企业环境信息披露与权益资本成本基于信息透明度和社会责任的中介效应分析

企业环境信息披露与权益资本成本基于信息透明度和社会责任的中介效应分析一、本文概述Overviewofthisarticle随着全球经济的持续发展和环境保护意识的日益增强，企业环境信息披露已成为企业社会责任和可持续发展的重要组成部分。然而，企业在披露环境信息时面临着多方面的挑战，其中包括如何在保护环境的同时维护其经济利益。在此背景下，本文旨在探讨企业环境信息披露与权益资本成本之间的关系，并深入分析信息透明度和社会责任在这一关系中的中介效应。Withthecontinuousdevelopmentoftheglobaleconomyandtheincreasingawarenessofenvironmentalprotection,corporateenvironmentalinformationdisclosurehasbecomeanimportantcomponentofcorporatesocialresponsibilityandsustainabledevelopment.However,companiesfacevariouschallengeswhendisclosingenvironmentalinformation,includinghowtoprotecttheenvironmentwhilemaintainingtheireconomicinterests.Inthiscontext,thisarticleaimstoexploretherelationshipbetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital,anddeeplyanalyzethemediatingeffectofinformationtransparencyandsocialresponsibilityinthisrelationship.本文首先对企业环境信息披露的现状进行了梳理和评价，揭示了企业环境信息披露的重要性及其对企业价值和经济利益的影响。在此基础上，文章通过构建理论模型，提出并检验了企业环境信息披露、信息透明度、社会责任和权益资本成本之间的逻辑关系和传导机制。Thisarticlefirstreviewsandevaluatesthecurrentsituationofcorporateenvironmentalinformationdisclosure,revealingtheimportanceofcorporateenvironmentalinformationdisclosureanditsimpactoncorporatevalueandeconomicinterests.Onthisbasis,thearticleproposesandteststhelogicalrelationshipandtransmissionmechanismbetweencorporateenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,andequitycapitalcostbyconstructingatheoreticalmodel.通过实证研究，本文发现企业环境信息披露的质量和透明度不仅直接影响权益资本成本，而且通过提高信息透明度和履行社会责任等中介变量，间接影响企业的经济利益。这一发现为企业如何通过环境信息披露来平衡环境保护和经济利益提供了重要的理论依据和实践指导。Throughempiricalresearch,thisarticlefindsthatthequalityandtransparencyofcorporateenvironmentalinformationdisclosurenotonlydirectlyaffectthecostofequitycapital,butalsoindirectlyaffecttheeconomicinterestsofenterprisesthroughintermediaryvariablessuchasimprovinginformationtransparencyandfulfillingsocialresponsibilities.Thisdiscoveryprovidesimportanttheoreticalbasisandpracticalguidanceforenterprisestobalanceenvironmentalprotectionandeconomicbenefitsthroughenvironmentalinformationdisclosure.本文的研究不仅丰富了企业环境信息披露和权益资本成本的理论体系，而且为政策制定者和企业决策者提供了有益的参考。未来，我们将继续关注企业环境信息披露的发展趋势和实践挑战，并探索更多的中介变量和影响因素，以期为企业实现可持续发展和社会责任提供更多有益的洞见。Thisstudynotonlyenrichesthetheoreticalsystemofcorporateenvironmentalinformationdisclosureandequitycapitalcost,butalsoprovidesusefulreferencesforpolicymakersandcorporatedecision-makers.Inthefuture,wewillcontinuetopayattentiontothedevelopmenttrendsandpracticalchallengesofcorporateenvironmentalinformationdisclosure,andexploremoremediatingvariablesandinfluencingfactors,inordertoprovidemorebeneficialinsightsforenterprisestoachievesustainabledevelopmentandsocialresponsibility.二、文献综述Literaturereview随着全球环境问题的日益突出，企业环境信息披露逐渐成为社会责任和企业治理的重要组成部分。本文旨在探讨企业环境信息披露对权益资本成本的影响，并深入分析信息透明度和社会责任在这一关系中的中介效应。Withtheincreasinglyprominentglobalenvironmentalissues,corporateenvironmentalinformationdisclosurehasgraduallybecomeanimportantcomponentofsocialresponsibilityandcorporategovernance.Thisarticleaimstoexploretheimpactofcorporateenvironmentalinformationdisclosureonthecostofequitycapital,andtoanalyzeindepththemediatingeffectofinformationtransparencyandsocialresponsibilityinthisrelationship.