企业环境表现与其融资成本的关系是国家高质量发展战略下的热点话题。 企业是市场经济发展的命脉，同时也是环境问题的主要制造者之一，其能否保 持良好的环境表现关系到国家高质量发展战略能否有效实施。企业的顺利运转 及发展壮大离不开融资活动，而低融资成本是企业进行债务融资与股权融资活 动持续追求的目标。环保政策下银行等贷款机构将企业环境表现纳入信贷审核 的标准之中，股票投资者亦将企业环境表现作为投资决策考虑的重要因素，企 业环境表现对其融资成本存在重要影响。研究企业环境表现对其融资成本的影 响，能够为企业正确认知环境表现后果，完善环境管理战略提供参考，为政府 优化环境管理举措提供现实依据，并对贷款机构及股票投资者调整投资策略有 一定指导意义。 本文借鉴企业融资成本的影响因素、企业环境表现、企业环境表现对其融 资成本的影响等文献的研究成果，以新古典经济理论、信息不对称理论、企业 社会责任理论为基础，采用逻辑演绎方法分别从企业环境表现对股权与债务融 资成本的影响差异性、非国有与国有企业环境表现对其融资成本影响的差异性、 企业环境信息披露质量的调节作用等方面提出研究假设，并依据研究假设构建 多元回归模型。秉承指标体系的科学性、系统性、可比性、代表性及适用性原 则，参照国家环保部门颁布的权威文件，从环境政策履行、环境管理、社会影 响三个维度设计企业环境表现评价指标体系，利用层次分析法得出不同样本企 业的环境表现得分。以2013-2018年中国605家重污染上市企业为样本，运用混 合最小二乘估计、固定效应模型、动态面板模型等多种估计方法，从基准回归、 环境表现对融资成本的非线性影响检验、环境信息披露质量的调节效应检验等 方面考察企业环境表现对其融资成本的具体影响。 实证得出结论如下：其一，对总样本进行基准回归分析发现，企业环境表 现对其债务融资成本有显著负向影响，对其股权融资成本影响不显著。其二， 对样本的非线性检验结果发现，企业环境表现对其股权融资成本存在“倒U”型 影响，在企业环境表现水平较低时，环境表现得分的增高会增加其融资成本， 当环境表现水平突破一定阈值后，得分的增加将能显著降低企业股权融资成本。 区分企业所有制后，非国有企业的环境表现得分与其债务融资成本呈现显著负 向相关关系，而国有企业的环境表现则对其债务融资成本存在“倒U”型的非线 武汉理工大学硕士学位论文 II 性影响。非国有企业和国有企业环境表现对其股权融资成本均存在“倒U”型的 非线性影响，但相比国有企业而言，非国有企业股权融资成本对环境表现的敏 感度更高。其三，对环境信息披露质量的调节效应检验结果表明，企业环境信 息披露质量与环境表现的交互项仅对股权融资成本显示出显著的降低作用，对 债务融资成本的降低作用不明显。 本研究的主要创新点在于：剖析了企业环境表现对重污染行业上市企业债 务融资成本及股权融资成本的非线性影响，考虑了企业所有权性质、及以环境 信息披露质量作为调节变量的影响，是对企业环境表现经济后果研究体系的有 益补充；从三个维度选取量化指标度量企业环境表现，能够更为全面客观地反 映企业环境表现的真实情况，丰富了企业环境表现评价研究体系。 关键词：环境表现，环境信息披露质量，债务融资成本，股权融资成本 武汉理工大学硕士学位论文 III ABSTRACT The relationship between enterprise environmental performance and financing cost is a hot topic under the national high-quality development strategy. Enterprises are the lifeblood of the development of market economy, and also one of the main producers of environmental problems. The smooth operation and development of enterprises cannot be separated from financing activities, and the low financing cost is the goal that enterprises continue to pursue in debt financing and equity financing activities. Under the policy of environmental protection, banks and other lending institutions include the environmental performance of enterprises into the standards of credit audit. Stock investors also take the environmental performance of enterprises as an important factor in investment decisions, and the environmental performance of enterprises has an important impact on their financing. The study on the impact of enterprises’ environmental performance on their financing costs can provide a reference for enterprises to correctly understand the consequences of environmental performance, improve environmental management strategies, provide a practical basis for the government to optimize environmental management measures, and provide some guidance for loan institutions and stock investors to adjust investment strategies. This thesis refers to the literature research results such as the influencing factors of enterprise financing cost, enterprise environmental performance, and the impact of enterprise environmental performance on its financing cost, bases on neoclassical economics theory, information asymmetry theory, and corporate social responsibility theory. It uses a logical deductive method to analyze the differences between the impact of corporate environmental performance on equity and debt financing costs, proposed research hypotheses on the differences between the environmental performance of non-state-owned and state-owned enterprises and their financing costs, and the regulating role of the quality of corporate environmental information disclosure, and built a multiple regression model based on the research assumptions. With reference to the authoritative documents issued by the national environmental protection department, and then adhering to the scientific, systematic, comparable, representative, and applicable principles of the indicator system, the environmental 武汉理工大学硕士学位论文 IV policy the environmental performance evaluation index system of enterprises is designed in the three dimensions of fulfillment, environmental management and social impact, the AHP can be used to obtain the environmental performance scores of different sample companies. Then we take 2013-2018 China’s 605 heavily polluting listed companies as a sample, use multiple estimation methods such as mixed least squares estimation, fixed effect model, and dynamic panel model, investigate the specific impact of an enterprise’s environmental performance on its financing costs from such aspects as benchmark regression, the test of the nonlinear impact of environmental performance on financing costs, and the test of the regulatory effect of environmental information disclosure quality. Several empirical conclusions were drawn. First, benchmark regression analysis of the total sample found that corporate environmental performance has a significant negative impact on its debt financing costs, and its equity financing costs should not be significant. Second, the non-linear test results on the sample found that the company’s environmental performance has an inverted “U” effect on equity financing costs. When the environmental performance level of the enterprise is low, an increase in environmental performance scores will increase its financing costs. After the level exceeds a certain threshold, an increase in the score will significantly reduce the cost of equity financing of the enterprise. After distinguishing the ownership of enterprises, the environmental performance scores of non-state-owned enterprises have a significantly negative correlation with their debt financing costs, while the environmental performance of state-owned enterprises has a “inverted U” effect on their debt financing costs. The environmental performance of non-state-owned enterprises and state-owned enterprises has a U-shaped effect on their equity financing costs, but compared to state-owned enterprises, non-state-owned enterprises’ equity financing costs are more sensitive to environmental performance. Third, The results of the regulatory effect test on the quality of environmental information disclosure show that the interaction terms of the quality of corporate environmental information disclosure and environmental performance only show a significant reduction in equity financing costs, but not a significant reduction in debt financing costs. Main innovation point of this study is that it analyzes the enterprise 武汉理工大学硕士学位论文 V environmental performance of the listed companies of heavy pollution industry costs of debt financing and equity financing cost of nonlinear effects, considers the nature of the ownership of enterprises and the influence of the environmental information disclosure quality as a moderator variable. This research may suppleme