Has environmental regulatory policy driven the financialization of manufacturing enterprises:A quasi-natural experiment from the enactment of China's carbon emission trading pilot policy
Based on the perspective of environmental regulation,this paper attempts to explain the phenomenon of enterprise financialization.Taking the enactment of the carbon emission trading pilot policy in 2014 as a quasi-natural experiment,and selecting the listed companies of manufacturing from 2009 to 2020 as the research sample,this paper uses the PSM-DID method to investigate the impact mechanism of market incentive environmental regulation on the finan-cialization of manufacturing enterprises.The results show that:(1)The carbon emission trading pilot policy has significantly improved the financialization level of manufacturing enterprises,but its strengthening effect on investment financial assets of enterprises is not obvious,which provides evidence for the"reservoir"motivation and indicates that manufacturing enterprises do not have a trend of"deviation from the real to the virtual".(2)The carbon emission trading pilot policy affects the financial level of manufacturing enterprises through internal cost trans-fer effect,liquidity constraint effect and external financing constraint effect.This policy strengthens the liquidity constraints and increases financial investment of manufacturing enter-prises,but does not reduce the entity investment of enterprises,which verifies the dominant ef-fect of the"reservoir"motivation.The ability of enterprise cost transfer can negatively moder-ate the impact of carbon trading policy on enterprise financialization,which confirms the"com-pliance cost"effect.Financing constraints play an important role between carbon trading poli-cies and enterprise financialization.Low financing constraints inhibit the impact of carbon trad-ing policies on enterprise financialization.(3)Different environmental policies have different effects on enterprise financialization.To some extent,this reflects that the differentiation effect of environmental regulation on enterprise financialization is not necessarily caused by the type of policies,but by the strength and flexibility of policy constraints.(4)The effect of carbon trading policies on corporate financialization is characterized by equity heterogeneity,regional heterogeneity,scale heterogeneity,and industry heterogeneity.The enthusiasm for green trans-formation of enterprises plays a certain moderating role in influencing heterogeneity.
market incentive environmental regulationenterprise financializationreal econo-mycarbon emissionsgreen development
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