环境责任与企业债务融资行为实证研究  

Environmental Responsibility and Firm Debt Financing Behavior:a Empirical Study

作　　者：邓学衷[1] 杨杰英[1] 

机构地区：[1]长沙理工大学经济与管理学院,湖南长沙410004

出　　处：《科学．经济．社会》2013年第4期102-105,共4页Science Economy Society

基　　金：国家社会科学基金项目(10BGL065);湖南省社科基金(08YBB359)的阶段性成果

摘　　要：本文基于节能减排的环境责任,以1998-2010年重污染行业A股上市公司为样本检验了企业和银行节能减排的环境责任对企业的银行长期借款融资的影响。研究发现:固定资产与营运资本是重污染行业企业获得长期借款的重要指标,节能减排的环境责任与企业获得的银行长期借款显著相关,说明"绿色信贷"政策对重污染企业节能减排责任行为产生了积极的作用,也引起了企业财务杠杆选择的策略行为。This paper employs a sample of 263 public companies in energy-intensive and highly polluting industries from 1998 to 2010,which tests the influence of environmental responsibility on corporate＇long-term loans from bank.The findings shows fixed assets and working capital is key indicators for energy-intensive highly polluting firms gaining long-term borrowing,and environmental responsibility is significantly related to corporate＇long-term loans from bank.This explains the credit policy has given play to anticipated function to saving energy and reducing emissions of energy-intensive highly polluting firms.

关 键 词：节能减排责任 绿色信贷 债务融资结构 

分 类 号：F403[经济管理—产业经济]