摘要
基于新《环境保护法》实施的外生政策冲击,运用双重差分方法进行实证分析,以A股上市企业2010—2018年数据为样本,研究环境规制对企业负债的影响。研究发现,总体而言重污染企业负债规模减少,资产负债率降低;从负债期限来看,非流动负债受到影响显著下降,而流动负债并未明显变化;从负债结构来看,金融性负债显著减少,而经营性负债显著增加。截面异质性分析发现,大规模企业、国有控股企业及位于中、东部地区企业的负债率减少更为显著;而处于环境规制强度较高区域的企业,金融性负债显著减少,经营性负债显著增加。
Based on the exogenous policy shocks of the implementation of the new Environmental Protection Law,an empirical analysis is conducted using DID to investigate the impact of environmental regulations on corporate liabilities using the data of Ashare listed enterprises from 2010-2018 as a sample.The study finds that,in general,heavy polluters have reduced the scale of liabilities and lowered their gearing ratio;in terms of the maturity of liabilities,non-current liabilities is significantly reduced while current liabilities is not significantly changed;in terms of the structure of liabilities,financial liabilities is significantly reduced while operating liabilities is significantly increased.The cross-sectional heterogeneity analysis finds that the debt ratio of largescale,state-controlled and enterprises located in the central and eastern regions decreases more significantly;while enterprises in strong environmental regulation regions have a significant decrease in financial liabilities and a significant increase in operational liabilities.
出处
《投资研究》
CSSCI
北大核心
2021年第8期4-27,共24页
Review of Investment Studies
基金
国家社会科学基金一般项目:企业参与乡村振兴的行动逻辑及调适策略研究(20BGL130)
兰州财经大学校级课题:环境规制对重污染企业财务行为的影响研究
关键词
环境规制
债务融资
重污染企业
绿色信贷
Environmental Regulation
Debt Financing
Heavy Polluters
Green Credit
作者简介
马亚红:兰州财经大学会计学院讲师,主要研究方向为区域经济发展与资本市场财务问题