How does financial openness affect pollution emission of industrial enterprises?—Empirical evidence from the entry of foreign banks in China

IF 9.9 1区环境科学与生态学 Q1 DEVELOPMENT STUDIES

Sustainable Development Pub Date : 2023-11-13 DOI:10.1002/sd.2826

Bei Liu, Xing Bao, Zhaoxuan Qiu, Yunyun Zhang, Qiu Xia

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Abstract

Abstract Currently, the effects of financial openness (FO) on the environment have not been assessed at the micro level of enterprises. This article uses the difference‐in‐differences method to explore the pollution abatement effect of FO. The results show that FO can effectively promote pollution abatement with a significant environmental performance enhancement effect. In addition, the pollution abatement effect of FO is stronger in large, heavy industrial, and state‐owned enterprises. Besides, FO significantly alleviates financing constraints and promotes the pollution abatement by driving R&D investment and strengthening the intensity of end‐of‐pipe treatment. Policy recommendations are given to steadily expand the FO pattern, improve the financial disclosure system of small and medium‐sized enterprises, and optimize subsidies for increased R&D investment to stimulate pollution abatement. A reference for other emerging economies, especially transitioning economies, is provided to fully utilize the financial system under construction or improvement to realize the value of pollution control.

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金融开放如何影响工业企业的污染排放?——外资银行进入中国的经验证据

摘要目前，还没有从企业微观层面对财务开放对环境的影响进行评估。本文采用差中差的方法探讨了FO的污染减排效果。结果表明，FO能有效促进污染减排，具有显著的环境绩效提升效应。此外，FO对大型、重工业和国有企业的污染减排效果更强。此外，FO通过推动研发投入和加强管端处理强度，显著缓解了融资约束，促进了污染减排。提出政策建议，以稳步扩大FO模式，完善中小企业财务披露制度，并优化对增加研发投资的补贴，以刺激污染减排。为其他新兴经济体特别是转轨经济体充分利用正在建设或完善的金融体系实现污染治理价值提供借鉴。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Sustainable Development Multiple-

CiteScore

17.30

自引率

11.20%

发文量

168

期刊介绍： Sustainable Development is a publication that takes an interdisciplinary approach to explore and propose strategies for achieving sustainable development. Our aim is to discuss and address the challenges associated with sustainable development and the Sustainable Development Goals. All submissions are subjected to a thorough review process to ensure that our readers receive valuable and original content of the highest caliber.