导　　师： 沈洪涛

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 本文基于“绿色证券”政策背景,以2006年至2009年我国重污染行业上市公司为研究对象,考察样本公司年报中的环境信息披露与其权益资本成本的关系,以及再融资环保核查政策对二者关系的影响。首先,本文分析了我国的制度背景,并对相关理论和文献进行了综述；接着,运用多元线性回归模型,分别从总样本、是否受政策影响的分组子样本和政策的不同执行主体分组子样本三个方面,对环境信息披露与权益资本成本的关系进行实证分析；最后,根据研究结果得出结论,并向监管者、公司和投资者提出相应的建议。 本文的研究发现,样本公司年报中的环境信息披露能显著降低公司的权益资本成本；再融资环保核查政策能显著影响年报中环境信息披露降低权益资本成本的作用；政策的执行力度比政策本身更能影响二者的关系。本文的研究结果表明：我国资本市场的投资者,已经通过公司年报中披露的环境信息关注公司的环境表现及环境风险；“绿色证券”政策能有效地将环境风险融合到金融风险之中,但政策的执行效果会受到执行力度的影响,相关的监管部门应在完善政策的同时加强政策的执行力度,以提高政策效果。 Based on the green security policies in China, this paper studies the relationship between environmental disclosure in annual reports and the cost of equity capital and the impact of green security policy on the relationship, using Chinese listed companies in heavy polluting industries for the years of 2006 to 2009 as research object. The research starts from analysis of the green security policies and review of the related research through normative research method. Then this paper examines the relationship between environmental disclosure and the cost of equity capital, using multivariate linear regression models and different samples /(including total samples, two groups of subsamples with different effect of the policies, and two groups of subsamples under the supervision of central and local regulator/). And finally, the paper draws the conclusions and gives some suggestions for regulators, firms and investors. The analysis shows that for the sample companies, the environmental disclosure can lower the cost of equity capital significantly. The policy of refinancing environmental supervision has a significant impact on the relationship between environmental disclosure and cost of equity capital, and the influence of its enforcement on the relationship is greater than the policy. The results suggest that the investors in Chinese capital market have been paying attention to corporate environmental performance and corporate risks caused by environmental problems, through environmental information disclosed by company in annual reports. The green security policies in China can incorporate firms' environmental risks into financial risks effectively, but the implementation effect of the policies is affected by the enforcement. The regulators should follow up with stricter enforcement to improve the effect of the policy.

关 键 词： 环境信息披露 权益资本成本 绿色证券 政策

分 类 号： [F275 X196]

领　　域： [经济管理] [经济管理] [环境科学与工程]