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节能减碳政策对企业金融化的影响研究

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以2008-2021年上市实体企业为研究样本，运用双重差分模型探讨节能减碳政策对企业金融化的影响效应和作用机理。实证结果表明:节能减碳政策显著降低了政策试点企业金融化水平，该结论通过了平行趋势检验、替换变量和PSM-DID等一系列稳健性和内生性检验。机制检验显示，节能减碳政策通过提高技术创新能力和缓解管理者短视来抑制企业金融化。异质性分析表明，节能减碳政策的脱虚向实效应存在异质性，在高管有金融背景的企业、竞争度高行业以及经济政策较稳定时更为显著。拓展分析表明，节能减碳政策改变了企业投资偏向，促进脱虚向实。基于此，政府应不断优化环境规制体系建设，实现环境保护和经济发展的双赢目标。
A Study on the Influence of Energy Saving and Carbon Reduction Policy on Enterprise Financialization
Taking the listed entity enterprises from 2008 to 2021 as the research sample,this paper uses the double difference model to explore the effect and specific mechanism of energy conservation and carbon reduction policy on enterprise finance.The empirical re-sults show that the energy conservation and carbon reduction policy significantly reduces the financial level of policy pilot enterprises,which has passed a series of robustness and endogenous tests,such as parallel trend test,replacement variable and PSM-DID.The mechanism test indicates that the policy of energy conservation and carbon reduction restrains the financialization of enterprises by im-proving the ability of technological innovation and alleviating the myopia of managers.Heterogeneity analysis indicates that the effect stopping the companies being distracted from their intended purpose of the policy has heterogeneity,which is more significant when sen-ior executives have financial background,industry competition is high and economic policy is more stable.The expansion analysis man-ifests that the energy conservation and carbon reduction policy has changed the investment bias of enterprises and prevented them being distracted from their intended purpose.Based on this,the government should constantly optimize the construction of environmental reg-ulation system to achieve the win-win goal of environmental protection and economic development.

Environmental RegulationEnergy Conservation and Carbon Reduction PolicyEnterprise FinancializationTransformation of the Economy from Virtual to Real

赵雯雯、王书华

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山西财经大学金融学院,山西太原 030006

山西财经大学晋商研究院,山西太原 030006

环境规制 节能减碳政策 企业金融化 脱虚向实

国家自然科学基金山西省高等学校科学研究优秀成果培育项目教育部人文社会科学研究青年基金

713031422019SK02422YJC790024

2024

经济经纬
河南财经学院

经济经纬

CSTPCDCSSCICHSSCD北大核心
影响因子：1.006
ISSN：1006-1096
年,卷(期)：2024.41(2)
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