The effect of the government's green grip: Evidence from government-initiated corporate environmental ratings and corporate debt financing

被引：3
|
作者：
Liu, Xiaojuan [1 ,4 ]
Chen, Xiaoyijing [2 ]
Deng, Baijun [3 ]
机构：
[1] Ind & Commercial Bank China, Postdoctoral Res Ctr, Beijing, Peoples R China
[2] Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China
[3] Shenzhen Capital Grp Co Ltd, Shenzhen, Peoples R China
[4] Ind & Commercial Bank China, Postdoctoral Res Ctr, Beijing 100172, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2023年 / 80卷
基金：
中国国家自然科学基金;
关键词：
Corporate environmental performance; Cost of debt; Long-term loans; SOCIAL-RESPONSIBILITY; PERFORMANCE; COST; DISCLOSURE; CONSTRAINTS; VIOLATIONS; MARKETS; IMPACT; RISK; CASH;
D O I：
10.1016/j.pacfin.2023.102055
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The Chinese government has initiated corporate environmental ratings to curb environmental pollution. We investigate the impact of such ratings as a type of government green grip on corporate debt consequences. We provide solid evidence that government-initiated corporate environmental ratings help environmentally friendly companies obtain more long-term loans and reduce the cost of debt. Lenders view a healthy environment as a signal of good credit; accordingly, they offer greener companies more favorable debt financing terms. The positive effect of government-initiated corporate environmental ratings is magnified by other government greencredit policies and the external financing environment. Overall, this study provides a valuable understanding of government-initiated corporate environmental ratings and corporate financing consequences.
引用
收藏
页数：11
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