ESG表现对实体企业金融化的影响研究——基于中国制造业上市公司的实证
Research on the Influence of ESG Performance on the Financialization of Entity Enterprises:Based on the Empirical Study of Listed Manufacturing Companies in China
陆晨晰1
作者信息
- 1. 云南民族大学管理学院(会计学院) 昆明 650000
- 折叠
摘要
本文以2011-2021年中国沪深A股制造业上市公司为研究对象,实证制造企业ESG表现对企业金融化的影响.结果显示:制造企业ESG表现以及环境、社会、公司治理表现均与金融化显著正相关.通过替换解释变量、工具变量法、倾向性得分匹配(PSM)等方法进行稳健性检验,结论依然成立.异质性分析表明,制造企业ESG表现对金融化的影响与制造企业权力结构有关,但与制造企业产权性质无关.两职分离的制造企业中ESG表现与金融化显著正相关,而两职合一的制造企业中此种关系并不显著.
Abstract
This paper takes China's Shanghai and Shenzhen A-share manufacturing listed companies from 2011 to 2021 as the research object to demonstrate the impact of ESG performance of manufacturing enterprises on corporate fi-nancialization.The results show that the ESG performance,environmental,social and corporate governance perform-ance of manufacturing enterprises are significantly positively correlated with financialization.The conclusion is still valid with additional robustness checks using substitution of explanatory variables,instrumental variable method and propen-sity score matching(PSM).Heterogeneity analysis shows that the influence of ESG performance on financialization is related to the power structure of manufacturing enterprises,but not related to the property rights of manufacturing enter-prises.In manufacturing firms with CEO non-duality,ESG performance is significantly positively correlated with finan-cialization,while in manufacturing firms with CEO duality,this relationship is not significant.
关键词
ESG表现/企业金融化/制造业/实体企业Key words
ESG Performance/Enterprise Financialization/Manufacturing Industry/Entity Enterprise引用本文复制引用
基金项目
云南民族大学2022年硕士研究生科研创新基金项目(2022SKY025)
出版年
2024
NETL
NSTL
万方数据