摘要
环保信用评价制度是新时代我国生态文明体系建设与社会信用体系建设深度融合,进而优化资源配置效率的关键举措。运用沪深A股重污染企业2014—2020年的经验证据,探讨环保信用评价制度对企业资本配置效率的影响,发现环保信用较好企业的投资不足得到明显缓解,环保信用较差企业的投资过度得到抑制但不显著,说明环保信用评价制度对企业资本配置效率的改善作用仅表现在企业投资不足方面。影响机制检验发现,环保信用较好主要通过发挥治理效应和资源效应缓解了企业投资不足,治理效应表现在提高了企业风险承担水平,资源效应表现在降低了企业融资约束程度。内外环境分析发现,当信息环境、治理环境较差时,环保信用较好更能缓解企业投资不足。研究结论揭示了环保信用评价制度的有效性,为“十四五”期间持续优化环保信用评价制度,以推进经济高质量发展提供了有益的决策参考。
The environmental credit evaluation system is a key initiative for the deep integration of the construction of China s ecological civilization system and social credit system in the new era and thus optimizing the efficiency of resources allocation.This paper firstly explores the impact of the environmental credit evaluation system on the efficiency of corporate capital allocation,using empirical evidence from Shanghai and Shenzhen A-share heavy polluters over the period 2014—2020.It finds that underinvestment by firms with better environmental credit is significantly mitigated,while overinvestment by firms with poorer environmental credit is suppressed but not significant,suggesting that the optimizing effect of the environmental credit evaluation system on the efficiency of corporate capital allocation is only manifested in terms of underinvestment by firms.Secondly,the impact mechanism test finds that the mechanism of better environmental credit to alleviate corporate underinvestment lies in the play of the governance effect and the resources effect,with the governance effect manifested in increasing corporate risk-taking and the resources effect manifested in reducing corporate financing constraints,but not in increasing corporate government subsidies.Finally,the analysis of the internal and external environment finds that better environmental credit is more effective in mitigating corporate underinvestment when the information environment is poor and the governance environment is poor.The research conclusion reveals the effectiveness of the environmental credit evaluation system,providing useful decision-making references for continuously optimizing the environmental credit evaluation system to promote high-quality economic development during the 14th Five-Year-Plan period.
作者
于连超
单约楠
马宁
YU Lianchao;SHAN Yuenan;MA Ning(School of Management,Lanzhou University,Lanzhou 730000,China)
出处
《审计与经济研究》
CSSCI
北大核心
2023年第3期65-74,共10页
Journal of Audit & Economics
基金
国家社会科学基金后期资助项目(20FGLB009)
中央高校基本科研业务费专项资金资助项目(22lzujbkydx027)
兰州大学管理学院大学生科研创新培育项目(2023019)。
关键词
环保信用评价制度
资本配置效率
投资效率
投资不足
投资过度
风险承担
融资约束
environmental credit evaluation system
capital allocation efficiency
investment efficiency
underinvestment
overinvestment
risk-taking
financing constraints
