作　　者： (周志方）; (温康）; (曾辉祥）;

机构地区： 中南大学商学院

出　　处： 《现代财经（天津财经大学学报）》 2017年第8期16-32,共17页

摘　　要： 在碳规制背景下,碳风险对债务资本市场的影响日益凸显。以2011-2015年我国A股高碳行业191家上市公司为研究样本,采用面板回归模型实证检验碳风险对债务融资成本的影响,以及媒体关注度对两者关系的调节效应。研究表明,碳风险与债务融资成本之间呈"U"型关系,即碳风险对企业债务融资成本的影响存在"区间效应",且这种影响主要体现在民营企业中,在国有企业并不显著;媒体关注削弱了碳风险与债务融资成本之间的"U"型关系。相比于低媒体关注度民营企业,高媒体关注度民营企业的债务融资成本对碳风险的敏感性更弱("U"型曲线更平缓)、容忍度更强("U"型曲线更晚出现拐点)。上述研究发现对我国企业碳风险管理、提高碳信息透明度及有效降低债务融资成本具有重要参考价值。 Under the environment of carbon constraints,the impact of carbon risk on the debt capital market has become increasingly prominent.In this paper,we use panel regression model to test the impact of carbon risk on the cost of debt financing and the moderating effect of media attention with a sample of 191firm-year observations from high-carbon industries of Chinese A-share listed firms over the period 2011-2015.The results show that there exists a U-shaped relationship between carbon risk and the cost of debt financing.In other words,carbon risk has an 'interval effect'on the on the cost of debt financing,which mainly exist in private firms rather than stateowned firms.Media attention can mitigate the relationship.Furthermore,compared to the private firms with low media attention,private firms with high media attention have stronger sensitivity to environmental regulation(inverted U-relationship curve is steeper)and weaker tolerance(inflection point of inverted U-relationship curve exists earlier).This conclusion can be used for reference to the construction of low carbon economy,the formulation of carbon regulation policy and the promotion of media attention to carbon news.The conclusions reached in this paper provide practical significance and policy suggestions in China for low carbon economy development,carbon regulation and the promotion of media attention on carbon news.Our findings have an important reference value to firms in terms of carbon risk management,improvement of carbon information transparency and mitigation of debt cost.

关 键 词： 碳风险 债务融资成本 媒体关注 产权性质 高碳行业