摘要
当前,为推动低碳经济的高质量发展,多方利益主体之间的互动变得愈发关键,尤其是政府与企业间的协同合作至关重要。鉴于此,本文依托低碳城市试点政策的外生冲击,在政企互动的理论框架下,考察了地方政府如何激励企业加大环境治理力度,进而实现减排目标。研究发现:低碳城市政策实施后,试点地区政府会通过与企业互动合作,提升企业的债务融资水平。作为回报,企业也会积极履行环境责任,助力地方政府完成环保任务。渠道分析揭示,地方政府对银行信贷分配的调控,在企业债务融资水平的提升中发挥了重要作用。进一步研究发现,在非国有企业、重污染企业、融资约束更高以及过往互动更频繁的企业中,政企合作的意愿更强,进而促使企业债务融资水平的提升更为明显。最后,试点政策整体上降低了企业的债务融资成本,但对企业债务融资的促进作用主要体现在长期而不是短期债务上。总之,本文深入探讨了环保政策、政府信贷调控和企业环境治理之间的相互作用,强调了通过政府和企业之间的互动合作实现环境保护的潜力,这为推动我国“双碳”目标的如期完成以及环境规制政策的有效实施提供了理论指导和实践启示。
Currently,to promote the high-quality development of a low-carbon economy,the interaction between multiple stakeholders has become increasingly crucial,particularly the collaboration between governments and firms.In light of this,relying on the exogenous shock of the low-carbon city pilot policy,this paper examines how local governments incentivize firms to intensify environmental governance efforts to achieve predetermined emission reduction targets within the theoretical framework of government-firm interaction.The research finds that after implementing the low-carbon city policy,governments in pilot regions enhance firms'debt financing levels through interactive cooperation with them.In return,firms actively fulfll their environ-mental responsibilities,assisting local governments in fulfilling the emission reduction tasks required by the policy.Channel analysis indicates that the reg-ulation of bank credit allocation by governments in pilot regions plays a significant role in improving firms'debt financing levels.Further research reveals that the willingness for government-firm cooperation is stronger among non-state-owned enterprises,heavily polluting enterprises,firms with stronger fi-nancing constraints,and those with more frequent past interactions,which in turn leads to a more pronounced improvement in their debt financing levels.Finally,the pilot policy reduces firms'debt financing costs overall,but its promotion effect on firm debt financing is mainly reflected in long-term rather than short-term debt.In summarythis paper delves intothe interaction between environmental protection policy,government creditregulation,andfim environmental governance,emphasizing the potential for achieving environmental protection through interaction and cooperation between governments and firms.This provides theoretical guidance and practical insights for advancing the timely completion of China's dual-carbon'goals and the effective implementation of environmental regulatory policy.
作者
陈笑
戴天婧
Chen Xiao;Dai Tianjing
出处
《会计研究》
北大核心
2025年第3期95-112,共18页
Accounting Research
基金
国家自然科学基金重点项目(72332002)的资助。
关键词
政企互动合作
低碳城市
债务融资
环保实践
碳排放
Government-Firm Interaction
Low-Carbon Cities
Debt Financing
Environmental Practices
Carbon Emission
