“雾霾”与企业融资——来自重污染类上市公司的经验证据

发布时间：2018-01-14 06:31

  本文关键词：“雾霾”与企业融资——来自重污染类上市公司的经验证据　出处：《经济评论》2017年05期 　论文类型：期刊论文

  更多相关文章： “雾霾” 企业融资 过度投资 双重差分

【摘要】：基于我国重污染类上市公司2009-2014年数据,本文考察了2011年底的"雾霾爆表"事件对重污染企业融资能力的影响,并探讨了该种影响的作用机理。无论是使用双重差分法(Differences-in-differences)还是固定效应加Bootstrap法(自体抽样法)都表明"雾霾"事件对重污染企业融资能力具有负向净效应;分产权回归的结果表明,对于非国有实验组企业而言,上述负向效应更为显著,国有实验组所受影响则相对较小;进一步的拓展研究还发现,"雾霾"事件过后,重污染类企业的过度投资行为得到了显著抑制,而"雾霾"所引致的企业融资能力降低在上述的抑制机制中起到了部分中介效应的作用。
[Abstract]:Based on the 2009-2014 data of China's heavily polluting listed companies, this paper examines the impact of the "haze breakout" event on the financing capacity of heavily polluted enterprises in end of 2011. The mechanism of the effect is also discussed. Either the double difference method or the fixed effect plus Bootstrap method are used. The autologous sampling method shows that "haze" event has negative net effect on the financing ability of heavily polluted enterprises. The results show that, for the non-state-owned experimental group, the above negative effect is more significant, and the state-owned experimental group is relatively less affected; Further research also found that after the "haze" incident, the overinvestment behavior of heavy pollution enterprises was significantly inhibited. The reduction of corporate financing ability caused by "haze" plays a part of intermediary effect in the above inhibition mechanism.
【作者单位】： 安徽财经大学会计学院;
【基金】：教育部哲学社会科学研究重大课题攻关项目“自然资源管理体制研究”(项目编号:14JZD031)的资助
【分类号】：F275;F832.51;X196
【正文快照】： 一、引言 自2011年的“PM2.5爆表(1)事件”以来,“雾霾”不仅仅长期蝉联于“微博热搜榜”,被广大普通民众所关注;“雾霾”及其所代表的一系列与粗放式经济增长方式相伴而生的污染问题也日益为政策制定者所重视,“雾霾”过后,诸多环保政策相继出台。民意压力的增长与政策环境，

本文编号：1422469