摘要
在绿色信贷政策加快实施的背景下,碳信息披露成为债权人信贷决策的重要因素。以2013-2016年中国A股高碳行业上市公司为研究样本,深入分析碳信息披露对债务融资成本的作用机理。研究结果表明:碳信息披露与债务融资成本呈“倒U形”关系,且债务违约风险在碳信息披露影响债务融资成本的过程中发挥部分中介效应,即企业最初提升碳信息披露质量会增加债务违约风险,进而导致企业债务融资成本的上升,然而当碳信息披露质量超过一定临界值时,碳信息披露就能降低债务违约风险进而发挥其降低债务融资成本的作用。进一步研究发现,碳信息披露对债务融资成本的影响在低成长性企业更为显著,企业成长性水平的降低增强了债务违约风险的中介效应,促进了碳信息披露对债务融资成本的影响。研究结果对中国不同成长性水平的企业有效利用碳信息披露、降低债务融资成本具有重要参考价值。
Under the background of speeding up the implementation of green credit policy,carbon information disclosure has become an important factor in creditors’credit decision-making.Taking the listed companies of A-share high-carbon industry in China from 2013 to 2016 as research samples,this paper deeply analyzed the mechanism of carbon information disclosure on debt financing cost.The results show that there is an inverted“U”relationship between carbon information disclosure and debt financing cost,and debt default risk plays the part of mediating effect in the process of carbon information disclosure affecting debt financing cost.That is to say,the initial improvement of carbon information disclosure quality will increase debt default risk,and then lead to the increase of debt financing cost.However,when the quality of carbon information disclosure exceeds a certain threshold,carbon information disclosure can reduce debt default risk and play its role in reducing debt financing cost.Further research finds that the impact of carbon information disclosure on debt financing cost is more significant in low growth enterprises.The reduction of corporate growth level enhances the mediating effect of debt default risk and promotes the impact of carbon information disclosure on debt financing cost.The results provide important reference for Chinese enterprises with different growth levels to effectively use carbon information disclosure to reduce debt financing cost.
作者
杨洁
张茗
刘运材
YANG Jie;ZHANG Ming;LIU Yuncai(School of Economics and Trade,Hunan University of Technology,Zhuzhou Hunan 412007,China;School of Business,Hunan University of Technology,Zhuzhou Hunan 412007,China;School of Economics and Trade,Hunan University,Changsha Hunan 410079,China)
出处
《北京理工大学学报（社会科学版）》
CSSCI
北大核心
2020年第4期28-38,共11页
Journal of Beijing Institute of Technology：Social Sciences Edition
基金
国家社会科学基金项目“空间异质性视角下企业碳信息披露动力机制研究”(19BJY082)。
关键词
碳信息披露
债务违约风险
债务融资成本
中介效应
carbon information disclosure
debt default risk
debt financing cost
mediating effect
