IPO超募资金对企业环保投资的影响研究——基于创业板上市公司视角  

The Impact of IPO Overfunding on Corporate Environmental Investment——Based on the Perspective of GEM Listed Companies

作　　者：徐辉 聂琦[2] 周孝华 

机构地区：[1]重庆工商大学长江上游经济研究中心 [2]重庆工商大学会计学院 [3]重庆大学经济与工商管理学院

出　　处：《金融监管研究》2022年第2期81-97,共17页Financial Regulation Research

基　　金：重庆市社会科学规划项目“‘双碳’目标下碳信息披露赋能成渝地区双城经济圈绿色发展的协同机制及实践路径研究”(项目编号:2021BS046);重庆市人文社科项目“双循环背景下成渝地区双城经济圈科技创新协同发展研究”(项目编号:21SKGH107)的资助

摘　　要：IPO超募资金作为超预期现金流,其可能通过调整管理者的心理预期而影响企业的环保投资活动。鉴于此,本文利用我国2009—2018年创业板上市公司的相关数据,实证分析了IPO超募资金对企业环保投资的影响效应及其作用机制。研究发现,IPO超募资金对企业环保投资具有显著的抑制效应;区分环保投资类型后发现,这一抑制效应仅存于生产相关的环保投资中。研究还发现:管理层乐观预期和管理层过度自信是IPO超募资金对企业环保投资产生抑制效应的作用机制;地区环境监管和地区金融发展有利于企业环保投资,且环境监管和金融发展可以弱化IPO超募资金对企业环保投资的抑制效应;IPO超募资金对环保投资的抑制效应在非重污染行业中更显著。本文结论为合理评估现行超募资金管理制度所引发的微观治理效果提供了新视角,对健全绿色经济体系、推进实体企业绿色发展也具有政策启示。As a cash flow exceeding expectations,IPO overfunding may adjust the psychological expectations of the management and affect the environmental investment activities of enterprises.In view of this,this paper empirically analyzed the impact of IPO overfunding on enterprises’environmental investment based on the relevant data of companies listed on the GEM market from 2009 to 2018.The results showed that IPO overfunding had a significant inhibiting effect on enterprises’environmental investment.After distinguishing the types of environmental protection investment,it is found that this inhibitory effect only exists in production-related environmental protection investment.Optimistic expectations and overconfidence of management are the main mechanisms of the inhibition effect of IPO over-raised funds on corporate environmental investment.Regional environmental regulation is conducive to enterprises’investment in environmental protection,and environmental regulation can weaken the inhibiting effect of IPO over-funding on enterprises’investment in environmental protection.Regional financial development is conducive to enterprises’investment in environmental protection,and with the improvement of regional financial development level,the inhibitory effect of IPO overfunding on enterprises’investment in environmental protection is also weakened.The inhibiting effect of IPO over-raising on environmental investment is more significant in non-heavy polluting industries.The conclusion of this paper provides a new perspective for reasonable evaluation of the micro governance effect caused by the current overraised fund management system,and also provides policy inspiration for improving the green economic system and promoting the green development of real enterprises.

关 键 词：IPO超募资金 环保投资 环境监管 金融发展 行业属性 

分 类 号：F832.51[经济管理—金融学] F275