企业金融化对实体经济环保投资的影响——基于外部监督与内部治理的双维视角  

The Impact of Corporate Financialization on Environmental Protection Investment in the Real Economy:Based on the Dual Perspective of External Supervision and Internal Governance

作　　者：刘旭原 万琳 张世兴[1] LIU Xu-yuan;WAN Lin;ZHANG Shi-xing(School of Management,Ocean University of China,Qingdao Shandong 266100,China)

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《技术经济与管理研究》2024年第6期83-88,共6页Journal of Technical Economics & Management

基　　金：国家社会科学基金一般项目(23BGL036)。

摘　　要：在推动实体经济绿色转型以实现高质量发展进程中,金融化行为是否会对环保投资产生影响是一个值得探讨的重大课题。以2011—2021年中国A股非金融类上市公司为研究样本,实证检验金融化对实体经济环保投资的影响。研究发现,企业金融化与环保投资呈负相关性,即金融化程度越高,则环保投资水平越低,存在明显的“挤出”效应,作为外部监督方式之一的媒体关注度和内部治理方式之一的股权制衡度可以在一定程度上缓解金融化对环保投资的“挤出”效应。机制检验发现,债务融资成本是企业金融化对环保投资的传导机制,即金融化通过提高债务融资成本进而“挤出”环保投资。据此,不仅丰富了金融化与环保投资方面的研究成果,也为外部监管方与内部管理者如何推动实体经济实现绿色发展提供了合理可行的建议。In the process of promoting the green transformation of the real economy to achieve high-quality development,whether the financialization behavior will have an impact on environmental protection investment is an important issue worthy of discussion.China's A-share non-financial listed enterprises from 2011 to 2021 are selected as research samples to empirically test the impact of fin-ancialization on environmental protection investment in the real economy.The research finds that there is a negative correlation between corporate financialization and environmental protection investment,that is,the higher the degree of financialization,the lower the level of environmental protection investment,and there is an obvious"crowding out"effect.Media attention as one of the external supervision methods and equity checks and balances as one of the internal governance methods can alleviate the"crowding out"effect of financialization on environmental protection investment to a certain extent.The mechanism test found that debt financing cost is the transmission mechanism of corporate financialization to environmental protection investment,that is,financialization"crowding out"environmental protection investment by raising debt financing cost.Based on this,not only enrich the research results of financialization and environmental protection investment,but also provide reasonable and feasible suggestions for external regulators and internal managers to promote the green development of the real economy.

关 键 词：企业金融化 环保投资 媒体关注 股权制衡 债务融资成本 

分 类 号：F23[经济管理—会计学]