation effect of carbon disclosure on corporate finance constraints will be insignificant; for companies in growth and maturity,the mitigation effect of carbon disclosure on corporate finance constraints will be significant; for the recessionary companies,carbon disclosure will intensify the financing constraints of the enterprises.
Under the framework of the carbon information disclosure evaluation system,the construction of the enterprise carbon information disclosure index is completed in this paper. Taking the panel data of listed companies in China's heavily polluting industries for the period 2012 ～ 2017 as a sample,from the perspective of the company's life cycle,the empirical test of the dynamic impact of carbon disclosure on corporate financing constraints shows that: compared with enterprises,companies that disclose carbon information will significantly ease their financing constraints; for start-up companies,the mitigation effect of carbon disclosure on corporate finance constraints will be insignificant; for companies in growth and maturity,the mitigation effect of carbon disclosure on corporate finance constraints will be significant; for the recessionary companies,carbon disclosure will intensify the financing constraints of the enterprises.
引文
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[5]李慧云,符少燕,王任飞.碳信息披露评价体系的构建[J].统计与决策,2015,(13):40~42.
[6]徐萌萌.基于层次分析法的碳信息披露评价模型及应用研究[D].济南:山东财经大学,2015.
[7]袁建辉,张灵灵.碳信息披露对上市公司融资约束影响的实证研究——基于资源型企业的经验证据[J].生态经济,2017,33(8):42~47.
[8]罗珊梅,李明辉.社会责任信息披露、审计师选择与融资约束——来自A股市场的新证据[J].山西财经大学学报,2015,37(2):105~115.
[9]黄宏斌,翟淑萍,陈静楠.企业生命周期、融资方式与融资约束——基于投资者情绪调节效应的研究[J].金融研究,2016,(7):96~112.
[2] Servaes H,Tamayo A. The Impact of Corporate Social Responsibility on Firm Value:The Role of Customer Awareness[J].Management Science,2013,59(5):1045~1061.
[3] Fazzari S M,Hubbard R G,Petersen B C,et al. Financing Constraints and Corporate Investment[J]. Brookings Papers on Economic Activity,1988(1):141~206.
[4]黄帅.碳信息披露:制度背景与披露质量[A].中国会计学会环境会计专业委员会.中国会计学会环境会计专业委员会2014学术年会论文集[C].中国会计学会环境会计专业委员会,2014:8.
[5]李慧云,符少燕,王任飞.碳信息披露评价体系的构建[J].统计与决策,2015,(13):40~42.
[6]徐萌萌.基于层次分析法的碳信息披露评价模型及应用研究[D].济南:山东财经大学,2015.
[7]袁建辉,张灵灵.碳信息披露对上市公司融资约束影响的实证研究——基于资源型企业的经验证据[J].生态经济,2017,33(8):42~47.
[8]罗珊梅,李明辉.社会责任信息披露、审计师选择与融资约束——来自A股市场的新证据[J].山西财经大学学报,2015,37(2):105~115.
[9]黄宏斌,翟淑萍,陈静楠.企业生命周期、融资方式与融资约束——基于投资者情绪调节效应的研究[J].金融研究,2016,(7):96~112.