Environmental regulation, intelligent manufacturing and corporate investment & financing: Evidence from industrial robot investment

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE Pacific-Basin Finance Journal Pub Date : 2024-08-05 DOI:10.1016/j.pacfin.2024.102477

Zhensheng Li , Junpeng Zhu , Shuqiong Wang

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Abstract

Industrial robots, as a core technology and essential tool in intelligent manufacturing, have brought about a new transformation in industrial production patterns. China is at a critical juncture in its green transition and urgently needs to increase investments in industrial robots. Based on the policy shock provided by implementing the Clean Air Action in 2013, we construct a quasi-natural experiment to assess the impact of escalating environmental policies on industrial robot investment. The results indicate that the stringent regulation significantly inhibited high-pollution enterprises from adopting industrial robots. Mechanism analysis reveals that the obstacle to corporate investment is the reason for the suppression of industrial robot installation. Compared to equity financing, constraints from debt financing are the primary channel inhibiting investment. Furthermore, factors such as corporate ownership and industry concentration also play a moderating role in the policy effect. The findings of this paper provide insights for supporting policies aimed at sustainable development.

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环境监管、智能制造和企业投融资：工业机器人投资的证据

工业机器人作为智能制造的核心技术和必备工具，带来了工业生产模式的新变革。中国正处于绿色转型的关键时期，迫切需要加大对工业机器人的投入。基于 2013 年实施 "清洁空气行动 "带来的政策冲击，我们构建了一个准自然实验来评估环保政策升级对工业机器人投资的影响。结果表明，严格的监管极大地抑制了高污染企业采用工业机器人。机理分析表明，企业投资障碍是抑制工业机器人安装的原因。与股权融资相比，债务融资约束是抑制投资的主要渠道。此外，企业所有权和行业集中度等因素也对政策效应起到了调节作用。本文的研究结果为支持可持续发展政策提供了启示。

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.