关于企业环境信息披露的研究，已有文献普遍认为，企业环境信息披露不仅有助于提升企业的透明度，还可以增强企业的社会声誉和信誉度。这种信息披露可以减少企业与外部利益相关者之间的信息不对称，进而降低企业的权益资本成本。同时，随着环境法规的不断完善和公众环保意识的提高，企业环境信息披露也逐渐成为企业履行社会责任的重要体现。Regardingresearchoncorporateenvironmentalinformationdisclosure,ithasbeenwidelybelievedinliteraturethatcorporateenvironmentalinformationdisclosurenotonlyhelpstoenhancetransparency,butalsoenhancesthesocialreputationandcredibilityofenterprises.Thistypeofinformationdisclosurecanreduceinformationasymmetrybetweenenterprisesandexternalstakeholders,therebyloweringthecostofequitycapitalforenterprises.Meanwhile,withthecontinuousimprovementofenvironmentalregulationsandtheincreaseofpublicenvironmentalawareness,corporateenvironmentalinformationdisclosurehasgraduallybecomeanimportantmanifestationofcorporatesocialresponsibility.关于信息透明度对权益资本成本的影响，已有研究表明，信息透明度与权益资本成本之间存在显著的负相关关系。信息透明度的提高有助于减少投资者的信息不对称，增强投资者对企业的信任度和信心，从而降低投资者对企业风险的评估，进而降低企业的权益资本成本。Regardingtheimpactofinformationtransparencyonthecostofequitycapital,previousstudieshaveshownasignificantnegativecorrelationbetweeninformationtransparencyandthecostofequitycapital.Theimprovementofinformationtransparencyhelpstoreduceinformationasymmetryamonginvestors,enhancetheirtrustandconfidenceintheenterprise,therebyreducingtheirassessmentofenterpriserisksandultimatelyloweringthecostofequitycapitalfortheenterprise.关于社会责任对权益资本成本的影响，已有研究也表明，企业履行社会责任可以降低企业的权益资本成本。企业社会责任的履行可以提升企业的社会形象和声誉，增强企业的社会信任度，从而降低投资者对企业风险的评估，降低企业的权益资本成本。企业社会责任的履行还可以增加企业与利益相关者之间的合作和信任，促进企业的可持续发展。Regardingtheimpactofsocialresponsibilityonthecostofequitycapital,existingresearchhasalsoshownthatfulfillingsocialresponsibilitycanreducethecostofequitycapitalforenterprises.Thefulfillmentofcorporatesocialresponsibilitycanenhanceacompany'ssocialimageandreputation,enhanceitssocialtrust,therebyreducinginvestors'assessmentofcorporaterisksandloweringthecostofequitycapitalforthecompany.Thefulfillmentofcorporatesocialresponsibilitycanalsoincreasecooperationandtrustbetweenenterprisesandstakeholders,promotingthesustainabledevelopmentofenterprises.企业环境信息披露、信息透明度和社会责任都是影响企业权益资本成本的重要因素。本文将在已有研究的基础上，进一步探讨企业环境信息披露对权益资本成本的影响，以及信息透明度和社会责任在这一关系中的中介效应。通过深入分析这些因素之间的相互作用机制，为企业提高环境信息披露质量、增强信息透明度和履行社会责任提供理论依据和实践指导。Corporateenvironmentalinformationdisclosure,informationtransparency,andsocialresponsibilityareallimportantfactorsthataffectthecostofequitycapitalforenterprises.Thisarticlewillfurtherexploretheimpactofcorporateenvironmentalinformationdisclosureonthecostofequitycapital,aswellasthemediatingeffectofinformationtransparencyandsocialresponsibilityinthisrelationship,basedonexistingresearch.Bydeeplyanalyzingtheinteractionmechanismsbetweenthesefactors,theoreticalbasisandpracticalguidanceareprovidedforenterprisestoimprovethequalityofenvironmentalinformationdisclosure,enhanceinformationtransparency,andfulfillsocialresponsibilities.三、理论框架与研究假设Theoreticalframeworkandresearchhypotheses随着环境问题的日益严重，企业环境信息披露的重要性日益凸显。环境信息披露不仅有助于提升企业的信息透明度，还能展现其积极履行社会责任的形象。