CAJ | 학술논문

本文以我国重污染行业上市公司为样本，分析企业环境信息披露与权益资本成本的关系，以及“绿色金融”政策对两者关系的影响。研究发现：我国企业披露的环境信息能显著降低权益资本成本；再融资环保核查政策及其执行力度能显著影响环境信息披露与权益资本成本的关系。本文将信息披露与资本成本关系的研究向非财务信息进行了拓展，揭示了企业环境信息披露在资本市场上的作用，同时也为我国“绿色金融”政策的效果提供了经验证据。
본문이아국중오염행업상시공사위양본，분석기업배경신식피로여권익자본성본적관계，이급“록색금융”정책대량자관계적영향。연구발현：아국기업피로적배경신식능현저강저권익자본성본；재융자배보핵사정책급기집행력도능현저영향배경신식피로여권익자본성본적관계。본문장신식피로여자본성본관계적연구향비재무신식진행료탁전，게시료기업배경신식피로재자본시장상적작용，동시야위아국“록색금융”정책적효과제공료경험증거。
Based on the sample of listed companies from heavy pollution industries in China, this paper examines the relationship between environmental disclosure and cost of equity capital, as well as the effect of ＂Green Finance＂ policy on the relationship. The results show that environmental information can significantly reduces the cost of equity capital, and the promulgation and the enforcement of refinancing environmental inspection policy play an important role in the relationship between environmental disclosure and cost of equity capital. The study extends the research on relationship between disclosure and cost of capital to non-financial information, reveals the capital market effect of environmental disclosure and provides empirical evidence for ＂Green Finance＂ policy.