实体企业金融化的环境绩效:内在机制与经验证据  

Environmental Performance of Entity Enterprises'Financialization:Internal Mechanism and Empirical Evidence

作　　者：李治国[1] 孔维嘉 李兆哲 LI Zhi-guo;KONG Wei-jia;LI Zhao-zhe

机构地区：[1]中国石油大学(华东)经济管理学院,山东青岛266580

出　　处：《中国地质大学学报（社会科学版）》2024年第1期86-101,共16页Journal of China University of Geosciences(Social Sciences Edition)

基　　金：国家社会科学基金项目“数字经济推动黄河流域城市群创新集聚的机制与路径研究”(22BJL056)。

摘　　要：基于2011—2020年沪深A股实体上市公司数据,考察了实体企业金融化的环境绩效与形成机制,并进一步分析了企业家相关才能的调节效应。研究发现:(1)实体企业金融化对环境绩效呈现先促进后抑制的倒U型关系,这一结论在使用多种方法进行稳健性检验后依然成立;(2)实体企业金融化在东部地区和非国有企业中具有显著环境绩效,制造业企业金融化则更易产生消极的环境绩效;(3)实体企业金融化初期的转型效应带来了积极的环境绩效,而随着金融化进程加深,其对创新的挤出效应产生了消极的环境绩效;(4)进一步分析发现,随着实体企业金融化不断推进,企业家相关才能具有显著正向调节效应。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 environmental performance,which is still valid after using various methods to test the robustness.(2)The financialization 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 financialization,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 enterprises,the entrepreneurial related talents have a significant positive regulatory effect.

关 键 词：实体企业金融化 环境绩效 企业家才能 脱实向虚 调节效应 

分 类 号：F275[经济管理—企业管理]