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论文编号：	14025
作者编号：	2120213282
上传时间：	2023/6/7 20:16:58
中文题目：	经济政策不确定性、财务柔性与绿色投资 ——基于重污染行业上市公司的实证研究
英文题目：	Economic Policy Uncertainty, Financial Flexibility and Green Investment--Based on the empirical study of listed companies in heavy pollution industry
指导老师：	陆宇建
中文关键字：	重污染行业；经济政策不确定性；绿色投资；财务柔性
英文关键字：	heavy pollution industry; Economic policy uncertainty; Green investment; Financial flexibility
中文摘要：	2008年全球金融危机的爆发使得世界多国经济持续衰退，为消除这场危机导致的负面影响，各国积极出台各类政策刺激经济发展，我国也在财政、货币和监管政策等方面进行了较为频繁的调整，使得我国的经济政策不确定性明显增加。当企业所处宏观环境存在较大不确定性时，其投资决策必然会受到影响。现阶段，中国面临着经济增长的资源环境成本过高和资源环境约束加剧的困境，如何平衡经济转型和环境保护成为我国高质量发展的主要任务。企业是环境治理的重要主体，因此有必要探讨在不确定性因素增加的背景下，企业绿色投资受到怎样影响。此外，企业储备财务柔性意味着储备了抗风险能力，本文考虑了企业财务柔性储备，实证研究其是否能够调节二者的关系。最后，本文根据企业特征和地域特征进行异质性分析。 本文以2008-2021年A股重污染行业的上市公司为研究对象，基于可持续发展、利益相关者和信息不对称等理论，对经济政策不确定性、财务柔性和绿色投资之间的关系进行研究。研究结果表明：（1）经济政策不确定性会对企业绿色投资产生负面影响，即当经济政策不确定性越高，企业越可能减少绿色投资。（2）财务柔性可以缓解经济政策不确定性对绿色投资的抑制程度。（3）经济政策不确定性对没有受过环保处罚的企业和国有企业的影响更大。（4）如果企业所处的省份绿色金融发展程度较高，绿色投资受经济政策不确定性影响更大。最后，论文提出了相关政策建议。
英文摘要：	The outbreak of the global financial crisis in 2008 made the economies of many countries in the world continue to decline. In order to eliminate the negative impact caused by this crisis, various countries actively introduced various policies to stimulate economic development, and China also made frequent adjustments in fiscal, monetary and regulatory policies, which significantly increased the uncertainty of China's economic policies. When there is great uncertainty in the macro environment of an enterprise, its investment decision will inevitably be affected. At present, China is facing the dilemma of "excessive cost of resources and environment for economic growth" and "increasing constraints of resources and environment". How to find a balance between the two core aspects of economic transformation and environmental protection has become a top priority for the whole people to focus and discuss. Enterprises are the main body of environmental governance, so it is necessary to discuss how the green investment of enterprises is affected under the background of increasing uncertainties. In addition, the financial flexibility of enterprise reserves means the ability to resist risks. From the perspective of financial flexibility, this dissertation explores whether it can play a regulatory role in the relationship between them. Finally, this dissertation analyzes the heterogeneity according to the characteristics of enterprises and regions. Based on the theories of sustainable development, Interested parties and information asymmetry, this dissertation studies the relationship among economic policy uncertainty, financial flexibility and green investment. The results show that: (1) the uncertainty of economic policy will have a negative impact on green investment of enterprises. (2) The release of financial flexibility can alleviate the inhibition of economic policy uncertainty on green investment of enterprises. (3) Economic policy uncertainty has a greater impact on state-owned enterprises and enterprises that have not been punished for environmental protection. (4) When the enterprise is located in a province with a high degree of green finance development, green investment is more easily affected by the uncertainty of economic policies. Finally, puts forward relevant policy suggestions.
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