摘要
中央环保督察是中国推进环境保护的一项重要制度。以重污染企业为样本,运用双重差分法(DID)探究中央环保督察对企业融资约束的影响及机制。研究发现,中央环保督察缓解了重污染企业的融资约束。作用机制在于,中央环保督察通过促进绿色创新以及降低代理成本而缓解了融资约束。进一步分析例行督察和“回头看”都能缓解融资约束,且缓解效果在规模大、无政企关联的企业中更为显著。
entral environmental protection inspection is an important system for promoting environmental protection in China.In this paper,heavy polluting enterprises are taken as samples and DID method is used to explore the influence and mechanism of Central environmental protection inspection on corporate financing constraints.The study found that Central environmental protection inspection eased the financing constraints on heavy polluting enterprises.The mechanism is that Central environmental protection inspection ease financing constraints by promoting green innovation and reducing agency costs.By further examining the heterogeneity of inspection methods and enterprise characteristics,it is found that both routine supervision and“looking back”can alleviate financing constraints,and the mitigation effect is more significant in large enterprises without government-enterprise connection.These findings are helpful for regulators to formulate and implement environmental regulations more effectively,and provide useful references for heavy polluters to change their business strategies.
作者
李涛
肖瑶
LI Tao;XIAO Yao(School of Accounting,Chongqing University of Technology,Chongqing 400054,China)
出处
《哈尔滨商业大学学报（社会科学版）》
2023年第3期72-86,共15页
Journal of Harbin University of Commerce:Social Science Edition
基金
重庆市教育委员会人文社会科学研究项目“互联网平台企业的社会责任治理研究”(21SKGH182)
重庆市教育委员会人文社会科学研究项目“党组织建设对盈余管理的传导效应研究”(21SKGH184)
重庆市教育委员会人文社会科学研究项目“加强党建有助于改善薪酬治理吗?——基于混合所有制企业的考察”(21SKDJ017)
重庆理工大学研究生教育高质量发展行动计划资助成果“中央环保督察对重污染企业融资约束的影响研究”(gzlcx20222113)。
关键词
中央环保督察
环境规制
融资约束
代理成本
绿色创新
central environmental protection inspection
environmental regulation
financing constraints
agency costs
green innovation
