环境污染责任保险如何影响重污染企业超额现金持有  

How Does Environmental Liability Insurance Affect Excess Cash Holdings in Heavy Polluting Enterprises?

作　　者：宁金辉 刘倩 赵川阳 熊凤山[1] NING Jinhui;LIU Qian;ZHAO Chuanyang;XIONG Fengshan

机构地区：[1]河北农业大学经济管理学院财会系 [2]河北农业大学乡村振兴研究中心 [3]河北农业大学财务处

出　　处：《金融监管研究》2024年第12期79-95,共17页Financial Regulation Research

基　　金：河北省社会科学发展研究课题“共同富裕视角下河北乡村生态产品价值实现的路径选择研究”的资助,项目编号202403094。

摘　　要：在绿色金融快速发展的背景下,本文基于原环境保护部2014-2015年发布的环境污染责任保险投保名单,以沪深A股重污染上市公司为研究样本,考察了环境污染责任保险对重污染企业超额现金持有的影响。研究发现,环责险降低了重污染企业超额现金持有。这说明环责险能够对超额现金持有发挥抑制作用,使重污染企业现金持有更加合理,更符合正常生产经营需要。路径检验表明,环责险是通过提高银行贷款规模和降低代理成本,来降低超额现金持有。进一步的分析表明,环责险对超额现金持有的抑制作用在非国有企业、高媒体关注企业、高环境规制企业中尤为显著。经济后果检验表明,环责险对超额现金持有的抑制作用,最终会改善企业投资效率。本文在理论上丰富了对环责险经济后果和企业现金持有影响因素的研究,在实践上为监管部门后续修订环责险相关政策,推动重污染企业绿色转型和完善现金管理财务决策,提供了现实指导和启示。In the context of the rapid development of green finance,based on the list of environmental pollution liability insurance issued by the Ministry of Environmental Protection from 2014 to 2015,this paper examines the impact of environmental pollution liability insurance on excess cash holdings of heavy polluting enterprises by taking Shanghai and Shenzhen A-share listed companies with heavy pollution as research samples.It is found that environmental liability insurance reduces excess cash holdings of heavy polluting enterprises,which indicates that environmental liability insurance can inhibit excess cash holdings and make cash holdings of heavy polluting enterprises more reasonable and more in line with normal production and operation needs.The path test shows that environmental liability insurance reduces excess cash holdings by increasing bank loan scale and reducing agency costs.Further analysis shows that the inhibition effect of environmental liability insurance on excess cash holding is particularly prominent in non-state-owned enterprises,enterprises with high media attention and enterprises with high environmental regulation.The economic consequence test shows that the restraining effect of environmental liability insurance on excess cash holding will eventually improve the investment efficiency of enterprises.This paper theoretically enriched the research on the economic consequences of environmental liability insurance and the influencing factors of corporate cash holdings,and in practice provided practical guidance and inspiration for the regulatory authorities to revise the relevant policies of environmental liability insurance,promote the green transformation of heavily polluting enterprises,and improve the financial decision-making of cash management.

关 键 词：环境污染责任保险 超额现金持有 银行贷款 代理成本 重污染企业 

分 类 号：F275[经济管理—企业管理]