绿色信贷政策和企业的过剩现金储备
Jinhui Ning1, Guiping Wang2, Fengshan Xiong1
1School of Economics and Management, Hebei Agricultural University, Baoding, China.
PloS one
|January 16, 2024
概括
绿色信贷政策有效地减少了严重污染的中国企业的过剩现金持有量. 这一政策有助于使公司的现金与运营需求保持一致,并通过制过度现金储备来间接提高公司价值.
科学领域:
- 环境金融 环境金融
- 企业金融公司财务
- 可持续的银行业务
背景情况:
- 绿色信贷政策正在重塑行业和企业行为,但它们对企业现金管理的影响仍未得到充分探索.
- 传统的信贷分配往往有利于严重污染的行业,因此需要了解绿色信贷等政策干预措施.
- 过度的公司现金持有量可能表明效率低下和代理问题.
研究的目的:
- 调查中国绿色信贷政策对严重污染企业现金过剩的影响.
- 探索绿色信贷影响企业现金管理的机制.
- 分析企业规模和所有权对这种关系的抑制作用,并研究经济后果.
主要方法:
- 使用差异差异 (DID) 模型进行因果推理.
- 从2008年到2015年在中国资本市场上市的A股上市公司.
- 进行了机制和横截面分析以验证发现.
主要成果:
- 绿色信贷政策显著减少了严重污染企业的过剩现金储备.
- 绿色信贷减轻了代理冲突,从而影响了企业的现金持有量.
- 该政策对现金持有量的抑制作用在大型企业和国有企业中更为强烈.
- 通过绿色信贷减少过剩的现金持有量间接提高企业价值.
结论:
- 绿色信贷政策是制污染企业过度现金储备的有效工具,使其与正常运营保持一致.
- 金融机构应谨慎管理污染企业的信贷,并多样化绿色金融产品.
- 调查结果为监管机构和企业提供了有关利用绿色信贷为稳定的企业现金管理提供政策见解.
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