摘要
以2012—2017年我国沪市A股重污染行业上市公司为研究样本,采用多元回归分析方法实证研究了分析师跟踪与环境信息披露对债务融资成本的交互影响,并针对上述影响在不同区域的差异性进行了分类样本的回归分析。研究结果表明:环境信息披露、分析师跟踪与债务融资成本均显著负相关,但这种影响主要体现在东部地区上市公司中;分析师跟踪强化了环境信息披露对债务融资成本的负相关性,但这种强化作用在东部地区上市公司中较为显著。最后,基于实证结论提出完善环境信息披露体系并建立科学的环境信息评级制度、因地制宜引导分析师跟踪度、加强西部地区绿色信贷政策的推行力度等建议。
Taking the heavily polluted companies in Shanghai stock market from 2012 to 2017 as the research samples,the paper empirically studies the interaction between the analyst following and environmental information disclosure on the cost of debt by using the multiple regression analysis method. In order to explore the differences of the above effects in different regions,the author carries out regression analysis of classified samples. The results show that: environmental information disclosure and analyst following are respectively negatively correlated with cost of debt,but this impact is mainly reflected in the eastern region of listed companies; analysts following strengthen the negative correlation between environmental information disclosure and cost of debt,but this strengthening effect is more significant in the eastern region. Finally,the paper puts forward some suggestions on how to perfect the environmental information disclosure system and establish a scientific environmental information rating system,guide the analysts to follow up according to the local conditions,and strengthen the green credit policy in the western region.
引文
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