本文旨在探讨企业环境信息披露对权益资本成本的影响，并引入信息透明度和社会责任作为中介变量，以揭示其中的中介效应。Withtheincreasinglyseriousenvironmentalproblems,theimportanceofcorporateenvironmentalinformationdisclosureisbecomingincreasinglyprominent.Environmentalinformationdisclosurenotonlyhelpstoenhancethetransparencyofenterpriseinformation,butalsoshowcasesitsimageofactivelyfulfillingsocialresponsibilities.Thisarticleaimstoexploretheimpactofcorporateenvironmentalinformationdisclosureonthecostofequitycapital,andintroduceinformationtransparencyandsocialresponsibilityasmediatingvariablestorevealtheirmediatingeffects.理论框架方面，本文基于信息不对称理论、利益相关者理论和信号传递理论，构建了一个综合分析框架。信息不对称理论认为，企业环境信息披露可以减少信息不对称，降低投资者的风险感知，从而降低权益资本成本。利益相关者理论指出，企业积极履行社会责任可以赢得利益相关者的信任和支持，进而降低资本成本。信号传递理论则认为，企业环境信息披露可以向市场传递积极信号，提升企业的市场声誉和形象，降低资本成本。Intermsoftheoreticalframework,thisarticleconstructsacomprehensiveanalysisframeworkbasedoninformationasymmetrytheory,stakeholdertheory,andsignaltransmissiontheory.Thetheoryofinformationasymmetrysuggeststhatcorporateenvironmentalinformationdisclosurecanreduceinformationasymmetry,lowerinvestorriskperception,andthuslowerthecostofequitycapital.Thestakeholdertheorysuggeststhatactivelyfulfillingsocialresponsibilitycanearnthetrustandsupportofstakeholders,therebyreducingcapitalcosts.Thesignaltransmissiontheorysuggeststhatcorporateenvironmentalinformationdisclosurecantransmitpositivesignalstothemarket,enhancethecompany'smarketreputationandimage,andreducecapitalcosts.假设1：企业环境信息披露质量与权益资本成本负相关。即随着企业环境信息披露质量的提升，权益资本成本将逐渐降低。Assumption1:Thequalityofcorporateenvironmentalinformationdisclosureisnegativelycorrelatedwiththecostofequitycapital.Asthequalityofcorporateenvironmentalinformationdisclosureimproves,thecostofequitycapitalwillgraduallydecrease.假设2：信息透明度在企业环境信息披露与权益资本成本之间具有中介效应。即企业环境信息披露质量的提升会通过提高信息透明度来降低权益资本成本。Assumption2:Informationtransparencyhasamediatingeffectbetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital.Theimprovementofthequalityofcorporateenvironmentalinformationdisclosurewillreducethecostofequitycapitalbyimprovinginformationtransparency.假设3：社会责任在企业环境信息披露与权益资本成本之间具有中介效应。即企业环境信息披露质量的提升会通过积极履行社会责任来降低权益资本成本。Assumption3:Socialresponsibilityhasamediatingeffectbetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital.Theimprovementofthequalityofcorporateenvironmentalinformationdisclosurewillreducethecostofequitycapitalbyactivelyfulfillingsocialresponsibilities.为了验证以上假设，本文将采用实证研究方法，收集相关数据进行回归分析。通过实证分析，本文旨在揭示企业环境信息披露对权益资本成本的影响机制，以及信息透明度和社会责任在其中的中介作用，为企业环境信息披露实践提供理论支持和政策建议。Toverifytheabovehypotheses,thisarticlewilladoptempiricalresearchmethodsandcollectrelevantdataforregressionanalysis.Throughempiricalanalysis,thisarticleaimstorevealtheimpactmechanismofcorporateenvironmentalinformationdisclosureonthecostofequitycapital,aswellasthemediatingroleofinformationtransparencyandsocialresponsibility,inordertoprovidetheoreticalsupportandpolicyrecommendationsforthepracticeofcorporateenvironmentalinformationdisclosure.四、研究设计与方法ResearchDesignandMethods本研究旨在深入探讨企业环境信息披露、信息透明度、社会责任以及权益资本成本之间的关系，并特别关注信息透明度和社会责任在其中的中介效应。为此，我们设计了一套综合性的研究方案，结合定性和定量研究方法，以确保研究结果的全面性和准确性。