融资约束、信息条件与企业绿色债务期限结构的选择

Financing Constraints,Information Conditions and Choice of Corporate Green Debt Maturity Structure

绿色融资期限的选择会直接影响绿色投资以及企业的财务稳定和可持续发展。本文从绿色项目投融资期限较长、风险较大且国内绿色项目融资中债务资金占比较大的事实出发,构建企业绿色债务融资三期模型,分析企业绿色债务期限决策与绿色资金市场和信息环境之间的密切关系,揭示绿色债务资金束紧和信息非对称对企业绿色债务期限结构选择的影响。研究发现,短期债务的再融资风险与长期债务成本水平是影响绿色融资期限决策的重要因素,企业绿色债务融资期限决策受到企业管理者权衡私人收益与损失的重要影响,企业绿色项目的信息不对称程度降低和融资约束缓解有助于企业绿色债务融资期限延长。企业绿色项目的自融规模、项目风险、内部激励、管理成本等因素变化也与企业绿色债务融资期限决策关系密切。据此,金融机构应加大绿色金融产品的创新力度,企业应着力改善绿色项目信息披露质量,政府应构建利于绿色金融发展的相关制度体系。

The choice of green financing term will directly influence green investment and the financial stability and sustainable development of enterprises.Based on the fact that the investment and financing period of green projects is long,the risk is large,and the debt funds account for a large proportion of domestic green project financing,this paper constructs a three-phase model of corporate green debt financing,analyzes the close relationship between corporate green debt maturity decision-making and green capital market and information environment,and reveals the impact of green debt capital constraints and information asymmetry on the choice of green debt maturity structure of enterprises.It is found that the refinancing risk of short-term debt and the cost level of long-term debt are important factors affecting the decision-making of green financing term and the term decision of corporate green debt financing is significantly affected by the balance between private gains and losses of corporate managers.The reduction of information asymmetry and the easing of financing constraints for corporate green projects will help to extend the financing term of corporate green debt.The change of self-financing scale,project risk,internal incentive,management cost and other factors of enterprise green projects are also closely related to the decision-making of enterprise green debt financing term.Accordingly,financial institutions should increase the innovation of green financial products,enterprises should focus on improving the quality of information disclosure of green projects,and the government should build relevant institutional systems conducive to the development of green finance.