重污染企业环境违规遭受债务融资惩罚了吗?——基于IPE数据库的PSM实证分析  

Do Heavy Polluters Suffer Debt Financing Penalties for EnvironmentalViolations? An Empirical Analysis Based on the IPE Database using PSM

作　　者：罗喜英[1] 许博华 刘承智[2] LUO Xiying;XU Bohua;LIU Chengzhi(School of Business,Hunan University of Science and Technology,Xiangtan 411201,China;School of Law and Business,Shaoyang University,Shaoyang 422000,China)

机构地区：[1]湖南科技大学商学院,湖南湘潭411201 [2]邵阳学院法商学院,湖南邵阳422000

出　　处：《邵阳学院学报(社会科学版)》2025年第2期53-67,共15页Journal of Shaoyang University:Social Science Edition

基　　金：湖南省哲学社会科学基金项目“企业数字责任促进平台经济高质量发展的作用机制与路径研究”(23YBA140)。

摘　　要：基于2011—2022年我国沪深A股重污染行业上市公司数据,探究环境违规对企业债务融资的影响及环境信息披露质量的调节作用。研究发现,企业环境违规行为显著降低其债务融资规模,且环境信息披露质量提升会强化该负面效应。通过异质性分析发现,环境违规对债务融资的抑制作用在非国有企业、非技术密集型企业和东部地区企业中更为显著。进一步研究表明,环境违规通过减少短期借款和长期借款改变企业债务结构,促使企业转向租赁融资,同时提高债务融资成本并降低融资效率。研究验证了当前环保政策在约束企业环境行为、维护金融市场秩序方面的有效性,为进一步促进企业绿色转型及完善环境监管政策提供了理论依据。Based on data from China’s Shanghai and Shenzhen A-share listed companies in the heavy pollution industry from 2011 to 2022,this study explores the impact of environmental violations on corporate debt financing and the moderating effect of the quality of environmental information disclosure.The findings indicate that corporate environmental violations significantly decrease the scale of their debt financing.Additionally,improved quality of environmental disclosure strengthens this negative effect.Heterogeneity analysis reveals that the inhibitory effect of environmental violations on debt financing is more pronounced in non-state-owned enterprises,non-technology-intensive firms,and those located in the eastern region.Further research shows that environmental violations change the debt structure of firms by reducing short-term and long-term borrowing.As a result,firms tend to shift towards leasing financing,which increases the cost of debt financing and lowers the efficiency of financing.This study demonstrates the effectiveness of the current environmental policies in regulating corporate behavior related to environmental issues and maintaining order in financial markets.It also provides a theoretical foundation for promoting the green transformation of enterprises and improving environmental regulatory policies.

关 键 词：环境违规 债务融资 融资结构 融资效率 环境信息披露 

分 类 号：F272.13[经济管理—企业管理]