新环保法、污染企业与资本结构：动态分析

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-07 DOI:10.1016/j.irfa.2025.104615

Nianling Wang , Jiacheng Song , Zichen Chao

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引用次数: 0

摘要

本文以2015年中国新《环境保护法》的实施为准自然实验，从动态视角考察了环境规制对企业资本结构的影响。研究发现，新环保法的实施显著降低了重污染企业的资产负债率，且长期效果强于短期效果。此外，政策效应表现出异质性：法律对资本结构的影响在中国东部和西部地区的小企业和企业中更强。进一步的分析表明，运营效率的下降和盈利能力的提高分别是新EPL影响公司资本结构的短期和长期渠道。

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New environmental protection law, polluting enterprises and capital structure: A dynamic analysis

This study investigates the effect of environmental regulation on corporate capital structure from a dynamic perspective, using the enactment of China's new Environmental Protection Law (new EPL) in year 2015 as a quasi-natural experiment. The findings reveal that the implementation of the new EPL significantly reduces the asset-liability ratios of heavily polluting enterprises, and the effect is stronger in the long term than that in the short term. Furthermore, the policy effects exhibit heterogeneity: The law's impact on capital structure is stronger for small-scale enterprises and enterprises in China's eastern and western regions. Additional analysis indicates that decreased operational efficiency and improved profitability serve as short-term and long-term channels, respectively, through which the new EPL affects corporate capital structure.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.