重污染行業(yè)上市公司環(huán)境信息披露與股權(quán)融資成本相關(guān)性的實(shí)證研究.pdf

1、杭州電子科技大學(xué)碩士學(xué)位論文重污染行業(yè)上市公司環(huán)境信息披露與股權(quán)融資成本相關(guān)性的實(shí)證研究姓名：孫彩艷申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：會(huì)計(jì)學(xué)指導(dǎo)教師：孟曉俊20091201杭州電子科技大學(xué)碩士學(xué)位論文IIABSTRACTTheimprovingofEnvironmentalaccountinginfmationdisclosurelevelcontributestoreducingtheinfmationasymmetrybetweeninves

2、tsmanagersbetweeninvestsenhancingthepredictabilityoffuturefinvestsenhancingtheliquidityofshareswhichlowersthecostofequitycapital.Soatthisstageinoursecuritiesmarketwillenvironmentalaccountingdisclosurelevelsoflistedcompan

3、ieshelpreducethecostofequitycapitaltheextenttowhichlowerthecostofequitycapitalWhetheristheimpactofdifferenttypesofenvironmentalaccountinginfmationdisclosureonthecostofequitycapitaldifferentnotThesestudiesareofimptantsign

4、ificancefenhancingtheinitiativeofdisclosingenvironmentalinfmationflistedreducingfinancingcostsflistedcompaniesincreasingshareholdervalue.ThisessayoutspreadsanalysiscommentfirstlyputsfwardtheproblemsWhichneedtobeinvestiga

5、ted.Thentheessayintroducesthetheiesofenvironmentalinfmationdisclosurethecostofequitycapitalanalysestherelationshipindepth.Empiricalresearchisamajpartofthispaper.Theauthcalculatesthecostofequitycapitalusingthemodelofremai

6、ningproceeds.TakingintoaccountofthefmcontentscopeofChinaslistedcompanies’infmationdisclosurethisessaychoosesenvironmentalinfmationdisclosureindex.alsofourcontrolvariables.Theauthchooses141listedcompaniesfromChinasShangha

7、iShenzhenstockmarketsassamples.Thispaperusingcrelationanalysismultiplelinearregressionanalysisverifiesthatimprovingthequalityofenvironmentalinfmationdisclosurecanreducethecostofequitycapital.Atlastaccdingtotheresultsofth

8、isstudycombiningtheuniqueenvironmentofChina’sstockmarkettheessayproposestherelevantrecommendationsfromAcademiagovernmentlistedcompanies.Keywds:EnvironmentalinfmationdisclosureThecostofequitycapitalEnvironmentalinfmationd