摘要
当前,我国正积极推进经济发展绿色转型,企业作为推动经济运行的微观主体,控股股东股权质押行为能否影响企业绿色转型?实证研究发现:控股股东的股权质押行为能够影响公司绿色转型,具体表现为绿色专利申请数量和绿色治理绩效下降。基于企业层面,企业价值越低或面临的融资约束越大,股权质押行为对绿色转型的影响越显著;基于政府层面,国有股权能够有效缓解股权质押对绿色转型的影响,但地方环境规制力度未能发挥显著调节作用。进一步研究发现,股权质押下企业绿色转型行为能够降低股权质押期间股价崩盘风险。
With the rapid development of China's economy,environmental pollution has become a pressing issue that restricts the sustainable development of China's economy and hinders harmonious coexistence between man and nature.As an important micro-body of China's economic operation,enterprises are crucial to green economic development.The green transformation of enterprises is also an inherent requirement for green economic development.Most of the existing studies explore the impact on the green development of enterprises based on regulatory policies and external pressures,but few studies have examined the decision-making behavior of green transformation and development at the micro-enterprise level.As the actual controller of the enterprise,the controlling shareholder plays a decisive role in the formulation of the enterprise development and transformation strategy.Share pledge by controlling shareholders is common in China.Enterprise green transformation needs lasting and stable cash flow and bears the risk of transformation failure.During the share pledge period,on the one hand,the controlling shareholder needs to avoid the risk of control transfer due to the decline in the stock price,and the enterprise will be dampened to carry out green transformation;on the other hand,the share pledge means that the controlling shareholder is facing the dilemma of financing constraints,and when the shareholder faces serious financial constraints,it aggravates the controlling shareholder's occupation of the cash flow of the listed company through other receivables,hampering the enterprise to carry out green transformation.From the perspective of share pledge,this paper studies whether the share pledge behavior of the controlling shareholder will affect the green transformation of the enterprise,and tries to clarify the mechanism of the impact of the share pledge on the enterprise green transformation.It is found that the share pledge of controlling shareholders will not only weaken the enterprises'willingness but also their ability of green transformation,which is manifested in the number reduction of green patent applications and the performance of green governance.At the enterprise level,enterprise value and financing constraints play a different role in regulating the relationship between share pledge behavior and enterprise green transformation.The higher the enterprise value,the more stable the investor's expectation of the company's future cash flow and green transformation results,then the smaller the threat of the controlling shareholder in the short term by the control transfer,so the higher the enterprise value,the smaller the impact of the share pledge behavior on the green innovation ability and green governance performance;while the financing constraint is the opposite,the greater the financing constraint of the enterprise,and the greater the impact of the share pledge behavior on the green innovation ability and green governance performance.Further research shows that state-owned share can effectively alleviate the impact of share pledges on the green transformation of enterprises,but local environmental regulations can not significantly affect the relationship between share pledge and enterprise green transformation.From perspective of economic consequences,the green transformation of enterprises can reduce the risk of stock price collapse in the share pledge.This paper enriches the research on the influencing factors of enterprise green transformation and the share pledge behavior of controlling shareholders,and also provides new empirical evidence for promoting the green transformation behavior of enterprises.In addition,except policies such as green credit,green subsidies and environmental control,the regulatory authorities can encourage enterprises to improve their green innovation capabilities by strengthening the regulation and supervision of the share pledge behavior of the controlling shareholders of the enterprise,especially when the value of the enterprise is low or the enterprise faces strong financing constraints.It is necessary to take more active regulatory measures to prevent the controlling shareholders from encroaching on green transformation resources.Green transformation can reduce the risk of stock price collapse of enterprises in share pledge in the future.Chinese investors are gradually recognizing the value of green transformation,and green transformation is an important way to obtain future competitiveness.
作者
鲁惠中
黎方
陆堇
栾炳江
Lu Huizhong;Li Fang;Lu Jin;Luan Bingjiang(Research Institute for Development in the Central Plains Region,Henan University,Zhengzhou 450046,China;School of Finance,Southwestern University of Finance and Economics;School of Economics,Southwestern University of Finance and Economics,Chengdu 611130,China)
出处
《科技进步与对策》
CSSCI
北大核心
2023年第7期79-90,共12页
Science & Technology Progress and Policy
关键词
绿色转型
绿色创新
绿色治理
股权质押
Green Transformation
Green Innovation
Green Governance
Share Pledge
作者简介
鲁惠中(1992-),女,河南新乡人,博士,河南大学中原发展研究院讲师,研究方向为公司金融;通讯作者:黎方(1994-),女,贵州黔南人,西南财经大学金融学院博士研究生,研究方向为公司金融;陆堇(1995-),男,广西横州人,西南财经大学金融学院博士研究生,研究方向为公司金融;栾炳江(1992-),男,云南曲靖人,博士,西南财经大学经济学院讲师,研究方向为能源经济学。
