分析师跟踪、环境信息披露与债务融资成本
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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.
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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[18]侯晓靖,孙静.内部控制质量、制度环境与环境信息披露:来自重污染行业上市公司的经验数据[J].会计之友,2017(16):92-96.
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[22]李春涛,王立威,吕勇斌.分析师跟踪、金融发展与企业盈余管理:来自中国上市公司的证据[J].产业经济评论,2017(1):101-112.
[23]李广子,刘力.债务融资成本与民营信贷歧视[J].金融研究,2009(12):137-150.
[2]DYCK A,MOSS D.Media versus special interests[J].Journal of Law and Economics,2013,56(3):521-553.
[3]谭雪.分析师关注的治理功用研究-基于两类代理成本的考察[J].证券市场导报,2016(12):37-45.
[4]胡玮佳.证券分析师关注对财务报告重大错报风险的影响研究[D].长春:吉林大学,2017.
[5]THOMPSON P.Bank lending and the environment:policies and opportunities[J].International Journal of Bank Marketing,1998,16(6):243-252.
[6]蔡海静,许慧.市场化进程、环境信息披露与绿色信贷[J].财经论丛(浙江财经大学学报),2011,160(5):79-85.
[7]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(哲学社会科学版),2014(3):129-138.
[8]杨熠,李余晓,沈洪涛.绿色金融政策、公司治理与企业环境信息披露:以502家重污染行业上市公司为例[J].财贸研究,2011,22(5):131-139.
[9]赵慧清,陈新国.信息披露质量与债务融资成本关系的研究:基于中国证券市场的经验证据[J].会计之友,2015(16):66-70.
[10]YU F.Analyst coverage and earnings management[J].Journal of Financial Economies,2008,88(2):245-271.
[11]李琳,张敦力.分析师跟踪、股权结构与内部人交易收益[J].会计研究,2017(1):53-60.
[12]吴亮.分析师关注能减少上市公司盈余管理吗:基于新会计准则下中国A股上市公司的经验证据[J].公共管理评论,2017(2):35-47.
[13]MANSI S A,MAXWELL W F,MILLER D P.Analyst forecast characteristics and the cost of debt[J].Review of Accounting Studies,2011(16):116-142.
[14]HEALY P M,PALEPU K G.Information asymmetry,corporate disclosure,and the capital markets:a review of the empirical disclosure literature[J].Journal of Accounting and Economics,2001,31(1):405-440.
[15]谭咏.分析师关注对环境信息披露的影响[D].厦门:厦门大学,2016.
[16]刘蓉.环境规制、碳信息披露与债务融资成本[D].杭州:浙江财经大学,2018.
[17]蒋琰.独立董事治理机制与融资成本:来自中国资本市场的实证研究[J].会计之友,2009(5):81-85.
[18]侯晓靖,孙静.内部控制质量、制度环境与环境信息披露:来自重污染行业上市公司的经验数据[J].会计之友,2017(16):92-96.
[19]钱佳慧.分析师关注对企业债务融资成本的影响研究[D].杭州:浙江财经大学,2016.
[20]张媛侠.企业环境信息披露质量与债务融资的相关性研究[D].西安:西北大学,2015.
[21]刘儒昞.重污染行业上市公司环境信息披露动机、影响因素与经济后果研究[D].北京:中央财经大学,2015.
[22]李春涛,王立威,吕勇斌.分析师跟踪、金融发展与企业盈余管理:来自中国上市公司的证据[J].产业经济评论,2017(1):101-112.
[23]李广子,刘力.债务融资成本与民营信贷歧视[J].金融研究,2009(12):137-150.