Corporate green transformation and bankruptcy risk: Empirical evidence from Chinese manufacturing firms

IF 5.3 2区 经济学 Q1 BUSINESS, FINANCE
Yong Li, Lulu Qin, Zixiang He
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引用次数: 0

Abstract

This study explores the impact and mechanism of corporate green transformation on the bankruptcy risk of Chinese manufacturing firms. Using the entropy weight method, the research constructs a comprehensive green transformation evaluation index based on the developmental stages of Chinese manufacturing firms. It employs panel data spanning from 2010 to 2021 for empirical analysis. We find that green transformation significantly reduces bankruptcy risk among manufacturing enterprises. This effect varies across industries, lifecycle stages, financing constraints, and shareholder structures. Notably, the risk reduction is more pronounced under high regulatory pressure or severe operational challenges. We effectively address the potential issue of reverse causality by applying both a dynamic lag effect test and an instrumental variables approach, with temperature inversion and industrial smoke emissions as instruments. The study reveals that corporate green transformation inhibits bankruptcy risk through the internal mechanism of operating risk and agency costs, with enhanced external market confidence playing a positive moderating role. Recognizing that green transformation may be distorted by greenwashing, we exclude its plausible impact on our results in the further analysis.
企业绿色转型与破产风险:来自中国制造业企业的经验证据
本研究探讨了企业绿色转型对中国制造业企业破产风险的影响及其机制。运用熵权法,构建了基于中国制造企业发展阶段的绿色转型综合评价指标。采用2010年至2021年的面板数据进行实证分析。研究发现,绿色转型显著降低了制造业企业的破产风险。这种影响因行业、生命周期阶段、融资约束和股东结构而异。值得注意的是,在高监管压力或严峻的运营挑战下,风险降低更为明显。我们通过应用动态滞后效应检验和工具变量方法,以逆温和工业烟雾排放为工具,有效地解决了反向因果关系的潜在问题。研究发现,企业绿色转型通过经营风险和代理成本的内部机制抑制企业破产风险,外部市场信心增强对企业破产风险起到正向调节作用。认识到绿色转型可能被“漂绿”所扭曲,我们在进一步的分析中排除了它对我们的结果可能产生的影响。
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来源期刊
Pacific-Basin Finance Journal
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.
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