环境规制与企业金融资产配置——来自新《环保法》 颁布的证据

摘要/Abstract

摘要： 基于中国A股上市公司数据,以2014年新《环保法》的颁布为切入点,研究发现该政策显著增加了重污染企业的金融资产配置,引致重污染企业减持非流动性金融资产而增持流动性金融资产,实证支持了企业持有金融资产的“蓄水池”动机。具体影响机制为：环境规制增大重污染企业的环境不确定性和债务融资难度,进而强化其预防性动机而增持金融资产。此外,流动性金融资产配置的增加提高了企业未来财务绩效,而非流动性金融资产配置的增加损害了企业未来财务绩效,所以环境规制通过优化企业金融资产配置结构来提升其未来财务绩效。进一步分析发现,重污染类型非国有企业、中小企业和东部地区企业在面临严格的环境规制后更加显著地增持金融资产。因此,应明确不同类型金融资产配置对企业经营发展的差异化影响,警惕企业持有过多非流动性金融资产的危害,鼓励企业通过持有流动性金融资产以应对环境规制带来的影响。

关键词: 环境规制, 金融资产配置, 脱实向虚, 新《环保法》

Abstract: Based on the data of China's A-share listed companies and taking the promulgation of the new Environment Protection Law as the starting point, the findings of this research show that this policy has significantly increased the financial assets allocation of the heavily-polluting enterprises, leading them to reducing their non-liquid financial assets while increasing their liquid financial assets. This empirically supports the“reservoir”motive of enterprises' holding financial assets. The specific influencing mechanism is as follows: the environment regulations will increase the environmental uncertainty and debt financing difficulty of the heavily-polluting enterprises, and further strengthening their precautionary motives to increase financial assets. Besides, the increase in the allocation of liquid financial assets improves firms' future financial performance, while the increase in the allocation of non-liquid financial assets damages firms' future financial performance, thus environmental regulations will improve the future financial performance through optimizing the allocation structure of corporate financial assets. It is found from further analysis that faced with strict environmental regulations, the non-state-owned enterprises, the small and medium-sized enterprises and the enterprises at the eastern region of the heavily-polluting type will increase their financial assets more significantly. Therefore, we should clearly understand that the allocation of different financial assets will exert differentiated impacts on corporate operation and development, we should be on guard that the excessive non-liquid financial assets held by enterprises will cause damages, and we should encourage the enterprises to deal with the impacts brought by the environmental regulations through holding liquid financial assets.

Key words: environmental regulations, financial assets allocation, transforming the economy from the real to the virtual, the new Environmental Protection Law

中图分类号:

F831.4

张超, 宋华盛. 环境规制与企业金融资产配置——来自新《环保法》颁布的证据[J]. 当代财经, 2022, 0(3): 53-65.

ZHANG Chao, SONG Hua-sheng. Environmental Regulations and Corporate Financial Assets Allocation: Evidences from the Promulgation of the New Environmental Protection Law[J]. Contemporary Finance & Economics, 2022, 0(3): 53-65.

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