低碳城市试点政策与企业资本结构偏离度——基于双重差分方法的实证  

Pilot Policies for Low-carbon Cities and Deviation Degree of Corporate Capital Structure:Empirical Study Based on Double Difference Method

作　　者：刘会洪 张哲源 LIU Huihong;ZHANG Zheyuan(School of Economics and Business,Hunan University of Technology,Zhuzhou 412007,China)

机构地区：[1]湖南工业大学经济与贸易学院,湖南株洲412007

出　　处：《石家庄铁道大学学报（社会科学版）》2024年第2期10-18,共9页Journal of Shijiazhuang Tiedao University（Social Science Edition）

基　　金：湖南省社会科学成果评审委员会基金资助项目(XSP22YBZ099);湖南省教育厅科学研究重点项目“人工智能驱动湖南省制造业出口贸易高质量发展的机制及对策研究”(22A0407);株洲市社科联课题“株洲低空产业发展路径与措施研究”(ZZSK2024136)。

摘　　要：企业资本结构的严重偏离可能会阻碍企业可持续发展,所以加强企业资本结构的动态调整能力成为当下重要的目标。以低碳城市试点政策的实施为基准点,运用多时点固定双重差分模型,通过2010—2022年A股上市企业数据探究政策对企业资本结构偏离度的影响及作用机制。研究发现:低碳城市试点政策对企业资本结构偏离度起到显著的抑制作用;低碳城市试点政策的实施通过提高企业创新效率和缓解企业融资约束程度来抑制企业资本结构偏离度。异质性分析表明:低碳城市试点政策背景下,在成长期、淘汰期、非国有企业、重污染企业的样本中,对企业资本结构偏离度的抑制作用更为显著。研究结论丰富了低碳城市试点政策效应的相关研究,同时也为抑制企业资本结构偏离度提供了新的思路。Because the serious deviation of corporate capital structure can hinder the sustainable development of enterprises,strengthening the dynamic adjustment ability of enterprise capital structure has become an important goal at present.By taking the implementation of low-carbon city pilot policies as the benchmark,and using a multi time point fixed double difference model,this paper explored the impact and mechanism of policies on the deviation degree of corporate capital structure through data research on A-share listed companies from 2010 to 2022.Research has found that the pilot policies for low-carbon cities have a significant inhibitory effect on the deviation of corporate capital structure;The implementation of low-carbon city pilot policies suppresses the deviation of corporate capital structure by improving innovation efficiency and alleviating financing constraints of enterprises.Heterogeneity analysis shows that under the background of low-carbon city pilot policies,the inhibitory effect on the deviation degree of enterprise capital structure is more significant in the samples of growth period,elimination period,non-state-owned enterprises,and heavily polluting enterprises.The research conclusion enriches the relevant research on the policy effects of low-carbon city pilot projects.At the same time,it also provides new ideas for suppressing the deviation of corporate capital structure.

关 键 词：低碳城市试点政策 资本结构偏离度 创新效率 融资约束 双重差分 

分 类 号：F275[经济管理—企业管理]