摘要
Abstract
How the green factory certification,as an environmental regulation,affects corporate investment decisions is worth exploring.Using A-share listed manufacturing companies on the Shanghai and Shenzhen Stock Exchanges as the sample,this paper empirically examines the effect of green factory certification on corporate risk-taking,that is,the influence of firms'choices regarding investments with uncertain returns.The study finds that green factory certification significantly increases firms'risk-taking levels.The mechanisms are as follows.(1)Green factory certification encourages firms to enhance their internal control processes and strengthen external supervision,thereby mitigating principal-agent problems and restraining managers'risk-averse tendencies.(2)Green factory certification helps firms obtain government resources,such as environmental subsidies and tax incentives,as well as market resources including better loan terms and increased investment capital,thereby mitigating financing constraints.The heterogeneity analysis shows that the positive impact of green factory certification on corporate risk-taking is more pronounced for firms without"greenwashing"behaviors,those located in regions with a higher degree of marketization,and smaller firms.This paper confirms the policy effectiveness of green factory certification from the perspective of corporate risk-taking,providing empirical evidence to support the further development of the green manufacturing system.关键词
绿色工厂/风险承担/代理成本缓释效应/资源获取效应Key words
green factory/risk-taking/agency cost mitigation effect/resource acquisition effect分类
管理科学
