摘要
在“双碳”目标作用下,煤炭行业供给侧改革进一步深化,在资金需求量大、融资压力大的双重压力之下,如何更好利用集团公司内部资本市场缓解融资压力,降低财务风险是亟待解决的难题。基于2013—2020年Wind数据库煤炭上市公司的样本数据,定量测度供给侧结构性改革对于企业财务风险影响。研究方法:以2015年煤炭供给侧结构性改革为准自然实验,构建双重差分模型判别供给侧结构性改革对企业财务风险的影响。研究发现:供给侧结构性改革实现了在去产能、降杠杆等多维目标下,显著增加企业财务风险,2016—2020年政策影响效果呈现倒U型,即改革初期显著增加财务风险,后期对财务风险影响逐渐减弱。进一步研究发现,在存在融资约束情况下利用子公司持有现金可以发挥降低财务风险效应。具体而言,国有企业更能充分利用子公司持有现金降低财务风险;而民营企业的研究结果并不显著,可能存在资金滥用情况。研究创新:定量分析了供给侧结构性改革对企业财务风险影响,测度了政策效果的时间趋势;利用合并报表及母公司报表分析现金分布对财务风险影响,为双碳背景下供给侧改革提供财务实现路径。
Under the effect of the“dual carbon”goal,the supply-side reform of the coal industry has been further deepened.Under the dual pressures of large capital demand and high financing pressure,how to make better use of the internal capital market of the group company to ease financing pressure and reduce financing pressure financial risk is an urgent problem to be solved.Based on the sample data of listed coal companies in the Wind database from 2013 to 2020,this paper quantitatively measures the impact of supply-side structural reform on corporate financial risks.Research methods:Taking the 2015 coal supply-side structural reform as a quasi-natural experiment,a double-difference model was constructed to determine the impact of supply-side structural reform on corporate financial risks.The study found that the supply-side structural reform has achieved a significant increase in corporate financial risks under the multi-dimensional goals of reducing overcapacity and de-leveraging.From 2016 to 2020,the effect of the policy impact showed an inverted U shape,that is,the financial risk was significantly increased in the early stage of the reform,and financial risks were significantly increased in the later period.The risk impact gradually diminishes.Further research found that using subsidiaries to hold cash in the presence of financing constraints can play a role in reducing financial risks.Specifically,state-owned enterprises can make full use of the cash held by their subsidiaries to reduce financial risks;while the research results of private enterprises are not significant,and there may be capital abuse.Research innovation:quantitatively analyzes the impact of supply-side structural reforms on corporate financial risks,and measures the time trend of policy effects;uses consolidated statements and parent company statements to analyze the impact of cash distribution on financial risks,providing advice for supply-side reforms in the context of dual carbon financial realization path.
作者
王宁
毕铁映
Wang Ning;Bi Tieying(Beijing Vocational College of Economics and Management,Beijing 100018,China;Beijing Technology and Business University,Beijing 100048,China;Beijing Tianma Intelligent Control Technology Co.,Ltd.,Beijing 100013,China)
出处
《煤炭经济研究》
2022年第2期58-65,共8页
Coal Economic Research
