Can Local Government Debt Decrease the Pollution Emission of Enterprises?—Evidence from China’s Industrial Enterprises
The rapid growth of local government debt size in China has aroused the attention of academia and policy circles due to its impact on environmental pollution. This paper aims to explore the impact of local government debt size on corporate pollution emissions and its mechanism. This paper uses the C...
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| Veröffentlicht in: | Sustainability 2023-06, Vol.15 (11), p.9108 |
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| creator | Xie, Hai Zhang, Weikun Liang, Hanyuan |
| description | The rapid growth of local government debt size in China has aroused the attention of academia and policy circles due to its impact on environmental pollution. This paper aims to explore the impact of local government debt size on corporate pollution emissions and its mechanism. This paper uses the China Local Government Debt Database, Industrial Enterprise Database, and Industrial Enterprise Pollution Database from 2006 to 2013, and adopts the two-way fixed effect model and difference-in-differences method to conduct an empirical analysis of industrial enterprises in 31 provinces of China. The results show that the local government debt size has a significant positive impact on corporate pollution emissions, and each unit increase in the local government debt size leads to an increase of 0.002 units in corporate pollution emissions. Further mechanism tests show that this effect is realized through the expansion of regional fixed asset investment and the reduction of enterprise R&D investment. In addition, there is significant heterogeneity among enterprises of different ownership, location, and industry. This paper provides practical references for local governments and micromarket actors to improve environmental protection and debt governance in the new era. |
| doi_str_mv | 10.3390/su15119108 |
| format | Article |
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This paper aims to explore the impact of local government debt size on corporate pollution emissions and its mechanism. This paper uses the China Local Government Debt Database, Industrial Enterprise Database, and Industrial Enterprise Pollution Database from 2006 to 2013, and adopts the two-way fixed effect model and difference-in-differences method to conduct an empirical analysis of industrial enterprises in 31 provinces of China. The results show that the local government debt size has a significant positive impact on corporate pollution emissions, and each unit increase in the local government debt size leads to an increase of 0.002 units in corporate pollution emissions. Further mechanism tests show that this effect is realized through the expansion of regional fixed asset investment and the reduction of enterprise R&D investment. In addition, there is significant heterogeneity among enterprises of different ownership, location, and industry. This paper provides practical references for local governments and micromarket actors to improve environmental protection and debt governance in the new era.</description><identifier>ISSN: 2071-1050</identifier><identifier>EISSN: 2071-1050</identifier><identifier>DOI: 10.3390/su15119108</identifier><language>eng</language><publisher>Basel: MDPI AG</publisher><subject>Air pollution ; China ; Construction ; Debt ; Decentralization ; Economic crisis ; Economic growth ; Emissions ; Environmental impact ; Environmental protection ; Expenditures ; Government finance ; Government spending ; Heterogeneity ; Hypotheses ; Industrial pollution ; Infrastructure ; International finance ; Local finance ; Local government ; Outdoor air quality ; Pollutants ; Pollution ; Pollution control ; Responsible persons ; Tax reform</subject><ispartof>Sustainability, 2023-06, Vol.15 (11), p.9108</ispartof><rights>COPYRIGHT 2023 MDPI AG</rights><rights>2023 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). 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This paper aims to explore the impact of local government debt size on corporate pollution emissions and its mechanism. This paper uses the China Local Government Debt Database, Industrial Enterprise Database, and Industrial Enterprise Pollution Database from 2006 to 2013, and adopts the two-way fixed effect model and difference-in-differences method to conduct an empirical analysis of industrial enterprises in 31 provinces of China. The results show that the local government debt size has a significant positive impact on corporate pollution emissions, and each unit increase in the local government debt size leads to an increase of 0.002 units in corporate pollution emissions. Further mechanism tests show that this effect is realized through the expansion of regional fixed asset investment and the reduction of enterprise R&D investment. In addition, there is significant heterogeneity among enterprises of different ownership, location, and industry. 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| source | MDPI - Multidisciplinary Digital Publishing Institute; EZB-FREE-00999 freely available EZB journals |
| subjects | Air pollution China Construction Debt Decentralization Economic crisis Economic growth Emissions Environmental impact Environmental protection Expenditures Government finance Government spending Heterogeneity Hypotheses Industrial pollution Infrastructure International finance Local finance Local government Outdoor air quality Pollutants Pollution Pollution control Responsible persons Tax reform |
| title | Can Local Government Debt Decrease the Pollution Emission of Enterprises?—Evidence from China’s Industrial Enterprises |
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