基于媒体关注度的碳风险对企业债务成本的影响分析

当前,企业的碳排放行为受到诸多利益相关者的关注,尤其是当大众媒体参与到监督队伍中,将给企业带来巨大的风险压力。本文以我国A股上市的重污染型行业的76家公司2012—2018年的数据为研究样本,实证检验了媒体关注下碳风险变化对企业债务融资成本的影响,结果表明:(1)碳风险的加大会提高企业的债务成本;(2)媒体的报道情况与企业的债务成本具有正向的变动关系,即负面报道因增加企业负担而使得债务成本上升,反之亦然;(3)进一步的检验二者的交互效应,发现媒体正面报道削弱了碳风险对债务成本的影响,而负面报道加剧了这一影响。

Analysis of the impact of carbon risk on corporate debt cost based on media attention-- Empirical evidence from a-share listed companies in China

with the increasingly serious environmental problems today, the carbon emission behavior of enterprises is concerned by many stakeholders, especially when the mass media participate in the supervision team, it will bring huge risk pressure to enterprises. Based on China"s a-share listed 76 companies of heavy polluting industry data from 2012-2016 as the research sample, empirically the media attention to the risk of carbon change on the influence of corporate debt financing costs, the results showed that the risk of carbon increase will raise the cost of corporate debt, and media coverage of the situation and the positive relationship between the change of the debts of the enterprise cost, namely negative reports making due to increase the burden of debt costs rise, and vice versa, A further test the interaction effect of the two, find media weakens the carbon impact on the cost of debt risk, and negative reports contributed to this effect.