天津农学院学报 ›› 2025, Vol. 32 ›› Issue (3): 83-88.doi: 10.19640/j.cnki.jtau.2025.03.016

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企业碳信息披露对融资成本的影响研究——基于媒体监督与环境规制双重视角

杨书珺1, 陈立芸1,通信作者, 亚琨2   

  1. 1.天津农学院 经济管理学院,天津 300392;
    2.山东财经大学 会计学院,济南 250014
  • 收稿日期:2025-04-13 出版日期:2025-06-30 发布日期:2025-07-02
  • 通讯作者: 陈立芸(1985—),女,讲师,博士,研究方向为环境会计、碳会计。E-mail:chenliyun2011@126.com。
  • 作者简介:杨书珺(2000—),女,硕士在读,研究方向为碳会计。E-mail:18732590290@163.com。
  • 基金资助:
    天津市哲学社会科学规划年度课题(TJGLQN24-023)

Research on the impact of corporate carbon information disclosure on financing costs——From the dual perspectives of media supervision and environmental regulation

Yang Shujun1, Chen Liyun1,Corresponding Author, Ya Kun2   

  1. 1. College of Economics and Management, Tianjin Agricultural University, Tianjin 300392, China;
    2. School of Accountancy, Shandong University of Finance and Economics, Jinan 250014, China
  • Received:2025-04-13 Online:2025-06-30 Published:2025-07-02

摘要: 随着碳排放问题日益严峻,企业碳信息披露对中国实现“碳达峰”和“碳中和”具有重要意义。以2010—2021年A股上市公司为研究样本,首先运用Nvivo软件进行编码来综合评价碳信息披露,在一定程度上丰富了企业碳信息披露的理论框架;随后运用固定效应回归模型分析碳信息披露对融资成本的影响,以及媒体监督的调节效应和环境规制的门槛效应。研究发现,碳信息披露与融资成本之间呈现“倒U型”关系,媒体监督具有调节效应以及环境规制存在双重门槛效应。研究结论对企业碳信息披露管理以及融资管理具有参考价值。

关键词: 碳信息披露, 融资成本, 环境规制, 媒体监督

Abstract: With the increasingly severe issue of carbon emissions, corporate carbon information disclosure can help China achieve “Carbon Peak” and “Carbon Neutrality”. Taking A-share listed companies from 2010 to 2021 as the research sample, Nvivo software was used to comprehensively evaluate carbon information disclosure, which enriched the theoretical framework of corporate carbon information disclosure to a certain extent, and then the fixed-effect regression model was used to analyze the impact of carbon information disclosure on financing costs, as well as the moderating effect of media supervision and the threshold effect of environmental regulation. The results show that there is an “inverted U-shaped” relationship between carbon disclosure and financing costs, and there is a double threshold effect between media supervision and environmental regulation, which has reference value for corporate carbon information disclosure management and financing management.

Key words: carbon information disclosure, financing cost, environmental regulations, media supervision

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