环境强监管与重污染企业商业信用
胡烨璇
浙江大学 光华法学院, 浙江 杭州 310008
起止页码: 66--71页
DOI:
摘要：
基于2015年新《环境保护法》正式实施的外生政策冲击，以A股上市公司2010—2020年数据为样本，运用双重差分法考察环境强监管对企业商业信用的影响。研究发现，环境强监管政策的实施对于重污染企业的商业信用有负面影响，抑制了其规模的增长。进一步利用逐步回归检验和系数乘积Bootstrap抽样检验法，对环境信息披露在环境强监管与商业信用之间的中介效应进行了实证检验。异质性分析发现不同特征的重污染企业受到的政策冲击后的影响不同：根据产权性质划分，国有重污染企业的商业信用下降幅度更大；根据区域划分，非东部地区的重污染企业商业信用受到环境强监管的影响更大，下降更明显。
Strong Environmental Regulation and Trade Credit of Heavily Polluting Enterprises
HU Yexuan
Guanghua Law School, Zhejiang University, Hangzhou, Zhejiang 310008, China
Abstract:
Based on the exogenous policy shock of the implementation of the new Environmental Protection Law in 2015, using DID to investigate the impact of the strong environmental regulation on trade credit of heavily polluting enterprises. The data of empirical analysis comes from A-share listed companies from 2010 to 2020. The study finds that the implementation of strong environmental supervision policy has a negative impact on the commercial credit of heavily polluting enterprises and inhibits the growth of their scale. Furthermore, the intermediary effect of environmental information disclosure between strong environmental supervision and commercial credit is empirically tested by stepwise regression test and coefficient product Bootstrap sampling test. Heterogeneity analysis reveals that different characteristics of heavy polluters are affected differently by the post-policy shocks: the trade credit of state-owned heavy polluters declines more and heavy polluters in the central and western regions of China is more affected by the strong environmental regulation and declines more significantly.
收稿日期: 2024-1-9
基金项目:
参考文献：
[1]陈幸幸,史亚雅,宋献中.绿色信贷约束、商业信用与企业环境治理[J].国际金融研究,2019(12):13-22.
[2]段丙蕾,汤泰劼,王竹泉."商业信用歧视"降低了行业资本回报率吗[J].经济管理,2021(8):141-156.
[3]王化成,刘欢,高升好.经济政策不确定性、产权性质与商业信用[J].经济理论与经济管理,2016(5):34-45.
[4]陈屹立,曾琳琳.新《环境保护法》实施对重污染企业的影响研究——基于上市公司的分析[J].山东大学学报(哲学社会科学版),2018(4):91-102.
[5]马亚红.环境规制对重污染企业负债的影响研究——基于新《环境保护法》的准自然实验分析[J].投资研究,2021(8):4-27.
[6]温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014(5):731-745.