{"title":"促进或抑制:企业环境绩效与融资成本。","authors":"Zongrun Wang, Lili Yang, Xiaohang Ren, Duong Phuong Thao Pham","doi":"10.1177/0193841X231175579","DOIUrl":null,"url":null,"abstract":"<p><p>The proposed carbon peak and carbon neutralization goals have ushered China into an era of emissions reduction and a climate-oriented economy. With the proposed double carbon goal, China has formulated many environmental protection and green credit policies. This paper aims to assess the impact of corporate environmental performance (CEP) on financing costs, using a panel dataset of companies in China's heavily polluting industries from 2010 to 2019. We employed fixed-effect models, moderating-effect models, and panel quantile regression (PQR) to analyze the impact, underlying mechanisms, and asymmetric features of CEP on financing costs. Our results indicate that CEP has an inhibitory effect on financing costs, with political connections strengthening this effect and GEA weakening it. Moreover, the impact exhibits asymmetry at different levels of financing costs, wherein lower financing costs see a greater weakening effect from CEP. Improved CEP helps to optimize the financing performance of companies and reduce financing costs. Therefore, policy makers and regulatory authorities should work to unblock financing channels for companies, encourage environmental investment, and remain flexible in implementing environmental policies.</p>","PeriodicalId":47533,"journal":{"name":"Evaluation Review","volume":"47 4","pages":"727-759"},"PeriodicalIF":3.0000,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Facilitate or Inhibit: Corporate Environmental Performance and Financing Costs.\",\"authors\":\"Zongrun Wang, Lili Yang, Xiaohang Ren, Duong Phuong Thao Pham\",\"doi\":\"10.1177/0193841X231175579\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p><p>The proposed carbon peak and carbon neutralization goals have ushered China into an era of emissions reduction and a climate-oriented economy. With the proposed double carbon goal, China has formulated many environmental protection and green credit policies. This paper aims to assess the impact of corporate environmental performance (CEP) on financing costs, using a panel dataset of companies in China's heavily polluting industries from 2010 to 2019. We employed fixed-effect models, moderating-effect models, and panel quantile regression (PQR) to analyze the impact, underlying mechanisms, and asymmetric features of CEP on financing costs. Our results indicate that CEP has an inhibitory effect on financing costs, with political connections strengthening this effect and GEA weakening it. Moreover, the impact exhibits asymmetry at different levels of financing costs, wherein lower financing costs see a greater weakening effect from CEP. Improved CEP helps to optimize the financing performance of companies and reduce financing costs. Therefore, policy makers and regulatory authorities should work to unblock financing channels for companies, encourage environmental investment, and remain flexible in implementing environmental policies.</p>\",\"PeriodicalId\":47533,\"journal\":{\"name\":\"Evaluation Review\",\"volume\":\"47 4\",\"pages\":\"727-759\"},\"PeriodicalIF\":3.0000,\"publicationDate\":\"2023-08-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Evaluation Review\",\"FirstCategoryId\":\"90\",\"ListUrlMain\":\"https://doi.org/10.1177/0193841X231175579\",\"RegionNum\":4,\"RegionCategory\":\"社会学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2023/5/23 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"Q1\",\"JCRName\":\"SOCIAL SCIENCES, INTERDISCIPLINARY\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Evaluation Review","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1177/0193841X231175579","RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2023/5/23 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"SOCIAL SCIENCES, INTERDISCIPLINARY","Score":null,"Total":0}
Facilitate or Inhibit: Corporate Environmental Performance and Financing Costs.
The proposed carbon peak and carbon neutralization goals have ushered China into an era of emissions reduction and a climate-oriented economy. With the proposed double carbon goal, China has formulated many environmental protection and green credit policies. This paper aims to assess the impact of corporate environmental performance (CEP) on financing costs, using a panel dataset of companies in China's heavily polluting industries from 2010 to 2019. We employed fixed-effect models, moderating-effect models, and panel quantile regression (PQR) to analyze the impact, underlying mechanisms, and asymmetric features of CEP on financing costs. Our results indicate that CEP has an inhibitory effect on financing costs, with political connections strengthening this effect and GEA weakening it. Moreover, the impact exhibits asymmetry at different levels of financing costs, wherein lower financing costs see a greater weakening effect from CEP. Improved CEP helps to optimize the financing performance of companies and reduce financing costs. Therefore, policy makers and regulatory authorities should work to unblock financing channels for companies, encourage environmental investment, and remain flexible in implementing environmental policies.
期刊介绍:
Evaluation Review is the forum for researchers, planners, and policy makers engaged in the development, implementation, and utilization of studies aimed at the betterment of the human condition. The Editors invite submission of papers reporting the findings of evaluation studies in such fields as child development, health, education, income security, manpower, mental health, criminal justice, and the physical and social environments. In addition, Evaluation Review will contain articles on methodological developments, discussions of the state of the art, and commentaries on issues related to the application of research results. Special features will include periodic review essays, "research briefs", and "craft reports".