融资来源与企业绿色转型  

Financing Sources and Green Transformation of Enterprises

作　　者：胡曲应[1] 赵丽娟 HU Quying;ZHAO Lijuan(School of Management,Central South University for Nationalities,Wuhan 430074,China)

机构地区：[1]中南民族大学管理学院,湖北武汉430074

出　　处：《经济经纬》2024年第6期83-94,共12页Economic Survey

基　　金：中南民族大学中央高校基本科研业务专项资金(CSQ22007)。

摘　　要：以2016—2021年重污染行业上市公司为研究对象,将资金来源分为债务融资和股权融资,分别用绿色创新能力与绿色治理绩效衡量企业绿色转型,研究融资来源对企业绿色转型的异质性影响。研究发现:(1)债务融资能够促进企业绿色转型,原因在于债务的约束性能够抑制企业低效率投资和在职消费进而促进企业绿色转型;(2)现阶段股权融资不会促进企业绿色转型,主要原因是绿色转型项目的股权融资会分散原有股东控股权,加剧管理层与所有者之间的代理问题,从而制约股权融资优势的发挥;(3)代理成本在不同融资来源影响企业绿色转型中起着中介作用,即债务融资通过降低委托代理成本促进企业更快地实现绿色转型,股权融资通过增加代理成本不利于企业绿色转型。研究结论对融资来源的经济后果及绿色转型的影响因素做出了有益补充,为企业绿色可持续发展实践与资金来源选择提供了思路。This paper takes listed companies in heavily polluting industries from 2016 to 2021 as the research object,divides the sources of funds into debt financing and equity financing and measures the green transformation of enterprises using green innovation capability and green governance performance,respectively.It studies the heterogeneous impact of financing sources on the green transformation of enterprises.The are following findings:(1)Debt financing can promote the green transformation of enterprises because the binding nature of debt can inhibit inefficient investment and on-the-job consumption of enterprises and thereby promote the green transformation of enterprises;(2)At present,the reason why equity financing does not promote the green transformation of enterprises is that the equity financing for green transformation projects will disperse the control rights of the original shareholders,exacerbate the agency problem between management and owners and restrict the advantages of equity financing;(3)Agency costs play an intermediary role in the impact of different financing sources on the green transformation of enterprises.That is,debt financing promotes enterprises to achieve green transformation faster by reducing principal-agent costs,and equity financing is not conducive to the green transformation of enterprises by increasing agency costs.The conclusion provides a valuable supplement to the economic consequences of financing sources and the influencing factors of green transformation,offering insights for the practice of corporate green sustainable development and the selection of funding sources.

关 键 词：股权融资 债务融资 企业绿色转型 绿色创新 代理成本 

分 类 号：F275[经济管理—企业管理]