环境规制、政府支持与重污染行业的融资约束被引量：10

Environmental Regulations,Governmental Support and Financial Constraints of Heavily Polluting Industries

下载PDF

导出

摘要利用2003—2009年A股上市公司数据,以Almeida等的现金-现金流量模型为基础,从融资约束角度,研究环境规制对重污染行业的影响。结果表明:环境规制放宽了重污染行业中央国企的融资约束程度;未对地方国企产生显著性影响,但加大了非国有企业的融资约束;所在地为地方政府环境政策支持度高的地区的企业,因环境规制而加重了融资约束,而对支持度较低地区的企业,融资约束状况却得以改善。结论支持了政府官员作为理性经济人的公共选择理论和对地方国企支持的政治庇护理论,表明考虑到地方政府利益的中央-地方政府环境规制实施机制的重要性。 Based on the data of A--share listed companies from 2003 to 2009, this paper investigates the impact of environmental regulations on the financial constraints of heavy polluting industries by cash-- cash flow model of Almeida et al （2004）. It is founded that environmental regulations relax financial constraints of central state--owned firms from heavy polluting industry significantly; have no remarkable influence on that of local state--owned, but aggravate that of non--state--owned and that of located in the areas where the government support level of environmental policies is high, while it does the opposite in the areas of low level. The conclusions support the public choice theory that government officials are rational economic man and the political asylum theory that local government refuges local state--owned firms. It is important that the interests of local government should be taken into account in the mechanisms of central--local government implementation of environmental regulation.

作者许松涛万红艳

机构地区中南大学商学院九江学院会计学院中国铝业股份有限公司

出处《统计与信息论坛》 CSSCI 2011年第9期77-83,共7页 Journal of Statistics and Information

基金教育部人文社会科学基金项目<基于资源价值流转分析的循环经济会计研究>(10YJA790205)

关键词环境规制重污染行业融资约束产权性质地区差异 environmental regulations heavy polluting industries financial constraints nature of property right regional differences

分类号 X169 [环境科学与工程—环境科学]

引文网络
相关文献

参考文献18

1Modigliani F, Miller M. The Cost of Capital, Corporation Finance, and the Theory of Investment [J]. The American Economic Review, 1958, 48(3).
2Stein J. Agency, Information and Corporate Investment[M]. Amsterdam: Elsevier, Handbook of the Economics of Finance. 2003.
3Brandt L, Li H B. Bank Discrimination in Transition Economies: Ideology, Information, or Incentives? [J]. Journal of Comparative Economics, 2003, 31(3).
4周雪光,艾云.多重逻辑下的制度变迁:一个分析框架[J].中国社会科学,2010(4):132-150. 被引量：551
5Porter M E. America's Green Strategy [J]. Scientific American, 1991, 26(4).
6Porter M E, Van Der Linde C. Toward a New Conception of the Environment--Competitiveness Relationship[J]. Journal of Economic Perspectives, 1995,9(4).
7Almeida H, Campello M, Weisbach M. The Cash Flow Sensitivity of Cash [J]. Journal of Finance, 2004,59(4).
8"中央企业在资源节约型社会中的地位和作用研究"课题组,李寿生,陈国栋.中央企业在资源节约型社会中的地位和作用研究[J].管理世界,2007,23(1):149-152. 被引量：4
9白天亮.节能减排纳入企业负责人业绩考核——央企提前实现“十一五”减排目标[N].人民日报,2010-11-04(2).
10沈艳,蔡剑.企业社会责任意识与企业融资关系研究[J].金融研究,2009(12):127-136. 被引量：61

二级参考文献49

1周雪光.“逆向软预算约束”:一个政府行为的组织分析[J].中国社会科学,2005(2):132-143. 被引量：580
2周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007,42(7):36-50. 被引量：5708
3沈艳,姚洋.(2008).“CSR and Competitiveness in China”,外文出版社.
4中国经济研究中心课题组(2007).“我国资本回报率估测(1978-2005)-新一轮经济景气增长的微观基础”,中国经济研究中心讨论稿.
5周伟东.“Will CSR Work in China?”[J].Leading Perspectives,2006,:5-5.
6Bai, Chong'en, Changtai Xie, and Yingyi Qian. "China' s Rate of Return to Capital. " Comparative Studies, Vol. 28,2007, pp. 1 - 22.
7Berle Jr. A. A. , (1932) ,"For Whom Are Corporate Managers Trustees: A Note", Havard Law Review 45 (7) : 1365 - 1372.
8Elhauge, Einer, 2005, "Corporate Managers' Operational discretion to Sacrifice Corporate Profits in the Public Interest", Environmental Protection and the Social Responsibility of Firms, Bruce Hay, Robert Stavins, and Richard Vietor, editors. Resources for the Future: Washington, D. C.
9Dodd, Jr. , E. Merrick (1932), "For Whom Are Corporate Managers Trustees", Havard Law Review 45 (7) : 1145 - 1163.
10Friedman, Milton (1970), "The Social Responsibility of Business is to Increase its Profits", The New York Times Magazine, September 13.