Disclosure of Environmental Information,Environmental Performance and Cost of Equity Capital
- 2014年 
【中文摘要】在当前日益恶化的环境形势下，通过经济手段引导企业自觉加强环保，具有重要的意义。如何利用环境信息披露激励企业加强环保仍是学界探索中的问题。对2006—2008年化工行业上市公司的研究表明，企业环境信息披露水平与环境绩效呈现正相关关系；在此基础上，提高环境信息披露水平能够有效降低权益资本成本。企业根据自己的环境绩效选择披露的环境信息类型。环境绩效好的企业较多地披露内容具体和可验证性强的环境信息，以区分于环境绩效差的企业；环境绩效差的企业较多地披露空泛的信息，借此进行印象管理。企业环境信息披露具有信号传递作用，但只有较多地披露内容具体和可验证性强的环境信息（“硬披露”)，才能有效地降低企业权益资本成本。 【Abstract】With the increasing deterioration of our environment, it is of great significance to guide firms to make conscious efforts to protect the environment through economic means. Approaches to motivating firms to protect the environment by disclosure of environmental information (DEI) are being explored by economists and scholars on environmental protection. This study looks into data from the listed companies in the chemical industry in China between 2006 and 2008，and reveals a positive correlation between environmental performance and the level of DEI. It is therefore argued that enhancing the level of DEI can effectively reduce the cost of equity capital. Our further analysis shows that the type of environmental information which firms choose to disclose depends on their environmental performance； that good environmental performers disclose more concrete and verifiable environmental information in order to distinguish themselves from bad performers who choose to disclose vague information with a view to resorting to impression management. This study concludes that DEI functions as a signal of information transference，and that only through more disclosure of concrete and verifiable environmental information can firms effectively reduce the cost of equity capital.