| In May 2018,General Secretary Xi Jinping pointed out that the construction of ecological civilization is a fundamental plan for the sustainable development of the Chinese nation.This is a strategic arrangement in line with people's yearning for a better ecology and a beautiful China.The current ecological environment problem is accompanied by the economic development process,which is caused by the production and operation of enterprises.Therefore,enterprises are not only the main force of economic development,but also the "troublemaker" of environmental pollution.To this end,Premier Li Keqiang pointed out at the 2018 national ecological conference that we should promote green development,promote comprehensive conservation and recycling of resources,prevent and control environmental pollution from the source,and strengthen the construction of ecological civilization.Under the background of the current ecological civilization construction period and the government's strict environmental control,environmental pollution not only induces the survival crisis in the process of business operation and development,but also causes environmental risks.This will increase the uncertainty of environmental regulation of polluting enterprises,and then investors will increase the risk premium,leading to the increase of capital cost of enterprises.For example,the rising cost of debt capital and the increase of uncertainty will also affect the willingness of creditors to invest,which will affect the debt financing ability of enterprises.Specifically,the first is that investors pay attention to the environmental risk of polluting enterprises,which comes from the means and paths of environmental regulation.Second,investors study and judge the environmental risks of enterprises and the business risks caused by them and form expectations,thus affecting the financing of enterprises.For example,the creditors study the performance of the enterprise's environmental responsibility and form the risk expectation,which will affect the enterprise's debt financing scale and debt capital cost.This shows that the performance of enterprises' environmental responsibility has the economic consequences of debt financing.For this reason,this study examines the impact of the "craftsman spirit" practiced in the process of pollution prevention and control on its debt financing and its path of action,in order to clarify the mechanism of externality internalization of pollution prevention and control and the way to break through the dilemma of environmental governance.The prevention and control of pollution and its economic consequences have not only attracted the attention of the business practice,but also attracted the attention of the academic community on the consequences of environmental responsibility,and carried out a more in-depth discussion.These studies are mainly reflected in the following aspects: first,the impact of environmental responsibility on capital cost.More literature is on the impact of equity capital cost.For example,under strict environmental control,polluting enterprises are faced with the risk of environmental litigation,which increases the uncertainty of future cash flow and the sensitivity of investors to the enterprise's environmental responsibility.This impact presents an inverted U-shaped relationship between the enterprise's environmental protection investment and the cost of equity capital.When investors invest in corporate capital,they also take the responsibility risk of corporate environmental pollution,which requires a higher risk premium,which makes the higher the carbon emission intensity of enterprises,the higher the cost of equity capital.Second,the impact of environmental information disclosure on financing.Some scholars have found that the level of environmental protection information disclosure can reduce financing constraints.For example,enterprises with more environmental information disclosure can obtain a larger scale of debt financing,and the cost of debt is also low.Compared with non monetary environmental information,monetary environmental information significantly reduces the cost of debt financing.These studies are more in-depth,this study is deeply inspired,but also found deficiencies.Specifically,when measuring environmental information disclosure,these studies consider the quantitative and qualitative forms of information disclosure,whether to disclose information and the amount of information disclosure and other factors,and take this as the level or quality of information disclosure.As we all know,the environmental information disclosed by polluting enterprises contains the heterogeneity of good and bad environmental performance.The existing research ignores the difference between good and bad environmental performance,the heterogeneity of positive and negative impact on corporate debt financing,and does not consider the mechanism of corporate pollution prevention and control behavior affecting corporate debt financing.The performance of environmental responsibility by enterprises embodies altruistic and non-injurious efforts and morality.Therefore,the environmental information disclosed by the polluting enterprises contains the information about the moral level and ability,which is heterogeneous.Generally speaking,moral hazard and solvency are two important factors that affect the debt financing of enterprises,and they have their own mechanism.The same is true for the debt financing of polluting enterprises.Specifically speaking,first,the enterprise pollution prevention and control activities reflect the moral standard.Under the background of strict environmental control,the practice of "craftsman spirit" in the prevention and control of enterprise pollution has formed an important content of environmental ethics,which is to abide by the rules and regulations and to seek good benefit for others,and has an important impact on debt financing.Second,environmental performance of green reputation is presented in pollution reduction.The reduction of consumption and emission reduction achieved by pollution prevention and control of enterprises reduces environmental risks,produces environmental performance of pollution reduction,wins Green reputation,and enhances the solvency.Third,reducing consumption and increasing efficiency show the environmental performance of profitability.The pollution prevention and control of enterprises focuses on the research and development of consumption reduction and emission reduction technologies,green products,etc.,promoting consumption reduction and efficiency,improving the environmental performance of profitability,thus