环境信用评价制度能优化商业信用资源配置吗

Can the Environmental Credit Rating System Optimize the Allocation of Trade Credit Resources?

环境信用评价制度是环保部门对企业的环境行为进行评价,确定信用等级,并向社会公开的环境管理手段。那么,环境信用评价制度对企业的商业信用融资有何影响?利用2014—2020年沪深A股重污染企业的数据,探讨了环境信用评价制度对企业商业信用融资的影响。研究发现,环境信用评价制度对环境信用较好企业的商业信用融资影响不显著,但能显著降低环境信用较差企业的商业信用融资。这说明,环境信用评价制度对环境信用较差企业的商业信用融资具有惩戒作用。原因在于,环境信用评价制度提高了环境信用较差企业的政策风险和市场风险。进一步发现,当金融制度较差、行业竞争激烈时,环境信用评价制度对企业商业信用融资的激励作用和惩戒作用更显著。因此,要继续优化环境信用评价制度,以强化其对环境信用较差企业的惩戒作用。

The environmental credit evaluation system is an environmental management means used by environmental protection departments to evaluate the environmental behaviors of enterprises,determine their credit rating,and make it publicly available to society.Then,can the environmental credit rating system exert any impact on the commercial credit financing of enterprises?By making use of the data of the A-share heavily polluting enterprisesin Shanghai and Shenzhen stock exchanges from 2014 to 2020,this paper explores the impact of the environmental credit rating system on corporate commercial credit financing.The findings show that the environmental credit rating system has a non-significant impact on the commercial credit financing of enterprises with better environmental credit,but it can significantly reduce the commercial credit financing of enterprises with poor environmental credit,indicating that the environmental credit rating system has a disciplinary effect on the commercial credit financing of the enterprises with poorer environmental credit.The cause lies in that the environmental credit rating system has increased the policy risks and market risks of enterprises with poorer environmental credit.Further research reveals that the incentive and disciplinary effects of the environmental credit rating system are more significant when the financial system is poorer and the industrial competition is fierce.Therefore,it is necessary to continue to optimize the environmental credit rating system,so as to strengthen the disciplining effect on the enterprises with poorer environmental credit.