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首页> 外文期刊>Journal of Cleaner Production >The role of cash holding towards cleaner production in China's manufacturing sectors: A financial constraint perspective
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The role of cash holding towards cleaner production in China's manufacturing sectors: A financial constraint perspective

机译：现金持有对清洁生产在中国制造业的作用：金融约束视角

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摘要

China's manufacturing sector has been growing with increasingly strict environmental regulations. The sector's sustainable growth depends on how firms might best reduce the financial constraints, such as high costs of external financing involved in cleaner production. To address this challenge, this study explores how the financing behavior of Chinese firms impacts production-generated pollution by illustrating financial constraint mechanisms. We argue that cash holdings significantly finance pollution control investment with a marginal contribution of 0.1%, which can be explained by the low financial cost of cash holdings. Furthermore, our empirical results indicate that a) financially-constrained firms are more likely to use cash to smooth financial constraints to finance pollution control investment; b) internal cash flow only supports pollution investment in financially-constrained firms, i.e., firms with a poor ability to pay debt and higher debt costs prefer to use cash to smooth their pollution control investment activities. Notably, debt significantly curbs the high cost of pollution control investment at a general level of 0.04%. In addition, the effect of cash-backing pollution control investment is particularly compelling in industries that are more pollution- and labor-intensive, with respective marginal contributions of 0.14% and 0.63%. Finally, we find that fixed asset investments and intangible asset investments crowd out pollution control investment at 0.11% and 0.52%, respectively. (C) 2019 Elsevier Ltd. All rights reserved.
机译：中国的制造业一直在越来越严格的环境法规。该部门的可持续增长取决于公司如何最大限度地减少财政限制，例如清洁生产中涉及的外部融资成本的高成本。为了解决这一挑战，本研究探讨了中国企业如何通过说明财务约束机制来影响生产产生的污染。我们认为现金持有明显融资污染控制投资，边际贡献为0.1％，可以通过现金持股的低金融成本来解释。此外，我们的经验结果表明，A）财务限制的公司更有可能利用现金来平稳的财政限制来融资污染控制投资; b）内部现金流仅支持财务约束公司的污染投资，即，债务能力较差的公司，债务更高的债务成本更倾向于使用现金来平滑污染控制投资活动。值得注意的是，债务明显遏制污染控制投资的高成本，一般水平为0.04％。此外，现金背衬污染控制投资的影响在污染和劳动密集型的行业中特别引人注目，各自的边际捐款为0.14％和0.63％。最后，我们发现固定资产投资和无形资产投资分别涉及0.11％和0.52％的污染控制投资。 （c）2019 Elsevier Ltd.保留所有权利。

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