摘要
新时代双碳背景下的企业金融化行为会对发展质量产生重要影响。基于中国沪深两市A股上市企业2007-2021年数据集,实证检验企业金融化对绿色发展“多言寡行”的影响和机制问题。实证结果发现,随着企业金融化水平的提升,企业在绿色发展领域上越有可能采用“多言寡行”的策略行为,即在年报披露较多的绿色信息但实际绿色治理绩效较差,这类行为有着较强的“声誉管理”动机并会降低企业的真实生产率水平。进一步研究发现,企业金融化会扭曲企业的投资行为、提升企业风险并降低企业责任评分等,都会导致企业绿色发展“多言寡行”问题的出现。在国家级金融综合改革试验区支持下,企业金融化对绿色发展“多言寡行”行为特征明显淡化。本文研究在更深层次上展现出企业金融化有悖绿色发展的冲击作用,并为推动实体经济绿色转型提供了重要的政策解决方案。
Corporate financialization emerges as a significant factor in the quality of economic development in the context of China’s pursuit of dual carbon goals.This study utilized data from A-share listed companies on the Shanghai and Shenzhen stock markets from 2007 to 2021 to empirically investigate the impact of corporate financialization on the governance challenge of“talk big,do little”within green development and explored the underlying mechanisms.The results indicate that when corporate financialization increases,companies are more inclined to engage in“talk big,do little”practices.They proclaim numerous green initiatives in annual reports while exhibiting subpar actual green governance performance,a strategy predominantly driven by reputation management that adversely affects genuine productivity levels.A further analysis shows that corporate financialization skews firms’investment decisions,amplifies corporate risk,and diminishes corporate responsibility scores,thereby exacerbating the“talk big,do little”dilemma in green development.Encouragingly,national comprehensive financial reform pilot zones have been instrumental in mitigating such behaviors,underlining the zones’effectiveness in curbing the negative impact of corporate financialization on green development.This study not only exposes the detrimental effects of corporate financialization on green development but also examines these issues at a deeper level,offering pivotal policy recommendations to foster green transformation in the real economy.
出处
《金融经济学研究》
CSSCI
北大核心
2024年第3期93-109,共17页
Financial Economics Research
基金
天津市哲学社会科学规划研究项目(TJGL19-032)。
关键词
企业金融化
绿色信息策略性披露
绿色治理
国家级金融综合改革试验区
corporate financialization
strategic disclosure of green information
green governance
national comprehensive financial reform pilot zones
