分类号密级
U.D.C
绿色概念炒作与债务融资成本
Green Concept Speculation and Debt Financing Costs
学位申请人：李茹梦
学号：2201202Z6022
学科专业：财务管理
研究方向：公司财务理论与实务
指导教师：王新教授
定稿时间：2023年2月
摘要1978年改革开放以来，我国经济发展十分迅速，实现了从无到有的巨大
飞跃，但是经济的增长方式并不是十分健康的。以往的发展方式忽视了环境
对于人们来说的重要意义，经济的增长以更高的环境成本为代价，致使生态
问题频发，环境质量遭到严重的破坏，对人们的日常生活甚至人身安全造成
了威胁。为此政府和民众大力倡导环境保护和发展绿色经济，实现经济的高
质量发展。企业利用了大量的环境资源，也造成了许多环境问题，其环保行
为成为政府和民众关注的焦点之一，同时也是利益相关者评价企业的重要指
标。企业的环境信息披露是政府和相关主体了解企业环境保护信息的主要途
径，但企业环境信息披露没有统一的格式要求，环境信息质量良莠不齐。环
境信息披露监管的不足和相关法律法规的不完善给了企业文本信息操纵的空
间，为了将企业有限的资金用于创造更多经济利益的活动并且迎合监管和相
关利益者的需求，企业有动机进行绿色概念炒作，即过多地披露环境战略规
划相关的信息进行印象管理，以较低的环保投资取得高于实际的绿色声誉。
《绿色信贷政策》的颁布使得企业的环境信息成为了信贷机构决策的重
要影响因素，企业可获得的融资金额、融资利率以及融资期间都会受到环境
信息的影响。绿色概念炒作对企业的环境信息进行了印象管理，会对企业的
融资行为产生影响。
基于此，本文研究企业的绿色概念炒作行为与企业债务融资成本之间的
关系，对于提醒利益相关者警惕企业绿色概念炒作具有一定的实际意义。
本文选取沪深A 股重污染行业2016-2020年间的数据作为样本，这五年
处于“十三五”规划期间，是我国转变经济发展方式、调整产业结构、促使
经济发展与环境保护相协调的关键期，对此期间进行研究具有代表性。本文
数据从公司年报、CSMAR 数据库以及CNRDS 数据库中获取，运用python、
excel 与stata16对数据进行处理。通过对相关领域国内外文献的研读，在理论
1
绿色概念炒作与债务融资成本
基础之上提出了本文的研究假设，企业进行绿色概念炒作会降低其融资约束
与债务融资成本；之后从是否重点监控企业、是否消费者直接接触企业以及
企业注册地PM2.5是否达标三个角度进行了异质性分析；最后从信息透明度、
企业正面报道比例两个角度进行了影响机制分析并将解释变量滞后两期研究
了绿色概念炒作对融资约束及债务融资成本是否存在长期效应。研究结果表
明，企业进行绿色概念炒作可以降低其融资约束与债务融资成本；绿色概念
炒作与债务融资成本的关系在重点污染监控企业、非消费者接触行业与
PM2.5年平均浓度质量达标的地区更加显著；企业进行绿色概念炒作可以通
过增加企业正面报道比重及提高企业的信息透明度进而降低企业的债务融资
成本，本期绿色概念炒作对融资约束及债务融资成本的影响不存在长期效应。
根据本文的结论，对利益相关者及政府部门提出建议，利益相关者应对
企业披露的信息尤其是非财务信息谨慎甄别，保持合理怀疑以维护自身的利
益。政府应当建立统一的环境信息披露格式；并加强对环境信息与企业环境
行为的监管，确立明确的奖惩制度；引入专业的第三方对企业环保行为进行
评价并确立地方政府担责制度，同时加强部门合作。
关键词：绿色概念炒作；环境信息披露；融资约束；债务融资成本
2
Abstract
Abstract
Since the reform and opening up in 1978,China's economic development has
been very rapid,and it has achieved a huge leap from scratch,but the economic
growth mode is not very healthy.Previous development methods ignored the
importance of the environment for people,and economic growth came at the cost
of higher environmental costs,resulting in frequent ecological problems,serious
damage to environmental quality,and threats to people's daily lives and even
personal safety.To this end,the government and the people vigorously advocate
environmental protection and the development of green economy to achieve
high-quality economic development.Enterprises have made use of a lot of
environmental resources and caused many environmental problems,their
environmental protection behavior has become one of the focuses of the
government and the public,it is also an important indicator for stakeholders to
evaluate enterprises.The environmental information disclosure of enterprises is the
main way for the government and relevant subjects to understand the
environmental protection information of enterprises,but there is no unified format
requirement for enterprise environmental information disclosure,and the quality of
environmental information is uneven.In order to use the limited funds of
enterprises for activities that create more economic benefits and cater to the needs
of regulators and stakeholders,enterprises have the motivation to speculate on
green concepts,that is,to disclose too much information related to environmental
strategic planning for impression management,and to achieve a higher than actual
green reputation with lower environmental protection investment.
The promulgation of the Green Credit Policy makes the environmental
information of enterprises an important factor in the decision-making of credit
institutions,and the amount of financing available to enterprises,the financing
interest rate and the financing period will be affected by their environmental
information.Green concept hype manages the impression of the company's
1
Green concept speculation and debt financing costs
environmental information,which will have an impact on the company's financing
behavior.
Based on this,this paper studies the relationship between the speculation
behavior of enterprises'green concepts and the cost of corporate debt financing,
which has certain practical significance for reminding stakeholders to be wary of
corporate green concept speculation.
This paper selects as a sample the data of the heavy polluting industries of
Shanghai and Shenzhen A-shares from 2016to 2020,which is a key period for
China to transform its economic development mode,adjust its industrial structure,
and promote the coordination of economic development and environmental
protection.The data in this article is obtained from the company's annual report,
CSMAR database and CNRDS data,and the data is processed using python,excel
and stata16.Through the study of domestic and foreign literature in related fields,
the research hypothesis of this paper is put forward on the basis of theory,and the
speculation of green concepts by enterprises will reduce their financing constraints
and debt financing costs.Finally,the impact mechanism was analyzed from the
perspectives of information transparency and the proportion of positive reports
from enterprises,and the lag of explanatory variables was studied for two periods,
and whether the long-term effects of green concept speculation on financing
constraints and debt financing costs were studied.The results show that enterprises
speculating on green concepts can reduce their financing constraints and debt
financing costs.The relationship between green concept speculation and debt
financing cost is more significant in key pollution monitoring enterprises,
non-consumer contact industries and areas where the annual average concentration
quality of PM2.5meets the standard;enterprises carrying out green concept
speculation can reduce the debt financing cost of enterprises by increasing the
proportion of positive reports of enterprises and improving the information
transparency of enterprises,and the impact of green concept speculation on
financing constraints and debt financing costs has no long-term effect.
Based on the conclusions of this paper,it is recommended to stakeholders and
government departments that stakeholders should carefully screen the information
disclosed by the enterprise,especially non-financial information,and maintain
reasonable suspicion to protect their own interests.The government should
2