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彭斌,彭绯.绿色投资者对企业资本成本的影响[J].北京理工大学学报(社会科学版),2017,19(4):97~104 本文二维码信息
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绿色投资者对企业资本成本的影响
Impact of Green Investors on Corporate Capital Cost
投稿时间:2016-07-13  
DOI:10.15918/j.jbitss1009-3370.2017.1353
中文关键词:  绿色投资者  资本成本  清洁化改革模型  改革成本
English Keywords:green investor  capital cost  cleaning reform model  reform cost
基金项目:国家自然科学基金资助项目(71002098);中国博士后特别资助项目(2010198);青年英才计划项目资助(YETP1652)
作者单位
彭斌 北京建筑大学 经济与管理工程学院, 北京 100044 
彭绯 大不列颠哥伦比亚大学 电子工程系, 温哥华 V6T1Z4 
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中文摘要:
      基于投资者价值最大化,立足企业特性划分和投资偏好均衡构建清洁化改革模型并通过参数模拟来考察企业资本成本的绿色投资者异质性反应,改革成本是否会提高该反应。研究发现:(1)绿色投资者对污染、改革企业资本成本有显著影响,而对清洁企业没有影响,改革成本强化了绿色投资者促进企业清洁化改革以及影响资本成本;(2)污染企业进入清洁化改革前,绿色投资者不存在时综合资本成本最低,随着绿色投资者增加污染企业股价下降,资本成本提高,绿色投资者对综合资本成本产生消极影响;(3)一旦触及最大值,污染企业进入清洁化改革,绿色投资者对综合资本成本产生积极影响,改革加速,综合资本成本下滑,改革企业份额攀升,全是绿色投资者时污染企业完成清洁化改革,改革企业份额最大,综合资本成本最低。
English Summary:
      From the perspective of investors value maximization,clean reform model was established based on corporate characteristics divided and investment preference equilibrium and parameters simulation to explore the impact of green investor on capital cost of corporate capital cost as well as whether reform cost raised these impacts. Research results showed as follows:(1)the effect of green investors on capital cost for pollution and reform corporate were significant while it was yet not for clean corporate. Reform cost strengthened the influence of green investors on corporate capital cost and corporate cleaning reform;(2)Before pollution enterprise entered into cleaning reform,it was negative relationship between green investors and comprehensive capital cost. Even though comprehensive capital cost was the lowest in the neutral investors market,green investor was induced by ethical concept to boycott pollution corporate,so its share price deduced and capital cost increased;(3)Once comprehensive cost was maximum,pollution corporate entered into cleaning reform. After that it was positive relationship between green investors and comprehensive capital cost. With the increase of green investors,reform accelerated,the comprehensive capital cost gradually reduced,the proportion of reform enterprise increased. As all the investors were green,pollution corporate finished cleaning reform,the proportion of reform enterprise was maximum,comprehensive capital.cost was minimum.
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