环境规制、融资约束与重污染企业绿色化投资路径选择  

Environment Regulation,Financing Constraints and Heavy-polluting Enterprises’Investment Path Selection in Greening Innovation

作　　者：覃予[1] 王翼虹 QIN Yu;WANG Yihong(School of Economics and Management,Zhejiang SCI-Tech University,Hangzhou 310018,China;School of Accounting,Shanghai University of Finance&Economics,Shanghai 200433,China)

机构地区：[1]浙江理工大学经济管理学院,浙江杭州310018 [2]上海财经大学会计学院,上海200433

出　　处：《财经论丛》2020年第10期75-84,共10页Collected Essays on Finance and Economics

基　　金：国家自然科学基金项目(71602179;71802123);教育部人文社会科学研究基金项目(16YJC630108);浙江省哲学社会科学基金项目(16JDGH087);浙江省哲学社会科学重点研究基地浙江省生态文明研究中心研究课题成果(15STZD01)。

摘　　要：以我国政府近年来大力推动制造业绿色转型升级为背景,选择2013~2016年A股重污染制造业上市公司为样本,检验环境规制对企业用技术创新替代环保投入行为的影响。结果表明,环境规制强化会激励企业用更多的技术创新来替代环保投入,但融资约束会弱化这一替代行为。进一步研究发现,以上影响机制突出体现在国有企业中,随着企业融资约束程度的增强,环境规制强度对企业未来短期业绩的抑制作用凸显。本研究从投资组合的视角为环境规制影响企业绿色投资方式选择及其经济后果提供了经验证据。Based on the institutional background of China government’s efforts to promote the green transformation and upgrading of manufacturing industry in recent years, this study selects China’s A-share manufacturing companies in 2013-2016 as a sample to examine how environmental regulations affect the substitution effect about the technological innovation and the environmental investment. The empirical results show that environmental regulation can encourage companies in heavily polluted industries to replace environmental protection investment with more technological innovation, but the financing constraint will weaken the degree of substitution. Further research shows that this effect is highlighted in SOEs. Besides, with the increase of financing constraints, the inhibition of environmental regulation on the future operating performance becomes significant. From the perspective of investment portfolio, this study provides empirical evidence for the impact of environmental regulation on the choice of green investment approach and its economic consequences.

关 键 词：环境规制 技术创新 环保投入 替代效应 融资约束 

分 类 号：F275.1[经济管理—企业管理]