《保险研究》20210103-《环境污染责任保险对企业债务融资成本的影响研究》（李敏鑫、朱朝晖、罗文波）

［摘   要］在欧美发达经济体中,环境污染责任保险在实现经济与环境可持续发展中发挥着重要作用。环境污染责任保险在中国尚处于推广阶段,企业投保意愿不强,参保率较低,急需提高企业对环境污染责任保险的价值认同。环境污染责任保险是否具有资金融通效应,是企业主动接纳该类保险的重要驱动因素。为检验环境污染责任保险能否为企业带来资金融通的价值,文章以2014~2015年沪深A股上市公司为样本,基于前环保部2014及2015年公布的投保环境污染责任保险的公司名单,探究环境污染责任保险对重污染型企业债务融资成本的影响。研究结果显示,企业购买环境污染责任保险后债务融资成本显著降低。进一步研究发现,这一影响在民营企业及法制水平较高的地区中更为显著,并且企业环境信息披露行为在这一影响过程中发挥了部分中介效应。文章的研究结论为环境污染责任保险的资金融通价值提供了直接证据,更为推广环境污染责任保险,建立环境治理的市场机制提供参考。

［关键词］环境污染责任保险；债务成本；产权性质；法治水平；环境信息披露

［基金项目］浙江省自然科学基金项目(LY18G020007)；浙江省哲学社会科学规划课题(21NDJC077YB)。

［作者简介］李敏鑫,浙江工商大学会计学院博士研究生；朱朝晖,浙江工商大学会计学院教授、博士；罗文波,上海海事大学经济管理学院博士研究生。

A Study on the Influence of Environmental Pollution Liability Insurance to Corporate Debt Financing Cost

LI Min-xin,ZHU Zhao-hui,LUO Wen-bo

Abstract：Environmental pollution liability insurance plays an important role in the sustainable development of economy and environment in the developed economies of Europe and America.Environmental pollution liability insurance is still in the promotion stage in China.The willingness of enterprises to insure is not strong and the participation rate is low.It is urgent to improve the value recognition of environmental pollution liability insurance for enterprises.Whether environmental pollution liability insurance has financing effect is an important driving factor for enterprises to accept such insurance.In order to test whether environmental pollution liability insurance can bring financing value to enterprises,this paper took Shanghai and Shenzhen A-share listed companies from 2014 to 2015 as samples,and based on the list of environmental pollution liability insurance published by the former Ministry of environmental protection in 2014 and 2015,this paper explored the impact of environmental pollution liability insurance on the debt financing cost of heavy pollution enterprises.The results show that the cost of debt financing is significantly reduced after enterprises purchase environmental pollution liability insurance.Further research shows that the impact is more significant in private enterprises and areas with higher legal compliance level,and corporate environmental information disclosure plays a part of the mediating effect in this process.The conclusion of this paper provides direct evidence for the financing value of environmental pollution liability insurance,and provides reference for the promotion of environmental pollution liability insurance and the establishment of market mechanism of environmental governance.

Key words：Environmental Pollution Liability Insurance;financing cost;property right nature; legal compliance level; environmental information discloure