摘要
本文以新《环保法》实施作为准自然实验,采用双重差分模型探究环境规制对重污染企业融资约束的影响及其作用机制。研究发现,新《环保法》的实施显著缓解了重污染企业融资约束;截面异质性分析显示,新《环保法》对重污染企业融资约束的缓解作用仅在小规模企业和银行业发展较好、污染程度较高、法律环境较差的地区显著;经济机制分析表明,新《环保法》通过降低代理成本、缓解信息不对称、促进企业社会责任履行,缓解重污染企业融资约束。本文结论既拓展了环境规制对企业影响的研究边界,也为“双碳”目标下中国实现生态保护与经济增长的协同发展提供了理论支撑和经验证据。
This paper uses the New Environmental Protection Law(NEPL)as a quasi-natural experiment to explore the impact of environmental regulation on financing constraints of heavily polluting enterprises and the underlying mechanism.The results show that the implementation of the NEPL significantly reduces the financing constraints of heavily polluting enterprises.The cross-sectional heterogeneity analysis shows that the NEPL alleviates the financing constraints of heavily polluting enterprises only in small-scale enterprises and the regions with better development of banking industry,higher pollution level and poorer legal environment.The analysis of economic mechanism shows that the NEPL can reduce the financing constraints of heavily polluting enterprises by reducing agency cost,alleviating information asymmetry and promoting enterprises to fulfill their social responsibilities.The research conclusion of this paper not only expands the research boundary of environmental policy’s impact on enterprises,but also provides important theoretical support and empirical evidence for realizing the coordinated development of ecological protection and economic growth in China under the“dual carbon”goal.
作者
史永东
陈火亮
宋明勇
Shi Yongdong;Chen Huoliang;Song Mingyong
出处
《证券市场导报》
CSSCI
北大核心
2022年第8期8-19,共12页
Securities Market Herald
基金
国家自然科学基金项目“系统性风险对技术创新的影响:基于风险分层和交叉传染的视角”(71971046)
“公司债券违约风险防范:基于公司债特殊条款和政府参与评级的视角”(72172029)
“强制性阶段考核下国有企业管理者决策视野与短视行为研究”(71772030)
“机构投资者的公司治理效应:基于高管变更的视角”(71702025)
国家社会科学基金重大项目“宏观经济稳增长与金融系统防风险动态平衡机制研究”(19ZDA094)。
关键词
新《环保法》
环境规制
融资约束
重污染企业
New Environmental Protection Law
environmental regulation
financing constraints
heavily polluting enterprises
