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环境约束对企业债务融资的影响

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2015年开始实施的《中华人民共和国环境保护法》是新时期加强生态文明建设的一部重要法律.本文将《中华人民共和国环境保护法》的实施作为自然实验,考察了环境约束对重污染企业债务融资的影响.研究发现,在A股上市企业中,与非重污染企业相比,在《中华人民共和国环境保护法》实施后重污染企业的资产负债率平均多下降2.2个百分点,说明增强环境约束对重污染企业债务融资产生了明显的抑制作用;异质性分析表明,当企业为民营企业、过度负债水平较高、不具有良好政企关系、所在地区经济发展水平较高或市场化程度较高时,增强环境约束对重污染企业债务融资的抑制作用会更强;机制分析表明,环境约束的增强主要通过下调目标资本结构、降低企业债务融资能力、减少债务资金供给的途径影响重污染企业债务融资.本文从企业债务融资的角度验证了环境保护政策产生的溢出效应.
The Impact of Environmental Constraints on Firms'Debt Financing
The Amendment to the Environmental Protection Law implemented in 2015 is an important law to strengthen the construction of ecological civilization in the new era.Using this implementation as a natural experiment,this paper examines the impact of strengthening environmental constraints on the debt financing of heavily polluting firms(HPFs).The findings reveal that among A-share listed companies,compared to non-HPFs,the leverage ratio of HPFs has decreased by an average of 2.2 percentage points more following the implementation,indicating that strengthening environmental constraints has a significant deleveraging effect on HPFs.Heterogeneity analyses show that this effect is more pronounced for non-state-owned enterprises(non-SOEs),over-indebted firms,firms with weaker governmental relations,and firms in provinces with higher GDP per capita or higher marketization rate.Mechanism analyses show that the strengthening of environmental constraints affects the debt financing of HPFs mainly through the following three mechanisms:reducing target capital structure,reducing debt financing capacity and decreasing debt fund supply.This paper verifies the spillover effect of environmental protection policy from the perspective of debt financing.

environmental constraintdebt financingriskfinancing capacityheavily polluting firm

李广子、张孝枫、张翼

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中国社会科学院金融研究所银行研究室

平安科技(深圳)有限公司

西南财经大学金融学院

环境约束 债务融资 风险 融资能力 重污染企业

2024

中国社会科学院大学学报
中国社会科学院研究生院

中国社会科学院大学学报

CHSSCD
影响因子:0.328
ISSN:2097-1125
年,卷(期):2024.44(10)