高科技企业资本成本的绿色投资均衡模型研究

Equilibrium Model of Green Investment and High-tech Enterprise Capital Cost

摘要:

高科技企业绿色协调可持续发展是保障国民经济健康稳定的支柱,为此从社会责任视角,构建均衡模型探究绿色投资影响高科技企业资本成本产生投资传导效应。数值模拟实证分析表明社会责任导致绿色投资者规避污染高科技企业股票,非绿色投资者之间缺少风险共担,导致污染高科技企业股价下降,从而提高资本成本；当资本成本高出企业清除污染的改革成本,污染高科技企业因绿色投资具有社会责任。25％以上绿色投资者会促使污染高科技企业改革。

Abstract:

Green coordination and sustainable development of high-tech enterprise is the pillar of making the national economy healthy and stable, From the social responsibility’s perspective, this paper establishes equilibrium model to explore green investing can affect a high-tech enterprise’s capital cost, and so cause the investment conduction effect. In our model, empirical analysis indicate that social responsibility leads to green investors eschewing polluting ?rms’ stock. This lack of risk sharing among non-green investors leads to lower stock prices for polluting ?rms, thus raising their capital cost. If the higher capital cost more than overcomes the reform cost of cleaning up pollution, then polluting ?rms will become socially responsible because of green investing. We show that more than 25% green investors are required to induce any polluting ?rms to reform.