Thisstudyaimstoexploreindepththerelationshipbetweencorporateenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,andthecostofequitycapital,withaparticularfocusonthemediatingeffectofinformationtransparencyandsocialresponsibility.Forthispurpose,wehavedesignedacomprehensiveresearchplanthatcombinesqualitativeandquantitativeresearchmethodstoensurethecomprehensivenessandaccuracyoftheresearchresults.假设2：信息透明度在企业环境信息披露与权益资本成本之间起中介作用。Assumption2:Informationtransparencyplaysamediatingrolebetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital.假设3：社会责任在企业环境信息披露与权益资本成本之间起中介作用。Assumption3:Socialresponsibilityplaysamediatingrolebetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital.为确保研究的广泛性和代表性，我们选择了年至年间，在中国A股上市的非金融企业作为研究样本。数据主要来源于各大官方数据库，如CSMAR、CCER等，同时辅以企业年报和社会责任报告等公开信息。Toensurethebreadthandrepresentativenessoftheresearch,weselectednon-financialenterpriseslistedontheA-sharemarketinChinafromtoastheresearchsample.Thedatamainlycomesfromvariousofficialdatabases,suchasCSMAR,CCER,etc.,supplementedbypublicinformationsuchascorporateannualreportsandsocialresponsibilityreports.环境信息披露质量：采用内容分析法，根据企业年报和社会责任报告中的环境信息披露情况，构建环境信息披露指数。Qualityofenvironmentalinformationdisclosure:Usingcontentanalysismethod,constructanenvironmentalinformationdisclosureindexbasedontheenvironmentalinformationdisclosuresituationintheannualreportandsocialresponsibilityreportoftheenterprise.社会责任：参考相关文献，从经济、环境、社会三个维度构建社会责任指数。SocialResponsibility:Referringtorelevantliterature,constructasocialresponsibilityindexfromthreedimensions:economy,environment,andsociety.本研究采用多元线性回归模型，以权益资本成本为因变量，以企业环境信息披露质量、信息透明度、社会责任等为自变量，同时控制公司规模、盈利能力、行业等因素。具体模型如下：Thisstudyadoptsamultiplelinearregressionmodel,withthecostofequitycapitalasthedependentvariableandthequalityofcorporateenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,etc.asindependentvariables,whilecontrollingforfactorssuchascompanysize,profitability,andindustry.Thespecificmodelisasfollows:权益资本成本=\beta_0+\beta_1\times环境信息披露质量+\beta_2\times信息透明度+\beta_3\times社会责任+\sumControls+\epsilon)CostofEquityCapital=\beta0+\beta_1\timesEnvironmentalInformationDisclosureQuality+\beta_2\timesInformationTransparency+\beta3\timesSocialResponsibility+\sumcontrols+\epsilon)采用SPSS和AMOS等统计软件，进行描述性统计、相关性分析、回归分析以及中介效应检验。中介效应检验采用Baron和Kenny提出的三步检验法，以及Sobel检验等方法。Descriptivestatistics,correlationanalysis,regressionanalysis,andmediationeffecttestingwereconductedusingstatisticalsoftwaresuchasSPSSandAMOS.Themediationeffecttestadoptsthethree-steptestmethodproposedbyBaronandKenny,aswellasSobeltestandothermethods.本研究虽力求全面，但仍存在一定限制，如样本选择的时间跨度可能不够长，以及部分数据可能存在主观解读等。未来研究可进一步拓展样本范围，优化度量方法，并深入探讨其他可能的中介变量或调节变量。Althoughthisstudystrivesforcomprehensiveness,therearestillcertainlimitations,suchasthetimespanofsampleselectionmaynotbelongenough,andsomedatamayhavesubjectiveinterpretations.Futureresearchcanfurtherexpandthesamplerange,optimizemeasurementmethods,anddelveintootherpossiblemediatingormoderatingvariables.本研究通过严谨的研究设计和科学的研究方法，力求揭示企业环境信息披露、信息透明度、社会责任与权益资本成本之间的复杂关系，为企业实践和学术研究提供有益参考。