环境规制能提高企业融资效率吗?——基于重污染行业和清洁能源行业的研究  

Can Environmental Regulation Improve Corporate Finance Efficiency?--A Study Based on Heavy Polluting Industry and Clean Energy Industry

作　　者：魏佳慧 耿成轩[1] WEI Jiahui;GENG Chengxuan

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211106

出　　处：《济南大学学报（社会科学版）》2022年第3期111-120,189,共11页Journal of University of Jinan:Social Science Edition

基　　金：国家社科基金项目“我国战略性新兴产业融资生态、融资效率及其协同进化机制研究”(项目编号:15BGL056)之阶段性研究成果。

摘　　要：环境规制是经济高质量发展阶段的必要举措。在此背景下,为了探讨不同强度环境规制与企业融资效率的关系,以2009—2020年中国188家重污染行业与清洁能源行业A股上市公司为样本对环境规制与企业融资效率的关系进行检验。研究结果表明,环境规制与融资效率之间存在先下降后上升的“U型”关系,同时,国有企业性质和企业内部控制会削弱两者之间的“U型”关系。进一步的研究发现,清洁能源行业呈现典型的“U型”关系,而在重污染行业呈现非“U型”关系。研究结论为理解可持续发展战略下环境规制与企业融资效率之间的关系提供了新的理论逻辑和经验证据,同时为政府环境规制政策实施提供可靠依据。Environmental regulation is a necessary step in the stage of high-quality economic development.This research explores the synergistic effect of environmental regulation and economic development from the perspective of corporate financing efficiency.The correlation between environmental regulation and corporate financing efficiency is examined using a sample of China’s 188 A-share listed companies in the heavy polluting industry and the clean energy industry from 2009 to 2020.The results show that there is a"U-shaped"relationship between environmental regulation and financing efficiency,which decreases and then increases.At the same time,the nature of state ownership and the corporate internal control weaken the"U-shaped"relationship between the two.The study further finds that the relationship between environmental regulation and corporate financing efficiency is not"U-shaped"in the heavy polluting industry,but is more pronounced in the clean energy industry.The study provides new theoretical logic and empirical evidence for understanding the relationship between environmental regulation and corporate financing efficiency under the sustainable development strategy.And it provides a reliable basis for government environmental regulation policy implementation.

关 键 词：环境规制 融资效率 “U型”效应 内部控制 

分 类 号：F406[经济管理—产业经济]