环境法治与上市公司权益资本成本——基于环保法庭设立的准自然实验

扫码查看

原文链接

万方数据

中文摘要：环境法治不仅是实现企业可持续发展的基本保障,也深刻影响资本市场的资源配置效率.本文利用中级环保法庭在地级市渐进式设立的准自然实验,研究环境法治对资本市场资源配置效率的影响.研究发现:(1)地级市环保法庭设立后,相对非重污染企业,重污染企业的权益资本成本显著下降;且在缓解内生性问题以及系列稳健性检验后结果依然稳健.(2)当来自地方政府、社会公众以及投资者的环保压力更大时,环保法庭设立对降低重污染企业权益资本成本的效果更为显著.(3)机制研究发现,环保法庭设立后重污染企业通过提升环境信息披露质量和加大积极型环保投资来减少投资者对未来现金流预期的不确定性,从而降低权益资本成本.本文研究表明,加强环境法治有助于提升资本市场的绿色导向功能,合力推动重污染企业的绿色治理与转型升级.

外文标题：Environmental Litigation Reform and Cost of Equity——Quasi-Natural Experiments Based on Environmental Courts

外文摘要：Environmental litigation reform is not only a basic guarantee for achieving sustainable development of enterprises,but also affects the role of capital markets in guiding fund flows.By exploiting the staggered city-level establishment of specialized environmental courts in China as quasi-natural experiments,we study the effect of environmental litigation reform on the efficiency of capital market resource allocation.We find that:(1)After the es-tablishment of environmental courts,the cost of equity capital of polluting enterprises significantly decreases compared to non-polluting enterprises.Our results remain robust after alleviating endogeneity issues and conducting a series of robustness tests.(2)The decrease in cost of equity for polluting enter-prises is more significant when enterprises face greater environmental pressure from local governments,the public,and investors.(3)The channel tests show that after the establishment of environmental courts,polluting enterprises improve their environmental information disclosure quality and increase pro-active environmental investment,which can reduce investors'uncertainty expectations in future cash flows,thereby reducing the cost of equity.Overall,our research has shown that environmental litigation reform can enhance the green oriented function of the capital market,and jointly promote the green governance and green transformation of polluting enterprises.

外文关键词：

Environmental Litigation ReformEnvironmental CourtsPolluting EnterprisesActive Environmental StrategyCost of Equity

作者：

徐悦、张亚楠、卢锐、柳建华

展开 >

作者单位：

华南师范大学经济与管理学院 510006

中山大学岭南学院 510275

中山大学管理学院/现代会计与财务研究中心 510006

关键词：

环境法治环保法庭重污染企业积极型环境战略权益资本成本

基金：

国家自然科学基金国家自然科学基金广东省基础与应用基础研究基金广东省基础与应用基础研究基金广东省哲学社会科学规划学科共建项目

项目编号：

72372167719721872023A15150117152022A1515011799GD22XGL12

出版年：

2024

会计研究

中国会计学会

会计研究

CSTPCDCSSCICHSSCD北大核心

影响因子：6.346

ISSN：1003-2886

年,卷(期)：2024.(1)

参考文献量13