煤炭企业环保投入对融资约束的影响研究——基于企业社会责任与政府补贴的调节效应

Research on the impact of environmental investment on financing constraints of coal enterprises:based on the moderating effect of corporate social responsibility and government subsidies

以2013—2020年我国沪深A股煤炭类上市企业作为研究对象,运用面板回归模型实证检验了煤炭企业环保投入对融资约束产生的影响,并把企业社会责任和政府补贴纳入考虑范围内,研究二者对环保投入与融资约束之间关系的调节作用。研究发现:煤炭企业环保投入的增加能够显著降低企业的融资约束程度,企业社会责任的提高和政府补贴的增加均能加强煤炭企业环保投入对融资约束的缓解作用。此项研究丰富了煤炭企业环保投资与企业融资相关领域的研究,能够为顺利实现“双碳”目标、鼓励企业增大环保投入力度以及帮助煤炭企业走出融资困境提供参考。

Taking the coal listed companies in Shanghai and Shenzhen A-shares from 2013 to 2020 as the research object,this paper empirically tests the impact of environmental protection investment on financing constraints of coal enterprises by using panel regression model,and takes corporate social responsibility and government subsidies into consideration to study the moderating effect of both on the relationship between environmental protection investment and financing constraints.The study found that the increase of environmental protection investment in coal enterprises can significantly reduce the degree of corporate financing constraints.The increase of corporate social responsibility and the increase of government subsidies can strengthen the mitigation effect of environmental protection investment in coal enterprises on financing constraints.This study enriches the research on the related fields of environmental protection investment and corporate financing of coal enterprises,and can provide reference for the practical activities of successfully achieving the Double carbon target,encouraging enterprises to increase their investment in environmental protection and helping coal enterprises to get out of the financing dilemma.