现代财经--天津财经大学学报

本文以2015年新环保法实施为准自然实验,以污染行业上市公司为实验对象,采用双重差分模型研究新环保法实施对重污染企业债务融资的影响及其后果。研究结果表明,新环保法实施显著减少了重污染企业的长期贷款,并且对重污染企业产生了信贷约束效应;相应地,导致了重污染企业行为;进一步研究发现,新环保法实施后,污染企业商业信用显著增加,这为短贷长投提供了融资来源;分样本检验发现,国有企业和大规模重污染企业信贷融资约束效应更明显。本文还发现,新环保法实施后,重污染企业规模投资显著减少,而研发投资并未明显增加,经营风险则显著上升。本文研究表明新环保法发挥了信贷资源配置效应,抑制了重污染企业投资规模,但目前还未能实现重污染企业技术升级。

Taking the implementation of new environmental protection law in 2015 as the quasi-natural experiment and the polluting industry listed companies as the experimental object, this paper uses the difference-in-difference model to study the impact and consequences of the new environmental protection law implemented on the debt financing of heavily polluting enterprises. The results show that environmental law implementation significantly reduces the pollution enterprise long-term loans, indicating that the new environmental law has a credit constraint effect on heavy polluting enterprises. Accordingly, it leads to the stress strategic response behavior of short-term loan and long-term investment of heavily polluting enterprises. Further research finds that after the implementation of the new environmental protection law, the commercial credit of polluting enterprises increased significantly, which provides a source of financing for short-term loan and long-term investment. The sub sample test shows that the credit financing constraint effect of state-owned enterprises and large-scale heavily polluting enterprises is more obvious. This paper also finds that after the implementation of the new environmental protection law, the scale investment of heavy polluting enterprises decreased significantly, while the R&D investment does not increase, and the operation risks rise up. The findings of this paper show that the new environmental protection law has played a role in the allocation of credit resources and restrained the investment scale of heavy polluting enterprises, but it has not realized the technological upgrading of heavy polluting enterprises at present.