环境规制、流动性风险与债务融资成本

Environmental Regulation,Liquidity Risk and Debt Financing Costs

环境规制会影响企业经营和银行对企业的风险评价,进而影响企业债务融资成本。本文以我国A股2012~2017年重污染行业上市公司为研究对象,研究了环境规制对债务融资成本的具体影响。研究结果显示,环境规制强度对重污染企业债务融资成本具有正向影响作用;且这种影响效应在小规模企业和非国有企业更加显著;进一步研究发现,环境规制通过流动性风险路径影响企业债务融资成本。本文的研究丰富了企业债务融资成本相关文献,对企业加强债务融资管理与政府实施环保政策具有一定的启示作用。

Environmental regulation will affect corporate operations and bank-to-enterprise risk assessments,which in turn will affect corporate debt financing costs.Based on the listed companies of Chinese heavily polluting industries during 2012-2017,this paper studies the specific impact of environmental regulation on debt financing costs.The research results show that the environmental regulation has a positive impact on the debt financing cost of heavily polluting enterprises;and this effect is more significant in small-scale enterprises and non-state-owned enterprises;further research finds that environmental regulation affects corporate debt financing costs through liquidity risk path.The research in this paper enriches the literature related to corporate debt financing costs,and has certain implications for companies to strengthen debt financing management and government to implement environmental protection policies.