摘要
低碳化是实体企业的未来发展愿景,金融化是实体企业的现实发展特征,考察金融化对低碳技术创新的影响,对经济高质量发展和国家实业安全有重要的战略意义。该研究以2011—2021年中国沪深A股上市的制造业企业为样本,实证分析企业金融化对低碳技术创新的影响,探讨金融化“动机背景”在这一影响中的调节作用,并进一步分析了“动机背景”对低碳技术创新的非金融化影响机制。研究发现:①企业金融化程度的加深会抑制其低碳技术创新水平的提升,且这一抑制效果存在滞后性和黏性,在经过一系列稳健性和内生性检验后,该结论依然成立。②金融化对国有企业低碳技术创新投入和产出的抑制效果弱于非国有企业,对大规模企业的抑制效果弱于小规模企业,且在非国有企业和小规模企业中,金融化抑制低碳技术创新的滞后性和黏性效果更为突出。③基于“动机背景”角度的检验发现,盈利乐观度和行业竞争度的提升能够有效缓解企业金融化对低碳技术创新的抑制效果,而企业内部融资约束的增强则会加剧金融化对低碳技术创新的抑制作用。④“动机背景”对低碳技术创新的影响存在以管理者环境注意力转移为中介的非金融化影响渠道,盈利乐观度的提升能够转入管理者环境注意力,融资约束和行业竞争激烈程度会转出管理者的环境注意力,经过针对中介分析的内生性检验后,该结论依然成立。据此,该研究基于“动机背景”视角,从完善实体企业金融化监管、建立金融化风险防范体系、缓解企业融资压力、维护行业良性竞争秩序和企业管理者环境意识培育方面提出了增强企业低碳技术创新能力的措施及政策建议。
Low-carbon development is a future vision of corporate entities,and financialization is a development feature of those entities in reality.Investigating the impact of corporate financialization on low-carbon technological innovation is of strategic significance for high-quality economic development and national industrial security.Taking the manufacturing enterprises listed in Shanghai and Shenzhen A-shares in China from 2011 to 2021 as samples,this paper empirically analyzed the impact of corporate financialization on low-carbon technological innovation,discussed the moderating role of the‘motivational context’of financialization in this impact,and further analyzed the non-financial impact mechanism of the‘motivational context’on low-carbon technological innovation.The research found that:①The deepening of corporate financialization would inhibit the improvement of the enterprises’low-carbon technological innovation level,and this inhibition effect had hysteresis and viscosity.After a series of robustness and endogenous tests,this conclusion was still valid.②The inhibition effect of corporate financialization on the input and output of low-carbon technological innovation in state-owned enterprises was weaker than that of non-state-owned enterprises,and the inhibition effect on large-scale enterprises was weaker than that of small-scale enterprises.In non-state-owned enterprises and small-scale enterprises,the lag and viscosity effects of financialization on low-carbon technological innovation were more prominent.③Based on the perspective of‘motivational context,’it was found that the improvement of profitability optimism and industry competitiveness could effectively mitigate the inhibition effect of corporate financialization on low-carbon technological innovation,while the enhancement of internal financing constraints would aggravate the inhibition effect of financialization on low-carbon technological innovation.④The impact of internal and external‘motivational context’on low-carbon technological innovation had a non-financial impact channel mediated by managers’environmental attention transfer.The improvement in profitability could be transferred to managers’environmental attention,and the financing constraints and industrial competition intensity would be transferred out of managers’environmental attention.This conclusion was still valid after the endogenous test of intermediary analysis.Therefore,based on the perspective of‘motivational context,’the research puts forward measures and policy suggestions to enhance the low-carbon technological innovation ability of enterprises from the aspects of improving the financial supervision of corporate entities,establishing their financial risk prevention system,alleviating their financing pressure,maintaining the benign competition order of the industries,and cultivating the environmental awareness of corporate managers.
作者
李楠博
徐喆
李书
LI Nanbo;XU Zhe;LI Shu(School of Economics and Management,Changchun University of Technology,Changchun Jilin 130021,China;School of Economics and Management,Shenyang Agricultural University,Shenyang Liaoning 110866,China)
出处
《中国人口·资源与环境》
CSSCI
CSCD
北大核心
2023年第3期34-46,共13页
China Population,Resources and Environment
基金
国家社会科学基金青年项目“‘碳达峰’目标驱动的制造业低碳技术创新生态系统建构、演化与政策协同研究”(批准号:21CGL033)。
关键词
金融化
低碳技术创新
“动机背景”
环境注意力转移
financialization
low⁃carbon technology innovation
‘motivational context’
environmental attention transferring
