环境绩效与煤炭企业融资效率研究  

Research on environmental performance and financing efficiency of coal enterprises

作　　者：王喜莲 李竹梅[1] Wang Xilian;Li Zhumei(School of Economics and Management,Taiyuan University of Technology,Jinzhong 030600,China)

机构地区：[1]太原理工大学经济管理学院,山西晋中030600

出　　处：《煤炭经济研究》2022年第6期27-32,共6页Coal Economic Research

基　　金：山西省软科学研究项目(2019041002-2)。

摘　　要：随着经济快速发展,环境污染问题引起重视,对煤炭企业的融资形成重大压力,企业的环境绩效和融资效率问题受到关注。以2011—2020年煤炭行业上市公司面板数据为样本,在构建环境绩效指标并利用数据包络分析法测算企业融资效率的基础上,利用多元线性回归固定效应模型,实证检验煤炭企业环境绩效与融资效率的关系。研究表明:更好环境绩效表现的煤炭企业具有更高的融资效率;并进一步探究其影响路径,发现融资约束在两者关系中起到部分中介作用。研究结论对煤炭企业进行环境治理、改善融资效率以及实现高质量发展具有理论指引和实践价值。With the rapid economic development, environmental pollution has attracted attention, which has put great pressure on the financing of coal enterprises, as well as the environmental performance and financing efficiency of enterprises have been concerned. Based on the panel data of listed companies in the coal industry from 2011 to 2020, this paper empirically tests the relationship between environmental performance and financing efficiency of coal enterprises by using multiple linear regression fixed effect model on the basis of constructing environmental performance indicators and using data envelopment analysis method to measure the financing efficiency of enterprises. It is found that coal enterprises with better environmental performance have higher financing efficiency. To explore its impact path, it is found that financing constraints play an intermediary role in the relationship between the two. The research conclusion has theoretical guidance and practical value for coal enterprises to carry out environmental governance, improve financing efficiency and achieve high-quality development.

关 键 词：环境绩效 融资效率 融资约束 煤炭企业 

分 类 号：F416.16[经济管理—产业经济] F275.6