环境规制下的银行关系资本:“类保险”的作用机制——基于新《环保法》实施的自然实验  

Bank Relationship Capital under the Environmental Regulation:The Action Mechanism of“Quasi-Insurance”——Based on a Natural Experiment of an Implementation of New Environmental Protection Law

作　　者：彭文平[1] 潘昕彤 Peng Wenping;Pan Xintong

机构地区：[1]华南师范大学经济与管理学院 [2]中山大学岭南(大学)学院

出　　处：《财经科学》2020年第9期14-27,共14页Finance & Economics

基　　金：国家社科基金项目“混合所有制企业中的非控股股东利益侵占行为及治理研究”(19BGL057)的资助。

摘　　要：基于2015年新《环保法》实施这一自然实验,本文考察银行关系资本对重污染企业绩效的影响,以期为银行关系资本的“类保险”作用提供实证证据。研究发现,新《环保法》实施初期,高管拥有的银行关系资本与重污染企业的绩效显著正相关,说明银行关系资本具有“类保险”效应,能有效缓解强环境规制的冲击。文章在使用倾向得分匹配(PSM+DID)、Heckman两阶段回归、变量替换方式进行稳健性检验后,上述结论依然成立。同时,企业所在地区制度环境越好,银行关系资本的“类保险”效应越强。作用机制检验显示,银行关系资本主要通过缓解融资约束和降低财务风险渠道提升重污染企业的绩效。文章有助于厘清企业银行关系资本“类保险”作用的情境机理,对于政府监管政策制定以及重污染企业转型升级有借鉴意义。Based on a natural experiment of the New Environmental Protection Law in 2015,this paper investigates the impact of bank relationship capital on the performance of heavily polluting enterprises to provide empirical evidence for the "quasi-insurance" effect of bank relationship capital.The study find that in the early stage of the implementation of the law,the bank relationship capital owned by senior executives is significantly positively correlated with the performance of heavily polluting enterprises,which indicates that the bank relationship capital has a "quasiinsurance" effect and can effectively mitigate the impact of strong environmental regulations.The above conclusion is still valid after a robustness test by means of propensity score matching(PSM+DID),Heckman ’ s two-stage regression and variable substitution.At the same time,the better the institutional environment in the region where the enterprise is located,the stronger the "quasi-insurance" effect of the bank relational capital will be.The function mechanism test shows that the bank relationship capital improves the performance of heavily polluting enterprises mainly by easing financing constraints and reducing financial risks.This paper is helpful to clarify the situational mechanism of the role of "quasi-insurance" of enterprises and bank relationship capital and has reference significance for the formulation of government regulatory policies,the transformation and upgrading of heavily polluting enterprises.

关 键 词：银行关系资本 重污染企业 “类保险”效应 新《环保法》 

分 类 号：F272[经济管理—企业管理]