点击蓝字 · 关注我们
近期，我院陕晨煜教授、博士生吕小艺与合作者共同完成的论文“Does traditional debt financing hurt the environment? Evidence from toxic releases”被FT50权威期刊Journal of Business Ethics接受发表。
论文简介
论文题目：Does traditional debt financing hurt the environment? Evidence from toxic releases
论文作者：Xiaoyi Lyu（吕小艺，上海财经大学），Chenyu Shan （陕晨煜，上海财经大学），Dragon Yongjun Tang（汤勇军，香港大学）
发表期刊：Journal of Business Ethics
英文摘要：
The sources of financing for a firm can influence its environmental ethics. This study shows that traditional debt financing is associated with more pollution. Specifically, after issuing debt, firms tend to increase not only their total pollution level but also their pollution intensity. The debt‒pollution link cannot be fully explained by the production effect. This effect is more pronounced when the firm borrows for short-term purposes, has managerial short-termism, or has more risk-taking behavior. The environmental awareness of the public can weaken the debt effect. Our findings support the notion that traditional debt financing can exacerbate short-termism in firm operations, leading to a sacrifice of long-term investments that may yield future benefits. Our study suggests that green financing, such as green bonds or green loans, could help improve corporate ethical behavior.
中文摘要：
企业的融资来源可能会对其环境伦理行为产生影响。本研究表明，传统债务融资与企业污染水平密切相关。具体而言，企业在发行债务后往往会增加其污染总量与污染强度，并且这种债务与污染之间的关系无法完全被生产效应所解释。当企业借款用于短期用途、管理层短视程度较高或风险偏好较强时，该影响更加显著。值得注意的是，公众的环保意识可以有效削弱这一影响。本研究的结论支持了理论文献中的观点，即传统债务融资可能强化企业运营中的短期主义，进而导致企业牺牲未来可能带来收益的长期投资。此外，本研究还表明，绿色融资（如绿色债券或绿色贷款）可能在改善企业伦理行为方面发挥积极作用。
期刊简介
Journal of Business Ethics
Journal of Business Ethics是商业伦理领域的权威期刊，致力于通过在商业领域推动伦理讨论与辩论，促进更高水平的道德实践。该期刊被《金融时报》（Financial Times）列为五十本全球经管类国际高水平学术期刊之一（简称FT50），5年影响因子为8.0（2023年）。
作者简介
