Study on the Impact of Financing Constraints on Enterprises' Environmental Protection Investments in China

Wanting Ou

doi:10.47297/wspdecWSP2515-797303.20240801

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Study on the Impact of Financing Constraints on Enterprises' Environmental Protection Investments in China

Volume 8, Issue 1

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Study on the Impact of Financing Constraints on Enterprises' Environmental Protection Investments in China
School of Economics and Management, China University of Geosciences, Wuhan Hubei,430074, P.R. China
Vol. 8, Issue 1, Pages: 17-24(2024)
Published： 30 June 2024 ，
DOI：10.47297/wspdecWSP2515-797303.20240801
Accepted：

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Ou Wanting.Study on the Impact of Financing Constraints on Enterprises' Environmental Protection Investments in China[J].Development Economics of China,2024,08(01):17-24.
DOI：

Ou Wanting.Study on the Impact of Financing Constraints on Enterprises' Environmental Protection Investments in China[J].Development Economics of China,2024,08(01):17-24. DOI： 10.47297/wspdecWSP2515-797303.20240801.

摘要

Abstract

As China's economy and ecological civilisation construction grows faster

environmental and resource problems are becoming more and more serious

and environmental protection investment is a direct reflection of corporate involvement in environment

which is affected by financing constraints. The data of Chinese listed companies between 2000 and 2020 are chosen in this paper

adopts the SA index to measure the financing constraints of companies

and establishes a multiple regression model to empirically analyse the effects of corporate financing constraints and enterprise environmental investment. The results of the study show that financing constraints have an obvious inhibitory effect on corporate environmental protection investment. The financing constraints that firms face in investing in environmental protection are different because of their own industries and property rights attributes are not similar. The performance of environmental investments varies across firms with different attributes.

关键词

Keywords

Financing constraintsCorporate environmental investmentsEnvironmental regulation

references

Carpenter, R.E, Fazzari, S.M ,Petersen, B.C. (1998). Financing constraints and inventory investment: a comparative study with high-frequency panel data. The Review of Economics and Statistics, 80(4):194-199.

Nakamura, E. (2011.) Does environmental investment really contribute to firm performance? An empirical analysis using Japanese firms. Eurasian Business Review, 1(2): 91-111.

Gray, B.W, Shadbegian, J.R. (1997). Environmental regulation, investment timing, and technology choice. The Journal of Industrial Economics, 46(2): 235-256.

Armas-Cruz Y. (2011). Determinants of environmental management and implications for firms' economic performance. Journal of Environmental Planning and Management, 54(8): 1077-1106.

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