improving the solvency.From this perspective,the "craftsmanship spirit" practiced in pollution prevention and control of enterprises focuses on protecting the environment,exposing the environmental morality of altruism and not hurting others;focuses on pollution reduction,reducing environmental risks,and achieving environmental performance of pollution reduction reputation;focuses on the research and development of green processes,green products,and consumption reduction and emission reduction technologies,winning the favor of customers and improving the profitability of the environment Environmental performance.These environmental ethics and environmental performance are helpful to enhance the ability of debt financing.In view of this,in order to investigate the impact of "craftsman spirit" on debt financing,its mechanism and path,this paper is divided into three parts.Firstly,it studies the impact of "craftsman spirit" on corporate debt capacity,and then successively examines the environmental performance of pollution reduction reputation and profitability,and their intermediary effects in the above-mentioned impact process to clarify the path of action.The details are as follows:The first part mainly studies the influence of "craftsmanship spirit" on debt financing ability."Craftsman spirit" embodies the noble morality of doing well and benefiting others.This is the character formed by its nurturing and sustainable development in the historical evolution.During the spring and Autumn period and the Warring States period,"all works are made by sages" in the book of Zhouli and KAOGONGJI,comparing craftsmen to sages;in the Eastern Han Dynasty,the book of ShuoWenJieZi recorded "works" and ingenious decorations ",which reflected that craftsmen were skillful and good at benefiting others;then in the Song Dynasty,Zhu Xi put forward" the essence of governance has been achieved,and the essence of governance has been sought ".According to this,the "craftsman spirit" that embodies "keeping improving" comes from this,and also contains the noble morality of keeping improving and benefiting others.With the progress of society,"craftsman spirit" also keeps pace with the times,with the characteristics and connotation of the times.In the modern industrial period,"craftsman spirit" is the state of keeping improving,elaborating and focusing on the work of the employees in order to benefit others.It is this dedicated pursuit that promotes the development of society and the progress of science.Specifically,the "craftsman spirit" practiced by pollution enterprises in environmental governance is embodied in the lean pursuit of the research and development of pollution prevention technology,environmental protection technology and green products,the continuous focus on environmental investment,the purchase of new pollution reduction technologies,and the protection of the ecological environment.These exposed the polluting enterprises' morality of compliance,altruism,nonharm to others,and affected the ability of debt financing.In this part,the empirical analysis shows that the "craftsman spirit" actively practiced in the prevention and control of enterprise pollution has passed the high moral level of compliance,altruism and non harm to others to the outside world,thus improving the ability of enterprise debt financing.The research shows that the "craftsman spirit" actively practiced in the prevention and control of enterprise pollution has expanded the scale of debt financing and reduced the cost of debt financing,brought economic benefits to itself,internalized the externality of enterprise pollution prevention and control,and broken through the dilemma of environmental governance.After studying the influence of the "craftsman spirit" practiced in the prevention and control of enterprise pollution on the ability of enterprise debt financing,this paper further explores the regulatory role of local government's willingness to environmental governance and social morality in the above-mentioned influence.First,the willingness of local governments to govern the environment.The willingness of local governments to deal with environmental pollution is embodied in the probability of being investigated and punished for the illegal discharge of polluting enterprises.However,under the current economic downward pressure,we need to stabilize growth,employment and people's livelihood.If we strictly implement the environmental governance policy and drive out the heavy polluting enterprises that fail to meet the standards,it will affect the employment and people's livelihood;if we relax the control,the environment will be polluted again,thus forming the dilemma of enterprise pollution prevention and control.Therefore,the willingness of local governments to environmental governance plays a regulatory role in the process of "Craftsmanship" affecting debt financing.Secondly,social morality.Social morality constitutes an important part of the business environment of the enterprise.It educates and encourages the enterprise to abide by the rules and regulations and carry out pollution prevention and control ethically,which affects the practice of "craftsman spirit" in pollution prevention and control.It also plays a regulating role in the process of "craftsman spirit" affecting debt financing.In this part,the empirical analysis shows that local government's willingness to environmental governance and social ethics have positive regulatory and promoting roles in the process of "craftsman spirit" affecting corporate debt financing.This further expands the research perspective of environmental governance,provides useful reference and reference for breaking through the dilemma of environmental governance,improving the pollution prevention and control management system,and enriches the research on the economic consequences of enterprise pollution prevention and control.The second part mainly explores the environmental performance of pollution reduction,between the "craftsmanship spirit" and debt financing ability.According to the theory of intermediary effect,there are three steps to investigate the above-mentioned intermediary effect.The first step is the investigation of the first part above,and the last two steps are the focus of this part.First,we study the "craftsman spirit" practiced in the enterprise pollution prevention and control,and the impact on the environmental performance of the enterprise pollution reduction;second,we test the intermediary effect of the environmental performance of the pollution reduction.One is to investigate the impact of the "craftsmanship spirit" practiced in the prevention