Facilitate or Inhibit: Corporate Environmental Performance and Financing Costs.

IF 3 4区 社会学 Q1 SOCIAL SCIENCES, INTERDISCIPLINARY Evaluation Review Pub Date : 2023-08-01 Epub Date: 2023-05-23 DOI:10.1177/0193841X231175579
Zongrun Wang, Lili Yang, Xiaohang Ren, Duong Phuong Thao Pham
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Abstract

The proposed carbon peak and carbon neutralization goals have ushered China into an era of emissions reduction and a climate-oriented economy. With the proposed double carbon goal, China has formulated many environmental protection and green credit policies. This paper aims to assess the impact of corporate environmental performance (CEP) on financing costs, using a panel dataset of companies in China's heavily polluting industries from 2010 to 2019. We employed fixed-effect models, moderating-effect models, and panel quantile regression (PQR) to analyze the impact, underlying mechanisms, and asymmetric features of CEP on financing costs. Our results indicate that CEP has an inhibitory effect on financing costs, with political connections strengthening this effect and GEA weakening it. Moreover, the impact exhibits asymmetry at different levels of financing costs, wherein lower financing costs see a greater weakening effect from CEP. Improved CEP helps to optimize the financing performance of companies and reduce financing costs. Therefore, policy makers and regulatory authorities should work to unblock financing channels for companies, encourage environmental investment, and remain flexible in implementing environmental policies.

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促进或抑制:企业环境绩效与融资成本。
碳峰值和碳中和目标的提出,使中国进入了减排和气候导向型经济时代。随着双碳目标的提出,中国制定了许多环保和绿色信贷政策。本文旨在利用 2010 年至 2019 年中国重污染行业企业的面板数据集,评估企业环境绩效(CEP)对融资成本的影响。我们采用固定效应模型、调节效应模型和面板量化回归(PQR)分析了企业环境绩效对融资成本的影响、内在机制和非对称特征。我们的研究结果表明,CEP 对融资成本具有抑制作用,其中政治联系会加强这种作用,而 GEA 则会削弱这种作用。此外,这种影响在不同的融资成本水平上表现出不对称性,即融资成本越低,《共同环境协议》的削弱作用越大。改进 CEP 有助于优化企业的融资绩效,降低融资成本。因此,政策制定者和监管部门应努力疏通企业的融资渠道,鼓励环保投资,并在执行环保政策时保持灵活性。
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来源期刊
Evaluation Review
Evaluation Review SOCIAL SCIENCES, INTERDISCIPLINARY-
CiteScore
2.90
自引率
11.10%
发文量
80
期刊介绍: Evaluation Review is the forum for researchers, planners, and policy makers engaged in the development, implementation, and utilization of studies aimed at the betterment of the human condition. The Editors invite submission of papers reporting the findings of evaluation studies in such fields as child development, health, education, income security, manpower, mental health, criminal justice, and the physical and social environments. In addition, Evaluation Review will contain articles on methodological developments, discussions of the state of the art, and commentaries on issues related to the application of research results. Special features will include periodic review essays, "research briefs", and "craft reports".
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