摘要
本文以“宏观经济政策—微观企业行为”为切入点,探究货币政策对企业环保投资的微观传导机制和后果,对于加速推动实体企业绿色发展、释放经济红利具有重大意义。研究发现,宽松的货币政策对重污染企业环保投资水平具有明显的提升效应,客观的外部资本供给增加和主观的管理层心理预期调整是货币政策对企业环保投资发挥作用的主要机制。沿着前述机理,进一步分析发现,货币政策在不同条件下对不同企业的作用存在异质性,具体而言,宽松的货币政策对自身融资能力较弱的企业、处于金融发展程度较低以及环境规制水平较低地区企业的环保投资水平具有更明显的提升作用。本文研究结论既有助于理解企业环保投资的宏观背景和原因,深化对企业环保投资行为逻辑的认知,同时也从环保投资角度刻画宏观经济政策对微观经济实体的影响,为健全绿色经济体系、推进实体企业绿色发展提供政策启示。
In recent years,the environmental regulation of the Chinese government has become more and more strict.However,the company s environmental responsibility performance is still poor,even under the high risk of high environmental protection law enforcement and high administrative pressure.Combined with the characteristics of “externality” and “non-economical” of corporate environmental management activities,we should also pay attention to the shortage of endogenous incentives for corporate environmental protection investment,which is easily caused by financing shortages,in addition to the mandatory pressures of policies and regulations.Indeed,for a long time,the single financing channel and the difficulty of financing are major problems that seriously restrict the investment of enterprises in China. Monetary policy is an important means for the Chinese government to regulate macroeconomics.It will maintain economic development,guide credit scale and allocate social resources.Therefore,based on the research logic of “macroeconomic policy-micro-enterprise behavior”,this study explores the micro-transmission mechanism and consequences of monetary policy on corporate environmental protection investment,which will be of great significance for accelerating the green development of entity enterprises and enhancing the release of economic dividends. Based on the analysis of the influence mechanism of monetary policy on micro-enterprise behavior in the existing literature,we believe that monetary policy will mainly exert the incentive effect on corporate green governance through objective factors of external capital supply and subjective adjustment of management psychological expectations under signal transmission.When monetary policy is loose,on the one hand,external capital supply is more abundant,which will alleviate corporate financing constraints,enable enterprises to obtain more disposable funds for environmental protection investment,and with the increase of investment opportunities and market liquidity,corporate green governance On the other hand,monetary quantitative easing,as a positive signal for future economic development,will help shape management s optimistic expectations and business confidence,improve risk-taking levels,and pay more attention to long-term development and market competition.The establishment of advantages has enhanced environmental responsibility awareness and green investment spending. Along the above-mentioned mechanism,further analysis found that for small-scale enterprises and private enterprises with low self-financing ability and low risk-taking level,loose monetary policy can stimulate their high level of “survival” and “development”.The quality change has significantly increased its environmental investment.In addition,the impact of monetary policy on corporate environmental protection investment still has obvious regional effects.On the one hand,relative to the higher degree of financial marketization and better resource allocation efficiency,the green marginal dividend of capital supply will show more obvious gains in enterprises with financial development.On the one hand,compared with the more stringent government environmental regulation,the loose monetary policy has a more obvious effect on the environmental protection investment of enterprises with weak environmental supervision,which reflects the lack of institutional pressure on the supply of financial resources. The conclusions of this paper are helpful to understand the macro background and reasons of corporate environmental protection investment,deepen the understanding of the logic of corporate environmental investment behavior,and help to evaluate the impact of macroeconomic policies on microeconomic entities from the perspective of environmental protection investment,and to improve the green economy.Provide policy recommendations for promoting the green development of entities.
作者
吕明晗
徐光华
沈弋
LYU Ming-han;XU Guang-hua;SHEN Yi(School of Economics and Management,Nanjing University of Science and Technology,Nanjing,Jiangsu,210094,China)
出处
《经济管理》
CSSCI
北大核心
2019年第11期55-71,共17页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目“企业环境财务指数及其绩效牵引测度研究”(71472088)
江苏省社会科学基金项目“江苏省重污染行业上市公司环境信息披露评价及政府监管研究”(17GLB010)
中央高校基本科研业务费(30918013102)
关键词
企业环保投资
货币政策
外部资本供给
管理层心理预期
corporate environmental investment
monetary policy
external capital supply
management psychological expectation
作者简介
吕明晗,女,博士研究生,研究领域是企业社会和环境责任、资本市场与信息披露等,电子邮箱:lvminghan7@163.com;徐光华,男,教授,研究领域是绩效评价、企业社会和环境责任等,电子邮箱:xgh9007286@163.com;通讯作者:沈弋,男,讲师,研究领域是企业社会和环境责任、创新研发等,电子邮箱:shenyi1029@163.com.
