| 环境管理投入、债务融资成本与企业可持续性增长——中国旅游酒店上市公司实证研究 |
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| 引用本文： | 陈琪,张继东,刘冠楠.环境管理投入、债务融资成本与企业可持续性增长——中国旅游酒店上市公司实证研究[J].昆明大学学报,2014(3):1-6. |
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| 作者姓名： | 陈琪 张继东 刘冠楠 |
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| 作者单位： | [1]北京第二外国语学院国际商学院 [2]北京第二外国语学院国际会计与财务研究中心 |
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| 基金项目： | 国家自然科学基金“货币政策、稳健性来源与公司价值”（71202170）;“北京世界一流旅游城市建设与管理”创新团队（项目编号：IDHT20130521）资助;校级财务管理本科教学团队与特色专业项目支持 |
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| 摘 要： | 环境管理成本与绩效是目前学术研究热门话题。国内学者对环境管理的成本与绩效理论意义与实践意义的研究大都停留在道德与简单的会计绩效层面。作为中国国民经济增长最快行业之一的旅游与酒店业，其行业特征与环境管理密切相关。以2009年至2011年中国沪深证券交易所A股旅游酒店板块上市公司为样本，实证研究了旅游酒店行业公司环境管理投入对企业可持续性增长的影响。研究结果表明，公司环境管理投入有助于降低债务融资成本，而债务融资成本的降低可有效帮助企业实现可持续性增长，从企业融资角度解释了环境管理的意义。
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| 关 键 词： | 环境管理投入 旅游酒店业 债务融资成本 企业可持续性增长 |
Environment management investment,debt financing costs and corporation sustainable growth -- An empirical research on China public listed companies in tourism and hotel industry |
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| CHEN Qi,ZHANG Ji-dong,LIU Guan-nan.Environment management investment,debt financing costs and corporation sustainable growth -- An empirical research on China public listed companies in tourism and hotel industry[J].Journal of Kunming University,2014(3):1-6. |
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| Authors: | CHEN Qi ZHANG Ji-dong LIU Guan-nan |
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| Institution: | CHEN Qi, ZHANG Ji-dong, LIU Guan-nan |
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| Abstract: | Environment management costs and performance is a hot topic in academic research. While most domestic scholars explore theory and practice significance of enterprises＇ environment management from morality and simple level of accounting performanee. As one of the fastest growing industries in China, its industry characteristic is closely related to environment management. This is an empirical research on environment management investment＇s effect on corporation sustainable growth in tourism and hotel industry. Our samples are public listed companies in tourism and hotel industry from Shanghai Stock Exchange and Shenzhen Stock Exchange in China from 2009 to 2011. The results show that investment in environment management contributes to reducing the costs of debt financing, and debt financing costs reduction promotes corporation sustainable growth greatly. We explain the significance of environment management from its contribution to business financing. |
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| Keywords: | environment management investment tourism and hotel industry debt financing costs corporation sustainable growth |
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