發(fā)布時間：2018-01-14 06:31

  本文關(guān)鍵詞：“霧霾”與企業(yè)融資——來自重污染類上市公司的經(jīng)驗證據(jù)　出處：《經(jīng)濟(jì)評論》2017年05期 　論文類型：期刊論文

  更多相關(guān)文章： “霧霾” 企業(yè)融資 過度投資 雙重差分

【摘要】：基于我國重污染類上市公司2009-2014年數(shù)據(jù),本文考察了2011年底的"霧霾爆表"事件對重污染企業(yè)融資能力的影響,并探討了該種影響的作用機(jī)理。無論是使用雙重差分法(Differences-in-differences)還是固定效應(yīng)加Bootstrap法(自體抽樣法)都表明"霧霾"事件對重污染企業(yè)融資能力具有負(fù)向凈效應(yīng);分產(chǎn)權(quán)回歸的結(jié)果表明,對于非國有實驗組企業(yè)而言,上述負(fù)向效應(yīng)更為顯著,國有實驗組所受影響則相對較小;進(jìn)一步的拓展研究還發(fā)現(xiàn),"霧霾"事件過后,重污染類企業(yè)的過度投資行為得到了顯著抑制,而"霧霾"所引致的企業(yè)融資能力降低在上述的抑制機(jī)制中起到了部分中介效應(yīng)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.
【作者單位】： 安徽財經(jīng)大學(xué)會計學(xué)院;
【基金】：教育部哲學(xué)社會科學(xué)研究重大課題攻關(guān)項目“自然資源管理體制研究”(項目編號:14JZD031)的資助
【分類號】：F275;F832.51;X196
【正文快照】： 一、引言 自2011年的“PM2.5爆表(1)事件”以來,“霧霾”不僅僅長期蟬聯(lián)于“微博熱搜榜”,被廣大普通民眾所關(guān)注;“霧霾”及其所代表的一系列與粗放式經(jīng)濟(jì)增長方式相伴而生的污染問題也日益為政策制定者所重視,“霧霾”過后,諸多環(huán)保政策相繼出臺。民意壓力的增長與政策環(huán)境，

本文編號：1422469