文献类型：期刊文献

中文题名：企业承担环境责任能实现环境效益和经济效益双赢吗?——基于股权资本成本视角

英文题名：Will Corporate Environmental Responsibility Bearing Realize both Environmental Benefit and Economic Benefit?——Based on Equity Cost of Capital Perspective

作者：单令彬[1];李丰杉[2];丁颖涌[3]

第一作者：单令彬

机构：[1]北京联合大学商务学院;[2]北京电子工业干部学校;[3]英国西苏格兰会计学院

第一机构：北京联合大学商务学院

年份：2021

卷号：40

期号：2

起止页码：71-91

中文期刊名：投资研究

外文期刊名：Review of Investment Studies

收录：国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI_E2021_2022】；

基金：北京市哲学社会科学规划项目(16JDYJB027);北京联合大学商务学院国际合作项目(41114590144)

语种：中文

中文关键词：环境责任;股权资本成本;高管持股;融资约束

外文关键词：Environmental Responsibility;Equity Cost of Capital;Managerial Ownership;Financial Constraints

摘要：本文以我国2010年-2018年深沪A股上市公司为样本,研究发现企业承担环境责任与股权资本成本之间呈显著负相关关系,企业承担环境责任能实现环境效益和经济效益的双赢;在截面异质性分析中发现,企业承担环境责任对股权资本成本的影响主要体现在重污染行业和行业竞争性较强的企业。同时,本文发现高管持股将削弱企业承担环境责任与股权资本成本之间的负相关关系,而融资约束在企业承担环境责任与股权资本成本之间存在部分中介效应。
This paper takes the data of A-share listed companies from the year of 2010-2018 as the sample,gets the research that there is significantly negative correlation between corporate environmental responsibility and equity cost of capital,corporate environmental responsibility bearing can realize mutual benefit of environmental benefit and economic benefit.The analysis of crosssectional heterogeneity indicates that the influence of environmental performance on equity cost of capital is mainly reflected in the heavy pollution industry and strong competitive industry.Meanwhile,this paper finds out that managerial ownership plays negative moderation role in the negative correlation between corporate environmental responsibility and equity cost of capital,and financial constraints have mediating effect between corporate environmental responsibility and equity cost of capital.