环境规制对融资效率的影响——基于重污染与非重污染行业的对比

Study on the Influence of Environmental Regulation on Financing Efficiency:——Comparison between Heavy Polluting Industry and Non-heavy Polluting Industry

通过理论分析环境规制对融资效率的影响机理,建立环境规制与融资效率的多元线性回归模型,借助沪深股市重污染和非重污染企业2013-2015年财报相关数据及地区环境规制强度指标数据,验证环境规制对融资效率的影响及对不同性质企业的不同影响。实证结果表明:环境规制与企业融资效率显著正相关,环境规制对重污染企业较非重污染企业融资效率的影响更大。最后从政府监管和上市公司层面分别提出建议,以实现环境保护、可持续发展及提高企业融资效率的目的。

Based on the theoretical analysis of the impact of environmental regulation on financing efficiency,this paper establishes a multivariate linear regression model of environmental regulation and financing efficiency,and verifies the impact of environmental regulation on financing efficiency and the different impacts on different types of companies using data from 2013-2015 earnings of heavy and non-heavy polluting companies in Shanghai and Shenzhen stock markets and regional environmental regulatory intensity indicators.The empirical results show that environmental regulation is significantly positively related to corporate financing efficiency,and environmental regulation has a greater impact on the financing efficiency of heavily polluting enterprises than non-heavy polluting companies.Finally,proposals are made to achieve environmental protection,sustainable development,and improve corporate financing efficiency from the perspectives of government supervision and listed companies.