环境规制与重污染企业融资约束——基于中央环保督察的准自然实验

Environmental Regulation and Financing Constraints for Heavily Polluting Enterprises——Quasi-natural Experiments Based on the Central Environmental Protection Inspection

中央环保督察是中国推进环境保护的一项重要制度。以重污染企业为样本,运用双重差分法(DID)探究中央环保督察对企业融资约束的影响及机制。研究发现,中央环保督察缓解了重污染企业的融资约束。作用机制在于,中央环保督察通过促进绿色创新以及降低代理成本而缓解了融资约束。进一步分析例行督察和“回头看”都能缓解融资约束,且缓解效果在规模大、无政企关联的企业中更为显著。

entral environmental protection inspection is an important system for promoting environmental protection in China.In this paper,heavy polluting enterprises are taken as samples and DID method is used to explore the influence and mechanism of Central environmental protection inspection on corporate financing constraints.The study found that Central environmental protection inspection eased the financing constraints on heavy polluting enterprises.The mechanism is that Central environmental protection inspection ease financing constraints by promoting green innovation and reducing agency costs.By further examining the heterogeneity of inspection methods and enterprise characteristics,it is found that both routine supervision and“looking back”can alleviate financing constraints,and the mitigation effect is more significant in large enterprises without government-enterprise connection.These findings are helpful for regulators to formulate and implement environmental regulations more effectively,and provide useful references for heavy polluters to change their business strategies.