近年来，各类环境问题日益突出，特别是屡次遭受的高温暴雨和大气污染， 严重影响了人们的日常生活。重污染企业作为环境污染的根源，是导致我国环 境退化的最主要原因。现在银行贷款依然是我国污染型企业筹资的主要手段。 为了使银行等金融机构在信贷决策时充分考虑到企业的环境风险，我国政府先 后推出一系列“绿色信贷”政策，以倒逼企业改善环境行为，自觉主动地披露 环境信息。那么，在绿色信贷发展的背景下，企业环境信息披露能否影响债务 融资成本，这是本文探究的第一个问题。此外，分析师作为企业与外界的信息 沟通桥梁，分析师跟踪能否对企业环境信息披露与债务融资成本的关系产生有 益作用，这是本文探究的第二个问题。 本文借鉴国内外学者已有的研究成果，在深刻理解利益相关者理论、信息 不对称理论、信号传递理论和组织合法性理论的基础上，采用2012-2018年沪市 A股重污染行业上市企业的面板数据，构建实证模型，研究环境信息披露对债务 融资成本的影响，以及分析师跟踪在两者之间所起的作用。研究结果表明:（1） 环境信息披露与债务融资成本显著负相关。（2）分析师跟踪强化了环境信息披 露与债务融资成本的负相关性。在进一步研究中，考虑分析师异质性，将样本 分为明星分析师组与非明星分析师组，研究发现，与非明星分析师相比，明星 分析师对环境信息披露与债务融资成本关系的影响更加显著；考虑产权性质差 异，将样本分为国有企业和非国有企业，研究发现，分析师跟踪对环境信息披 露与债务融资成本关系的影响在非国有企业中更加显著，在国有企业中不显著； 考虑区域差异，将样本分为东部地区上市企业和西部地区上市企业，研究发现， 分析师跟踪对环境信息披露与债务融资成本关系的影响在东部地区更加显著， 在西部地区不显著。 本文的贡献在于:第一，首次以分析师跟踪作为切入点，探讨其对环境信息 披露与债务融资成本关系的影响，在一定程度上完善了现有文献的研究；第二， 区分明星与非明星分析师、国有企业与非国有企业及东西部地区上市企业，进 一步探讨分析师跟踪对环境信息披露与债务融资成本关系影响的差异，深化了 有关环境信息披露、分析师跟踪和债务融资成本问题的研究。 关键词:环境信息披露，分析师跟踪，债务融资成本 II Abstract In recent years, all kinds of environmental problems are becoming more and more prominent, especially the frequent high temperature rainstorm and air pollution, which seriously affect people's daily life.As a major source of pollution, heavy polluting enterprises are one of main causes of environmental degradation in China.At present, bank credit is still the main way of debt financing for heavily polluting enterprises in China.In order to make banks and other financial institutions fully take into account the environmental risks of enterprises when making credit decisions, our government has successively launched a series of "green credit" policies to force enterprises to improve their environmental behavior and voluntarily disclose environmental information.Then, in the context of the gradual development of green credit, whether the disclosure of corporate environmental information affects the cost of debt financing is the first question discussed in this thesis.As an important information intermediary, analysts can also play a good role in external supervision and effectively restrain the opportunism of the management. The second question discussed in this thesis is whether the improvement of analyst following degree will affect the relationship between corporate environmental information disclosure and debt financing cost. Based on the existing research results at home and abroad, and on the basis of a deep understanding of stakeholder theory, information asymmetry theory, signal transmission theory and organizational legitimacy theory, this thesis take the panel data of heavily polluting industry of Shanghai A-shares from 2012 to 2018, build an empirical model to study the impact of environmental information disclosure on debt financing costs and the impact of analyst following on the relationship between the two.The results show that:(1) there is a significant negative correlation between environmental information disclosure and debt financing costs.(2) analyst following strengthens the negative correlation between environmental information disclosure and debt financing costs.In the further study ,considering the heterogeneity of analysts, the research samples were divided into star analysts group and nonstar analysts group. The study found that compared with non-star analysts, star analysts had a more significant impact on the relationship between environmental information III disclosure and debt financing costs.Considering differences in the nature of property rights, the research samples were divided into state-owned enterprises and non-state-owned enterprises. The study found that the influence of analyst following on the relationship between environmental information disclosure and debt financing cost was more significant in non-state-owned enterprises,but not in state-owned enterprises.Considering the difference of region, the research samples were divided into listed enterprises in the eastern region and listed enterprises in the western region. The study found that the impact of analyst following on the relationship between environmental information disclosure and debt financing costs was more significant in the eastern region, but not in the western region. The contributions of this thesis are as follows: first, the impact of analyst following on the relationship between environmental information disclosure and debt financing costs is discussed for the first time, to a certain extent, the research of existing literature has been improved.second, distinguish between the stars and the non-star analysts, the state-owned enterprises and the non-state-owned enterprises and the listed enterprises in eastern and western regions, further explore the differences in the impact of analyst following on the relationship between environmental information disclosure and debt financing cost, deepening the research on environmental information disclosure, analyst following and debt financing cost. Key words: Environmental Information Disclosure, Analyst Following, Debt Financing Cost IV 目录 摘要 ............................................................................................................................... I Abstract ......................................................................................................................... II 第1章 绪论 ................................................................................................................. 1 1.1 研究目的及意义 ............................................................................................. 1 1.1.1 研究目的 ............................................................................................... 1 1.1.2 研究意义 ............................................................................................... 2 1.2 国内外相关研究现状 ..................................................................................... 3 1.2.1 国外相关研究现状 ............................................................................... 3 1.2.2 国内相关研究现状 ............................................................................... 5 1.2.3文献述评 ................................................................................................ 7 1.3 研究内容和方法 ............................................................................................. 8 1.3.1 研究内容 ............................................................................................... 8 1.3.2 研究方法 ............................................................................................. 10 1.4 创新之处 ....................................................................................................... 10 第2章 概念界定与相关理论 ................................................................................... 11 2.1 概念界定 ....................................................................................................... 11 2.1.1 环境信息披露 ..................................................................................... 11 2.1.2 分析师跟踪 ......................................................................................... 13 2.1.3 债务融资