Thisstudyaimstorevealthecomplexrelationshipbetweencorporateenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,andcostofequitycapitalthroughrigorousresearchdesignandscientificresearchmethods,providingusefulreferencesforcorporatepracticeandacademicresearch.五、实证结果与分析Empiricalresultsandanalysis本研究采用了一系列统计分析和中介效应检验方法，对企业环境信息披露、信息透明度、社会责任与权益资本成本之间的关系进行了深入探究。通过对样本数据的细致分析，我们得到了以下实证结果。Thisstudyemployedaseriesofstatisticalanalysisandmediationeffecttestingmethodstodeeplyexploretherelationshipbetweencorporateenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,andthecostofequitycapital.Throughdetailedanalysisofthesampledata,wehaveobtainedthefollowingempiricalresults.在环境信息披露与权益资本成本的关系方面，研究结果显示，企业环境信息披露质量与权益资本成本呈负相关关系。这意味着随着企业环境信息披露水平的提高，其权益资本成本相应降低。这一结果支持了假设一，即企业环境信息披露质量的提高有助于降低权益资本成本。Intermsoftherelationshipbetweenenvironmentalinformationdisclosureandthecostofequitycapital,researchresultsshowanegativecorrelationbetweenthequalityofcorporateenvironmentalinformationdisclosureandthecostofequitycapital.Thismeansthatasthelevelofenvironmentalinformationdisclosurebyenterprisesincreases,theircostofequitycapitalcorrespondinglydecreases.Thisresultsupportshypothesisone,thatimprovingthequalityofcorporateenvironmentalinformationdisclosurehelpstoreducethecostofequitycapital.在信息透明度与权益资本成本的关系方面，研究发现信息透明度与权益资本成本之间存在显著的负相关关系。这一结果表明，随着企业信息透明度的提升，投资者对企业未来发展的信心增强，从而降低了权益资本成本。这一结果验证了假设二，即信息透明度的提高可以降低企业的权益资本成本。Intermsoftherelationshipbetweeninformationtransparencyandthecostofequitycapital,researchhasfoundasignificantnegativecorrelationbetweeninformationtransparencyandthecostofequitycapital.Thisresultindicatesthatwiththeimprovementofenterpriseinformationtransparency,investorshaveincreasedconfidenceinthefuturedevelopmentoftheenterprise,therebyreducingthecostofequitycapital.Thisresultconfirmshypothesistwo,thatimprovinginformationtransparencycanreducethecostofequitycapitalforenterprises.进一步地，在社会责任与权益资本成本的关系方面，我们的研究结果显示，企业履行社会责任与权益资本成本之间存在负相关关系。这表明积极履行社会责任的企业能够获得投资者的认可和支持，从而降低其权益资本成本。这一结果证实了假设三，即企业社会责任的履行可以降低企业的权益资本成本。Furthermore,intermsoftherelationshipbetweensocialresponsibilityandthecostofequitycapital,ourresearchfindingsindicateanegativecorrelationbetweencorporatesocialresponsibilityandthecostofequitycapital.Thisindicatesthatcompaniesthatactivelyfulfilltheirsocialresponsibilitiescangainrecognitionandsupportfrominvestors,therebyreducingtheircostofequitycapital.Thisresultconfirmshypothesisthree,thatthefulfillmentofcorporatesocialresponsibilitycanreducethecostofequitycapitalforenterprises.在中介效应分析方面，本研究发现信息透明度和社会责任在环境信息披露与权益资本成本之间起到了中介作用。具体来说，环境信息披露通过提高信息透明度和履行社会责任这两条路径，间接地影响了企业的权益资本成本。这一结果支持了假设四，即信息透明度和社会责任在企业环境信息披露与权益资本成本之间具有中介效应。Intermsofmediatingeffectanalysis,thisstudyfoundthatinformationtransparencyandsocialresponsibilityplayamediatingrolebetweenenvironmentalinformationdisclosureandthecostofequitycapital.Specifically,environmentalinformationdisclosureindirectlyaffectsthecostofequitycapitalforenterprisesbyimprovinginformationtransparencyandfulfillingsocialresponsibilities.Thisresultsupportshypothesisfour,whichstatesthatinformationtransparencyandsocialresponsibilityhaveamediatingeffectbetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital.