金融学院知识库

摘 要

近年来，在绿色发展理念深入人心的背景下，民众环境保护的意识不断增强，公众监督成为抑制环境问题的主要力量。此外，新环保法和其他配套政策的出台使政府部门乃至为企业提供服务的利益相关者相比之前更关注企业环境污染问题。而我国重污染企业较低的环境信息披露质量难以满足各利益相关者对环境信息的需求。

2008年金融危机以来，实体经济利润率大幅下滑，出现了脱实向虚的现象。与此同时，在经济增速放缓和严厉的环境规制双重打压下，重污染企业面临着经营效率低下、生产过程高污染高耗能的现实问题，急需转变发展模式并增加环保投入。重污染企业因环境治理的成本增加，进而使其主营业务利润降低，诱发重污染企业金融化。事实上，企业履行环境义务可以被看成是实体投资的一种，增加实体投资将有助于降低企业金融化。企业环境信息披露质量越高也意味着环境绩效越好，更能制约管理层的“自利”行为。

本文研究了2011至2020年环境信息披露对重污染企业金融化的影响，选取了808家上市重污染企业6189个样本进行研究，并通过相关的理论梳理，提出相应的理论机制。以金融资产占资产总额之比作为金融化的衡量指标，运用行业和年份为双固定效应模型对所提出的假设进行实证检验。

实证研究发现，环境信息披露会对重污染企业金融化产生抑制作用。且代理成本和企业研发投入是环境信息披露抑制重污染企业金融化的中介渠道，而融资约束不是产生该效应的中介渠道。此外，内部控制对环境信息披露抑制重污染企业金融化具有负向调节作用，表明环境信息披露很好地起到对内控水平低的重污染企业的监督作用。并且通过进一步异质性检验发现在非国有重污染企业和所在市场竞争程度高的重污染企业中，环境信息披露对金融化的抑制作用更明显。通过非线性回归分析，可以发现环境信息披露抑制重污染企业金融化的作用有一定的限度。通过所有权异质性检验，相比于非国有重污染企业，环境信息的披露对重污染国有企业金融化呈现出明显的“U”型效应。

在最后本文提出企业要环境信息披露；政府要鼓励重污染企业环境信息披露的同时要防止环境信息披露“漂绿”现象的出现；银行等信贷机构要给环境信息披露高的重污染企业提供更多融资支持，但要加强监管等。

关键词：环境信息披露 重污染企业金融化 利益相关者 非线性效应

Abstract

In recent years, under the background that the concept of green development has taken root in the people's hearts, the public's awareness of environmental protection has been constantly strengthened, and public supervision has become the main force to curb environmental problems. In addition, the introduction of the new environmental protection law and other supporting policies has made government departments and even stakeholders providing services to enterprises pay more attention to the environmental pollution problem of enterprises than before. However, the low quality of environmental information disclosure of heavy polluting enterprises in China is difficult to meet the needs of all stakeholders for environmental information.

Since the financial crisis in 2008, the profit margin of the real economy has declined sharply, and the phenomenon of "shifting from reality to reality" has appeared. At the same time, under the dual pressure of slowing economic growth and strict environmental regulations, the heavily polluting enterprises are facing the practical problems of low operating efficiency, high pollution and high energy consumption in the production process, and are in urgent need of changing the development model and increasing environmental protection investment. Due to the increase in the cost of environmental governance, heavily polluting enterprises reduce their main business profits and induce the financialization of heavily polluting enterprises. In fact, the performance of environmental obligations by enterprises can be regarded as a kind of physical investment, and increasing physical investment will help reduce the financial level of enterprises. The higher the quality of enterprise environmental information disclosure also means the better the environmental performance, which can restrict the "self-interest" behavior of the management.

This paper studies the impact of environmental information disclosure on the financialization of heavily polluted enterprises from 2011 to 2020, selects 6189 samples of 808 heavily polluted listed companies for research, and puts forward corresponding theoretical mechanisms through relevant theoretical analysis. The ratio of financial assets to total assets is taken as the measurement index of financialization, and the hypothesis is empirically tested by using the double fixed effect model of industry and year.

Empirical research has found that environmental information disclosure can have a inhibitory effect on the financialization of heavily polluting enterprises. Moreover, agency costs and enterprise R&D investment are intermediary channels for environmental information disclosure to suppress the financialization of heavily polluting enterprises, while financing constraints are not intermediary channels for generating this effect. In addition, internal control has a negative regulatory effect on environmental information disclosure to suppress the financialization of heavily polluting enterprises, indicating that environmental information disclosure effectively supervises heavily polluting enterprises with low levels of internal control. And through further heterogeneity testing, it was found that environmental information disclosure has a more significant inhibitory effect on financialization in non-state-owned heavily polluting enterprises and these with high market competition. Through Nonlinear regression analysis, we can find that environmental information disclosure has a certain limit in inhibiting the financialization of heavily polluting enterprises. Through the heterogeneity test of ownership, compared to non-state-owned heavily polluting enterprises, the disclosure of environmental information shows a significant "U-shaped" effect on the financialization of heavily polluting state-owned enterprises.

In the end, this article proposes that enterprises should disclose environmental information; The government should encourage the disclosure of environmental information by heavily polluting enterprises while also preventing the occurrence of the phenomenon of "greenwashing" in environmental information disclosure; Banks and other credit institutions should provide more financing support to heavily polluting enterprises with high environmental information disclosure, but strengthen supervision and other measures.

Keywords: environmental information disclosure; Financialization of heavily polluting enterprises;stakeholder; nonlinear regression analysis