Environmental Performance of Entity Enterprises'Financialization:Internal Mechanism and Empirical Evidence
Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2020,this paper investigates the environmental performance and formation mechanism of the financialization of entity enterprises and analyzes the moderating effect of entrepreneurs'related talents.The results show that:(1)The financialization of entity enterprises has an inverted U-shaped relationship with environ-mental performance,which is still valid after using various methods to test the robustness.(2)The fi-nancialization of entity enterprises has remarkable environmental performance in the eastern region and non-state-owned enterprises;The financialization of manufacturing enterprises is more likely to produce negative environmental performance.(3)The transformation effect of entity enterprises in the initial stage of financialization has brought positive environmental performance,but with the deepening of fi-nancialization,its crowding-out effect on innovation has produced negative environmental performance.(4)Further analysis shows that with the continuous promotion of the financialization of entity enterpri-ses,the entrepreneurial related talents have a significant positive regulatory effect.
financialization of entity enterprisesenvironmental performanceentrepreneurial talentlosing the real to the imaginaryregulatory effect
NETL
NSTL
万方数据
维普