and control of enterprise pollution on enterprise pollution reduction.The "craftsman spirit" practiced in the pollution prevention and control of enterprises is embodied in continuous focus on environmental protection investment and purchase of new pollution reduction technologies,and lean on the research and development of pollution prevention technologies,green processes and green products,so as to form the ability of pollution prevention and control and affect the environmental performance of pollution reduction and emission of enterprises.Through empirical analysis,this paper shows that the "craftsman spirit" practiced at the enterprise level has formed the material basis and main force of pollution prevention and control facilities,and effectively improved the environmental performance of pollution reduction.The pressure of enterprise pollution prevention and control is passed to employees through assessment,which leads to the implementation of "craftsmanship spirit" at the employee level,that is,lean and refined in the research and development of green process,green technology and green products,releases and improves the pollution prevention and control ability of pollution prevention and control equipment,promotes the improvement of environmental performance of pollution reduction and emission,and there is interaction between the craftsmanship spirit at the enterprise level and the employee level With,we have jointly improved the environmental performance of enterprises in terms of pollution reduction.Further analysis also found that there is no significant heterogeneity between state-owned enterprises and non-state-owned enterprises in the improvement of environmental performance of pollution reduction by the "craftsmanship spirit" in enterprise pollution prevention and control.However,compared with non-state-owned enterprises,state-owned enterprises can get a better evaluation in the environmental evaluation because of their own political connection advantages.In this paper,the influence of "craftsman spirit" in pollution prevention and control on the environmental performance of pollution reduction of enterprises is investigated,and the research field of pollution prevention and control is extended.The second is to test the intermediary effect of environmental performance of pollution reduction.The "craftsmanship spirit" practiced in pollution prevention and control of enterprises has improved the environmental performance of pollution reduction.However,the environmental performance of pollution reduction reflects the environmental risk of the enterprise,reflects the green reputation ability of the enterprise,exposes its solvency,has corresponding economic consequences,and is one of the key factors affecting the debt financing of the enterprise.The good and bad performance of pollution prevention and control has a positive and negative impact on debt financing.At the same time,the environmental performance of enterprise pollution reduction has its own unique role in debt financing.Empirical analysis shows that the environmental performance of pollution reduction plays an intermediary role in the process of "craftsman spirit" affecting debt financing,that is,the influence of "craftsman spirit" on corporate debt financing ability is partly achieved through environmental performance of pollution reduction.The third part mainly explores the environmental performance of profitability,between the "craftsmanship spirit" and debt financing ability.According to the theory of intermediary effect,it is verified in three steps.The first step is the investigation of the first part above,and the last two steps are the focus of this part.First of all,this paper studies the influence of the "craftsman spirit" in the prevention and control of enterprise pollution on the profitability;second,it studies the intermediary effect of the profitability.The first is the impact of "craftsmanship spirit" on the environmental performance of profitability.The "craftsman spirit" practiced in the prevention and control of enterprise pollution,such as focusing on the research and development of consumption reduction and emission reduction technology,green technology,green products,etc.,tends to the top-level competition of consumption reduction and efficiency increase,laying the foundation for the enterprise to improve the environmental performance of profitability.Empirical analysis shows that the "craftsmanship spirit" practiced by enterprises in pollution prevention and control has a positive effect on the environmental performance of corporate profitability.However,the promotion is regulated by local government's willingness of environmental governance and social morality.Among them,the local government's environmental governance will become stronger,and the resident enterprises will actively practice the "craftsman spirit" in pollution prevention and control.Their green competitive advantage is more prominent,which promotes the improvement of profitability.On the other hand,social ethics constitutes an important part of the business environment of the enterprise.It educates and encourages enterprises to do well in the prevention and control of pollution,actively practices the "craftsman spirit",and further promotes the improvement of profitability.The empirical analysis shows that local government's willingness to environmental governance and social ethics,respectively,have a positive regulatory role in the process of "craftsman spirit" affecting the profitability of enterprises.This paper studies the influence of "craftsman spirit" in pollution prevention and control on the profitability of enterprises and its regulatory role,expanding the research vision of pollution prevention and control.The second is to test the intermediary effect of environmental performance of profitability.The "craftsman spirit" practiced in the prevention and control of enterprise pollution improves the environmental performance of enterprise profitability.Generally speaking,the strength of profitability reflects the competitiveness of enterprises,and shows that their debt paying ability has corresponding economic consequences,which is one of the key factors affecting the debt financing of enterprises.In other words,profitability can improve the debt financing ability of enterprises.The empirical analysis shows that profitability plays an intermediary role in the influence of "craftsman spirit" on debt financing,that is,the role of "craftsman spirit" in improving the debt financing ability of enterprises is partly realized through profitability. |
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