In the context of the rapid development of green finance,based on the list of environmental pollution liability insurance issued by the Ministry of Environmental Protection from 2014 to 2015,this paper examines the impact of environmental pollution liability insurance on excess cash holdings of heavy polluting enterprises by taking Shanghai and Shenzhen A-share listed companies with heavy pollution as research samples.It is found that environmental liability insurance reduces excess cash holdings of heavy polluting enterprises,which indicates that environmental liability insurance can inhibit excess cash holdings and make cash holdings of heavy polluting enterprises more reasonable and more in line with normal production and operation needs.The path test shows that environmental liability insurance reduces excess cash holdings by increasing bank loan scale and reducing agency costs.Further analysis shows that the inhibition effect of environmental liability insurance on excess cash holding is particularly prominent in non-state-owned enterprises,enterprises with high media attention and enterprises with high environmental regulation.The economic consequence test shows that the restraining effect of environmental liability insurance on excess cash holding will eventually improve the investment efficiency of enterprises.This paper theoretically enriched the research on the economic consequences of environmental liability insurance and the influencing factors of corporate cash holdings,and in practice provided practical guidance and inspiration for the regulatory authorities to revise the relevant policies of environmental liability insurance,promote the green transformation of heavily polluting enterprises,and improve the financial decision-making of cash management.
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