金融化对企业绿色转型意向的影响研究  

Research on the Impact of Financialization on Enterprises’Green Transformation Intentions

作　　者：孙茹峰 李楠博[2] SUN Rufeng;LI Nanbo(Jilin University,Changchun,China;Changchun University of Science and Technology,Changchun,China)

机构地区：[1]吉林大学东北亚学院 [2]长春理工大学经济管理学院,长春市130012

出　　处：《管理学报》2024年第11期1612-1620,1677,共10页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(21CGL033)。

摘　　要：以2011~2021年中国沪深A股上市制造业企业为样本,揭示金融化对企业绿色转型意向的影响,探讨金融化行为动机的调节作用及不同绿色金融工具的赋能效应。研究发现:①金融化程度的加深会显著抑制企业绿色转型意向,在非国有企业、重污染型企业、防御型战略企业及高股权集中度企业中的作用更大;②盈利乐观度与行业竞争度作为内部主观行为动机与外部行为动机,其程度提升能够缓解金融化对企业绿色转型意向的抑制效果,而内部客观行为动机融资约束强度的增加会加剧金融化对企业绿色转型意向的抑制效果;③获得绿色金融专项及政府补贴政策的企业,更易缓解金融化对企业绿色转型意向的抑制作用。Taking China’s Shanghai and Shenzhen A-share listed manufacturing enterprises from 2011 to 2021 as a sample,this study reveals the impact of corporate financialization on green transformation intentions,and discusses the moderating effect of heterogeneous financialization behavior motivation and the enabling effect of different green financial instruments.The results show that:①the deepening of financialization will significantly inhibit the green transformation intention of enterprises,and play a greater role in non-state-owned enterprises,heavy polluting enterprises,defensive strategic enterprises and enterprises with high equity concentration.②As internal subjective behavior motivation and external behavior motivation,the increase of profitability optimism and industry competition can alleviate the inhibition effect of financialization on green transformation intention,while the increase of financing constraint intensity of internal objective behavior motivation will aggravate the inhibition effect of financialization on green transformation.③Enterprises that have obtained special green finance policies and government subsidy policies are more likely to alleviate the inhibiting effect of financialization on enterprises’green transformation intentions.

关 键 词：金融化 企业绿色转型意向 金融化行为动机 绿色金融工具 

分 类 号：C93[经济管理—管理学]