本研究通过实证分析得出了企业环境信息披露、信息透明度、社会责任与权益资本成本之间的关系。研究结果表明，企业环境信息披露质量的提高可以降低权益资本成本，而信息透明度和社会责任在这一过程中起到了中介作用。这些结论为企业加强环境信息披露、提高信息透明度和积极履行社会责任提供了有力的理论支持和实践指导。本研究也为投资者评估企业价值、做出投资决策提供了重要的参考依据。Thisstudyempiricallyanalyzedtherelationshipbetweencorporateenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,andthecostofequitycapital.Theresearchresultsindicatethatimprovingthequalityofcorporateenvironmentalinformationdisclosurecanreducethecostofequitycapital,whileinformationtransparencyandsocialresponsibilityplayanintermediaryroleinthisprocess.Theseconclusionsprovidestrongtheoreticalsupportandpracticalguidanceforenterprisestostrengthenenvironmentalinformationdisclosure,improveinformationtransparency,andactivelyfulfillsocialresponsibilities.Thisstudyalsoprovidesimportantreferencebasisforinvestorstoevaluatethevalueofenterprisesandmakeinvestmentdecisions.六、讨论与贡献Discussionandcontribution本文的研究对于深入理解企业环境信息披露、信息透明度、社会责任与权益资本成本之间的关系具有重要的理论和实践贡献。通过构建中介效应模型，我们验证了信息透明度和社会责任在企业环境信息披露与权益资本成本之间的中介作用，为相关研究提供了新的视角和证据。Theresearchinthisarticlehasimportanttheoreticalandpracticalcontributionstoadeeperunderstandingoftherelationshipbetweencorporateenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,andthecostofequitycapital.Byconstructingamediationeffectmodel,wevalidatedthemediatingroleofinformationtransparencyandsocialresponsibilitybetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital,providingnewperspectivesandevidenceforrelatedresearch.本文的研究结果强调了企业环境信息披露的重要性。随着环境问题日益突出，企业的环境行为和环境信息披露逐渐成为投资者、消费者和政府部门等利益相关者关注的焦点。我们的研究结果表明，良好的环境信息披露可以降低企业的权益资本成本，这为企业提供了加强环境管理和信息披露的动力。Theresearchfindingsofthisarticleemphasizetheimportanceofcorporateenvironmentalinformationdisclosure.Withtheincreasinglyprominentenvironmentalissues,theenvironmentalbehavioranddisclosureofenvironmentalinformationofenterpriseshavegraduallybecomethefocusofattentionforstakeholderssuchasinvestors,consumers,andgovernmentdepartments.Ourresearchfindingsindicatethatgoodenvironmentalinformationdisclosurecanreducethecostofequitycapitalforenterprises,providingthemwiththemotivationtostrengthenenvironmentalmanagementandinformationdisclosure.本文的研究揭示了信息透明度和社会责任在企业环境信息披露与权益资本成本之间的中介作用。这一发现有助于我们更深入地理解企业环境信息披露对权益资本成本的影响机制。通过提高信息透明度和履行社会责任，企业可以增强与利益相关者之间的信任和沟通，从而降低权益资本成本。Thisstudyrevealsthemediatingroleofinformationtransparencyandsocialresponsibilitybetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital.Thisdiscoveryhelpsustogainadeeperunderstandingoftheimpactmechanismofcorporateenvironmentalinformationdisclosureonthecostofequitycapital.Byimprovinginformationtransparencyandfulfillingsocialresponsibility,companiescanenhancetrustandcommunicationwithstakeholders,therebyreducingthecostofequitycapital.本文的研究还具有一定的实践指导意义。对于企业而言，加强环境信息披露、提高信息透明度和积极履行社会责任有助于降低权益资本成本，进而提升企业的竞争力和可持续发展能力。对于投资者而言，了解企业环境信息披露、信息透明度和社会责任的情况有助于做出更明智的投资决策。