中国的绿色金融、管理权力与环境信息披露--理论机制与经验证据

IF 4.2 2区 哲学 Q2 BUSINESS
Jiazhan Gao, Guihong Hua, Randhawa AbidAli, Famanta Mahamane, Zilian Li, Aliya Jamila Alfred, Teng Zhang, Dailong Wu, Quan Xiao
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引用次数: 0

摘要

绿色金融作为金融与环境之间的中介,在促进资源分配方面发挥着至关重要的桥梁作用。环境信息披露对促进经济可持续发展至关重要。本研究利用 2012 年至 2019 年的面板数据,以中国高污染行业上市公司为研究对象。研究结果表明,绿色金融政策对环境信息披露有显著的积极影响,而管理权力的增加则有不利影响。然而,绿色金融政策可以缓解道德风险和管理权力导致的逆向选择所带来的负面影响。这些政策通过限制污染实体的长期贷款资源,提高了环境可持续发展的质量。异质性检验显示,绿色金融政策在促进经济发展方面的效果在中国不同地区有所不同。在非国有企业中,绿色金融政策在约束管理权力方面更为有效。内部控制的改善削弱了绿色金融对管理权力的调节作用。当债务水平较高时,绿色金融可以抵消管理权力对企业经济发展的不利影响。我们的研究对推动绿色金融领域的微观学术研究起着至关重要的作用。通过加强企业管理者的内部控制和推广 EID 政策,我们为决策者提供了重要的支持和指导。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Green finance, management power, and environmental information disclosure in China—Theoretical mechanism and empirical evidence

Green finance plays a crucial bridge as an intermediary between finance and the environment, facilitating resource allocation. The disclosure of environmental information (EID) is vital for promoting sustainable economic development. This study utilizes panel data covering the period from 2012 to 2019, focusing on Chinese companies listed in high-polluting industries. The findings demonstrate that green finance policies have a significant positive impact on EID, while increased managerial power has a detrimental effect. However, green finance policies can mitigate the negative consequences arising from moral hazard and adverse selection resulting from managerial power. They enhance the quality of EID by restricting long-term loan resources for polluting entities. The heterogeneity test reveals that the effectiveness of green finance policies in promoting EID varies across different regions of China. In non-state-owned companies, green finance policies are more effective in constraining managerial power. The moderating effect of green finance on managerial power is weakened by improvements in internal control. Green financing can offset the adverse impact of managerial power on EID when debt levels are high. Our research plays a crucial role in advancing micro-academic studies in the field of green finance. By strengthening internal controls for corporate managers and promoting EID policies, we provide essential support and guidance to decision-makers.

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来源期刊
CiteScore
5.20
自引率
19.00%
发文量
86
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