环境规制、企业金融化与企业绩效  

Research on Environmental Regulation,Corporate Financialization,and Corporate Performance

作　　者：张保帅[1] 杨嘉冰 段俊[1] ZHANG Bao-shuai;YANG Jia-bing;DUAN Jun(School of Economics and Management,Chongqing Normal University,Chongqing 401331,China)

机构地区：[1]重庆师范大学经济与管理学院,重庆401331

出　　处：《兰州财经大学学报》2023年第5期71-84,共14页Journal of Lanzhou University of Finance and Economics

基　　金：重庆市教委科技项目“绿色发展背景下重庆能源效率评估及影响因素”(KJQN202000506)。

摘　　要：基于环境规制视角,以2008—2018年A股上市公司数据为样本,实证检验企业金融化对企业绩效的影响。研究结果表明:企业金融化对企业绩效是负相关关系,而环境规制可以削弱企业金融化对绩效带来的不利影响;通过作用机制研究发现,环境规制通过促使企业出于“储蓄”动机选择持有长期金融资产,从而改变了企业金融资产的配置结构;在进一步研究发现,相较于非国有企业,环境规制和企业金融化对国有企业绩效的负面影响作用更强,且提高环境规制强度有利于削弱其对企业绩效的不利影响。研究结论有助于加深理解企业金融化对企业绩效影响的理论逻辑,为相关监管部门政策制定提供经验支持。Based on the perspective of environmental regulation,this paper empirically examines the impact of corporate financialization on corporate performance using the data of A-share listed companies from 2008 to 2018 as a sample.The research findings reveal a negative correlation between corporate fi⁃nancialization and corporate performance,while environmental regulations can mitigate the adverse ef⁃fects of corporate financialization on performance.Through a mechanism analysis,it is discovered that environmental regulations induce firms to hold long-term financial assets driven by a"savings"motive,thereby altering the composition of corporate financial assets.Furthermore,the study reveals that com⁃pared to non-state-owned enterprises,environmental regulations and corporate financialization exert a stronger negative influence on the performance of state-owned enterprises.The reinforcement of environ⁃mental regulations is beneficial in reducing their adverse impact on corporate performance.The research conclusions contribute to a deeper understanding of the theoretical logic behind the impact of corporate financialization on corporate performance,providing empirical support for relevant regulatory policymak⁃ing.

关 键 词：环境规制 企业金融化 企业绩效 

分 类 号：F832.5[经济管理—金融学] F272.5[环境科学与工程—环境工程] X321