环保投入、政策扶持与绿色金融效率
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摘要
本研究以2013-2017年中国制造业领域的上市公司数据为研究对象,从企业层次与政策层次的多层次视角出发,揭示企业环保投入对绿色金融效率的影响机制,验证政策扶持在企业环保投入与绿色金融效率之间的跨层次调节作用。根据跨层回归检验的结果可知:企业环保投入对绿色金融效率存在显著的负向影响,说明企业在环保上所投入的成本越高,其面对的外部融资约束便越低,企业越"环保"越能够获得绿色金融的支持;政策扶持的跨层次调节作用显著,更进一步说明政策扶持力度越大,越能够使企业更好的通过绿色金融的支持,缓解自身环保压力。基于研究结论,建议政府应妥善的通过优化扶持政策、完善配套措施与构建专项监管机制,保证企业能够高效利用绿色金融践行"环保承诺"。
Based on the data of listed manufacturing companies in China from 2013 to 2017, this study reveals the " black box" mechanism of the influence of enterprise environmental protection investment on the efficiency of green finance from the perspective of enterprise and government policies. At the same time, it verifies the cross-level regulating effect of policy support on enterprise environmental protection investment and the efficiency of green finance.According to the results of cross-level regression test, it can be known that: First of all, the environmental investment of enterprises has a significant negative impact on the efficiency of green finance, indicating that the higher the cost of environmental investment, the lower the external financing constraints they face. In other words, the more "environmentally friendly" enterprises are, the more support they can get from green finance. Secondly, the cross-level regulation effect of policy support is significant, which further indicates that the stronger the policy support is, the better enterprises can alleviate their environmental pressure through the support of green finance. On the contrary, it is difficult for enterprises to effectively utilize green finance to reduce their environmental cost.Based on the research conclusions, this study suggests relevant authorities to properly implement supporting policies, improve supporting measures and build special regulatory mechanism, so as to ensure that enterprises can effectively utilize green finance and fulfill "environmental commitment".
Based on the data of listed manufacturing companies in China from 2013 to 2017, this study reveals the " black box" mechanism of the influence of enterprise environmental protection investment on the efficiency of green finance from the perspective of enterprise and government policies. At the same time, it verifies the cross-level regulating effect of policy support on enterprise environmental protection investment and the efficiency of green finance.According to the results of cross-level regression test, it can be known that: First of all, the environmental investment of enterprises has a significant negative impact on the efficiency of green finance, indicating that the higher the cost of environmental investment, the lower the external financing constraints they face. In other words, the more "environmentally friendly" enterprises are, the more support they can get from green finance. Secondly, the cross-level regulation effect of policy support is significant, which further indicates that the stronger the policy support is, the better enterprises can alleviate their environmental pressure through the support of green finance. On the contrary, it is difficult for enterprises to effectively utilize green finance to reduce their environmental cost.Based on the research conclusions, this study suggests relevant authorities to properly implement supporting policies, improve supporting measures and build special regulatory mechanism, so as to ensure that enterprises can effectively utilize green finance and fulfill "environmental commitment".
引文
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[13]马红,侯贵生.环保投人、融资约束与企业技术创新——基于长短期异质性影响的研究视角[J].证券市场导报,2018(08):12-19.
[14]邹锦吉.绿色金融政策、政策协同与工业污染强度——基于政策文本分析的视角[J].金融理论与实践,2017(12):71-74.
[15]董晓红,富勇.绿色金融发展及影响因素时空维度分析[J].统计与决策,2018(20):94-98.
[16]裴正纲.我国绿色金融发展现状及政策研究[J].现代商贸工业,2018,39(21):96-97.
[17]王荧.福建省发展绿色金融的相关政策框架及战略研究[J].发展研究,2018(03):68-74.
[18]沈洪涛,马正彪.地区经济发展压力、企业环境表现与债务融资[J].金融研究,2014(02):153-166.
[2]殷剑峰,王增武.中国的绿色金融之路[J].经济社会体制比较,2016(06):43-50.
[3]李仁杰.市场化与绿色金融发展[J].中国金融,2014(04):17-19.
[4] Motoko Aizawa,Chaofei Yang. Green Credit,Green Stimulus,Green Revolution? China's Mobilization of Banks for Environmental Cleanup[J].The Journal of Environment&Development,2010, Vol.19(2),pp.119-144.
[5] Wei Li,Mengze Hu. An overview of the environmental finance policies in China:retrofitting an integrated mechanism for environmental management[J].Frontiers of Environmental Science&Engineering.2014,Vol.8(3),pp.316-328(3).
[6] Soundarrajan P.Vivek N.Green finance for sustainable green economic growth in India[J].Agricultural Economics,2016,Vol.62,pp.35-44.
[7]吕峻,焦淑艳.环境披露、环境绩效和财务绩效关系的实证研究[J].山西财经大学学报,2011,33(01):109-116.
[8]马骏.中国绿色金融的发展与前景[J].经济社会体制比较,2016(06):25-32.
[9]孟科学,严清华.绿色金融与企业生态创新投人结构优化[J].科学学研究,2017,35(12):1886-1895.
[10]李旸,郭毅.绿色金融助力中国企业构建海外可持续营商环境[J].世界环境,2017(05):27-30.
[11]韩丰霞,肖汉杰,彭定洪,霍姝宇.经济新常态下绿色金融发展动力问题探究——基于政府、银行和企业三方博弈关系[J].经济与管理评论,2017,33(05):88-94.
[12]刘叶,杨毅,唐彩霞.绿色金融、公司治理对中小企业融资约束的影响研究[J].广西科技大学学报,2018,29(01):113-119.
[13]马红,侯贵生.环保投人、融资约束与企业技术创新——基于长短期异质性影响的研究视角[J].证券市场导报,2018(08):12-19.
[14]邹锦吉.绿色金融政策、政策协同与工业污染强度——基于政策文本分析的视角[J].金融理论与实践,2017(12):71-74.
[15]董晓红,富勇.绿色金融发展及影响因素时空维度分析[J].统计与决策,2018(20):94-98.
[16]裴正纲.我国绿色金融发展现状及政策研究[J].现代商贸工业,2018,39(21):96-97.
[17]王荧.福建省发展绿色金融的相关政策框架及战略研究[J].发展研究,2018(03):68-74.
[18]沈洪涛,马正彪.地区经济发展压力、企业环境表现与债务融资[J].金融研究,2014(02):153-166.
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