市场经济的快速发展在提升人民生活水平的同时，对环境也造成了严重的污染。 企业作为经济活动的主体，需履行相应的环境责任。现阶段，政府制定《新环保法》 等法律法规，加大环境违规监管惩罚力度，目的在于促进包括投资者和债权人在内的 利益相关者和企业环境责任意识的提升。同时，企业一直面临融资难、融资贵的问题， 在我国当前现实背景下，企业积极承担环境责任究竟能否帮助其获得融资优势，降低 资本成本，仍需进一步探讨。本文基于我国资本市场，系统地探讨了企业环境责任履 行对权益资本成本和债务资本成本的影响，且考虑了欧亿·体育（中国）有限公司性质和地区性质等现实因素 对两者间关系的调节作用，以期明确企业履行环境责任的经济后果和作用边界，从而 促使企业自觉提高保护环境的意识，承担环境责任，并为我国政府环保政策制定提供 实证依据。 本文以利益相关者理论、组织合法性理论和资源基础理论为基础，分析了本土情 境下环境责任履行对资本成本的影响机理，提出本文研究假设。企业环境责任履行可 以通过降低企业风险水平、建立声誉资本、扩大投资者群体等渠道降低企业自身的权 益资本成本，通过降低违约风险、获得政策优惠降低自身债务资本成本。并且相较于 非东部地区和非重污染欧亿·体育（中国）有限公司，投资者和债权人可能更注重东部地区和重污染欧亿·体育（中国）有限公司企业 环境责任履行情况。随后，本文以2012-2017年沪深A股上市企业为样本，采用内容 分析法构建评价体系衡量企业环境责任履行水平进行实证研究。回归结果表明：企业 环境责任履行与权益资本成本和债务资本成本间均存在显著负相关关系，即履行环境 责任确实助于企业获得资本市场融资优势，降低自身资本成本。地区性质和欧亿·体育（中国）有限公司性质 会在一定程度上影响两者之间的关系，相对于非东部地区和非重污染欧亿·体育（中国）有限公司，东部地区 和重污染欧亿·体育（中国）有限公司企业履行环境责任对于资本成本的降低效果更强，且地区性质会在一定 程度上影响欧亿·体育（中国）有限公司性质的调节作用。 关键词：企业环境责任履行；权益资本成本；债务资本成本；地区性质；欧亿·体育（中国）有限公司性质 III Abstract Therapiddevelopmentofmarketeconomynotonlyimprovespeople'sliving standards,butalsocausesseriouspollutiontotheenvironment.Asthemainbodyof economicactivities,corporationsmustfulfillcorrespondingenvironmentalresponsibilities. Atthepresentstage,thegovernmenthasformulatedlawsandregulationssuchastheNew EnvironmentalProtectionLaw,andstrengthenedthepunishmentofenvironmental violations,aimingatpromotingtheawarenessofenvironmentalresponsibilityof stakeholdersandcorporations,includinginvestorsandcreditors.Atthesametime, corporationshavebeenfacingdifficultiesinfinancingandexpensivefinancing.Underthe currentrealityofourcountry,whetherthepositiveenvironmentalresponsibilityof corporationscanhelpthemtoobtainfinancingadvantagesandreducecapitalcostsremains tobefurtherexplored.BasedonChina'scapitalmarket,thispapersystematicallyexplores theimpactofcorporateenvironmentalresponsibilityperformanceonthecostofequity capitalandthecostofdebtcapital,andtakesintoaccountthemoderatingeffectofindustry natureandregionalnature,inordertoclarifytheeconomicconsequencesandboundaries ofcorporateenvironmentalresponsibility,soastopromotetheperformanceof environmentalresponsibility.Theconclusionofthestudyishelpfultoclarifytheeconomic consequencesandfunctionboundariesofcorporateenvironmentalresponsibility,promote corporationstoconsciouslyenhancetheirawarenessofenvironmentalprotectionand assumetheresponsibilityofenvironmentalprotection,andprovideempiricalbasisforthe formulationofenvironmentalprotectionpoliciesofourgovernment. Basedonstakeholdertheory,organizationallegitimacytheoryandresource-based theory,thispaperanalysestheimpactmechanismofenvironmentalresponsibility performanceonthecostofcapitalinlocalcontext,andputsforwardthehypothesisofthis paper.Corporateenvironmentalresponsibilitycanreducethecostofequitycapitalby reducingthelevelofcorporaterisk,establishingreputationcapital,expandingtheinvestor group,andreducethecostofdebtcapitalbyreducingdefaultriskandobtaining preferentialpolicies.Moreover,investorsandcreditorsmaypaymoreattentiontothe performanceofcorporateenvironmentalresponsibilityintheeasternregionandheavy pollutionindustries.Subsequently,thispapertakesShanghaiandShenzhenA-sharelisted corporationsfrom2012to2017assamples,andusescontentanalysismethodtoconstruct anevaluationsystemtomeasurethelevelofcorporateenvironmentalresponsibility IV performanceforempiricalresearch.Theregressionresultsshowthatthereisasignificant negativecorrelationbetweenthecorporateenvironmentalresponsibilityperformanceand thecostofequitycapitalanddebtcapital.Thatistosay,environmentalresponsibility performancereallyhelpscorporationstoobtainthefinancingadvantagesofcapitalmarket andreducetheirowncostsofcapital.Thenatureofregionandindustrywillaffectthe relationshipbetweenthemtoacertainextentparedwiththenon-easternregionand non-heavypollutingindustry,thecorporationsofeasternregionandheavypolluting industryperformenvironmentalresponsibilitymoreeffectivelytoreducethecostofcapital, andtheregionalnaturewillaffecttheregulatoryroleoftheindustrynaturetoacertain extent. Keywords:Corporateenvironmentalresponsibilityperformance;Costofequitycapital;Cost ofdebtcapital;Regionalnature;Industrynature V 目录 摘要.................................................................................................................................I Abstract...............................................................................................................................III 第一章绪论.....................................................................................................................-1- 1.1研究背景....................................................................................................................-1- 1.2研究意义....................................................................................................................-2- 1.2.1理论意义.........................................................................................................-2- 1.2.2实践意义.........................................................................................................-2- 1.3研究内容及研究方法................................................................................................-3- 1.3.1研究内容.........................................................................................................-3- 1.3.2研究方法.........................................................................................................-3- 第二章文献综述.............................................................................................................-5- 2.1企业环境责任履行相关研究....................................................................................-5- 2.1.1企业环境责任的概念.....................................................................................-5- 2.1.2企业环境责任履行的概念.............................................................................-6- 2.1.3企业环境责任履行的衡量.............................................................................-6- 2.2企业资本成本相关研究............................................................................................-6- 2.2.1资本成本的概念.............................................................................................-6- 2.2.2企业资本成本的影响因素..............................................................................-7- 2.3企业环境责任履行与资本成本................................................................................-8- 2.4国内外文献评述........................................................................................................-9- 2.5本章小结..................................................................................................................-10- 第三章理论基础及研究假设.......................................................................................-11- 3.1理论基础..................................................................................................................-11- 3.1.1利益相关者理论...........................................................................................-11- 3.1.2组织合法性理论...........................................................................................-11- 3.1.3资源基础理论...............................................................................................-12- 3.2研究假设.......................