摘要
筛选出2010-2015年A股192家污染企业作为样本,同时以金融资源从污染行业的净流出量变化衡量绿色金融发展水平,实证考察绿色金融发展对污染企业投资的影响机制。研究发现,污染企业投资面临融资约束的限制;绿色金融发展加剧了污染企业面临的融资约束,进而抑制了污染企业投资。进一步分样本考察发现,绿色金融发展只能通过加剧民营污染企业融资约束,抑制其投资水平,而对国有污染企业,绿色金融发展的投资约束作用尚未显现。
Based on the discussion of green finance and polluting enterprise intension,this paper firstly selected 192 A listed polluting enterprises from 2010 to 2015 as samples.At the same time,the development of green finance was measured by the change of net outflow of financial resources from polluting industries.Then,the impact mechanism of green financial development on the investment of polluting enterprises was empirically investigated.The research finds that:the investment of polluting enterprises is restricted by financing constraints;the development of green finance aggravates the financing constraints faced by polluting enterprises,thereby restraining the investment of polluting enterprises.Further sub-sample study finds that green finance development can only restrain the investment level of private polluting enterprises by intensifying their financing constraints,while for state-owned polluting enterprises,the investment constraints of green finance development have not yet appeared.
作者
王康仕
孙旭然
王凤荣
Wang Kangshi;Sun Xuran;Wang Fengrong(Postdoctoral Research Station of Agricuitural Bank of China,Beijing 100005,China;Tsinghua University of Fiaance and Economics,Beijing 100084,China;Institute of Economics of Shandong University,Jinan 250100,China)
出处
《当代经济管理》
CSSCI
北大核心
2019年第12期83-96,共14页
Contemporary Economic Management
基金
国家自然科学基金项目《异质性融资约束、企业并购与实体经济资本配置效率研究》(71573159)
山东省社科规划专项项目《产业绿色发展中的绿色金融支持制度研究》(18CJRJ07)
关键词
绿色金融
污染企业
融资约束
投资约束
greenfinance
polluting enterprises
financial constrain
investment constrain