Thisstudyalsohascertainpracticalguidancesignificance.Forenterprises,strengtheningenvironmentalinformationdisclosure,improvinginformationtransparency,andactivelyfulfillingsocialresponsibilitiescanhelpreducethecostofequitycapital,therebyenhancingtheircompetitivenessandsustainabledevelopmentcapabilities.Forinvestors,understandingthedisclosureofcorporateenvironmentalinformation,informationtransparency,andsocialresponsibilitycanhelpmakewiserinvestmentdecisions.然而，本文的研究仍存在一定的局限性。本文的样本数据主要来源于特定行业或地区的企业，可能存在一定的样本偏差。未来研究可以扩大样本范围，以提高研究的普遍性和适用性。本文的研究主要关注了中介效应的存在性，未来研究可以进一步探讨其他可能影响企业环境信息披露与权益资本成本关系的因素。However,therearestillcertainlimitationstotheresearchinthisarticle.Thesampledatainthisarticlemainlycomesfromenterprisesinspecificindustriesorregions,andtheremaybesomesamplebias.Futureresearchcanexpandthesamplerangetoimprovetheuniversalityandapplicabilityofthestudy.Thisstudymainlyfocusesontheexistenceofintermediaryeffects,andfutureresearchcanfurtherexploreotherfactorsthatmayaffecttherelationshipbetweencorporateenvironmentalinformationdisclosureandthecostofequitycapital.本文的研究为企业环境信息披露、信息透明度、社会责任与权益资本成本之间的关系提供了有益的见解和证据。这些发现不仅有助于我们更深入地理解企业环境信息披露的经济后果，还为企业的可持续发展和投资者的决策提供了有价值的参考。Thisstudyprovidesusefulinsightsandevidencefortherelationshipbetweencorporateenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,andthecostofequitycapital.Thesefindingsnotonlyhelpustogainadeeperunderstandingoftheeconomicconsequencesofcorporateenvironmentalinformationdisclosure,butalsoprovidevaluablereferencesforthesustainabledevelopmentofenterprisesandthedecision-makingofinvestors.七、结论与建议Conclusionandrecommendations本研究通过深入分析企业环境信息披露、信息透明度、社会责任与权益资本成本之间的关系，揭示了信息透明度和社会责任在环境信息披露与权益资本成本之间的中介效应。研究结果表明，企业环境信息披露的透明度和完整性对于降低权益资本成本具有显著影响，而这种影响是通过提高信息透明度和履行社会责任实现的。Thisstudyrevealsthemediatingeffectofinformationtransparencyandsocialresponsibilityontherelationshipbetweenenvironmentalinformationdisclosure,informationtransparency,socialresponsibility,andthecostofequitycapitalinenterprisesthroughin-depthanalysis.Theresearchresultsindicatethatthetransparencyandcompletenessofcorporateenvironmentalinformationdisclosurehaveasignificantimpactonreducingthecostofequitycapital,andthisimpactisachievedthroughimprovinginformationtransparencyandfulfillingsocialresponsibility.环境信息披露的加强有助于企业提高信息透明度，减少信息不对称现象，从而增强投资者信心，降低投资者要求的回报率，即权益资本成本。这一结论强调了环境信息披露在提升企业透明度和增强市场信任方面的重要作用。Strengtheningenvironmentalinformationdisclosurehelpscompaniesimproveinformationtransparency,reduceinformationasymmetry,enhanceinvestorconfidence,andlowertherequiredreturnrate,i.e.thecostofequitycapital.Thisconclusionemphasizestheimportantroleofenvironmentalinformationdisclosureinenhancingcorporatetransparencyandenhancingmarkettrust.研究还发现企业履行社会责任能够显著降低权益资本成本。这表明，企业在追求经济效益的同时，积极履行社会责任，有助于提升企业形象和声誉，进而吸引更多投资者，降低资本成本。这一发现对于引导企业树立可持续发展观念，实现经济、社会、环境三者之间的平衡发展具有重要意义。Thestudyalsofoundthatfulfillingcorporatesocialresponsibilitycansignificantlyreducethecostofequitycapital.Thisindicatesthatwhilepursuingeconomicbenefits,enterprisesactivelyfulfilltheirsocialresponsibilities,whichhelpstoenhancetheircorporateimageandreputation,therebyattractingmoreinvestorsandreducingcapitalcosts