环境规制与企业金融化--来自新《环保法》颁布的证据

Environmental Regulation and Corporate Financialization--A natural Experiment From the New Environmental Protection Law in China

本文以2010~2020年中国A股上市公司为研究对象,采用双重差分法分析新《环保法》对企业金融资产配置的影响及路径。研究发现:相对于非重污染企业,新《环保法》显著抑制了重污染企业的金融化水平。机制检验表明,这种影响主要通过促进企业技术创新和提升企业财务困境风险来实现。此外,异质性检验进一步表明新《环保法》对重污染企业金融化的抑制作用在非国有企业和中小规模企业中表现得更为明显。本文拓展丰富了环境规制影响企业金融化的相关文献,对政府引导企业绿色转型、进一步完善相关配套扶持政策提供有益启示。

This article takes Chinese A-share listed companies from 2010 to 2020 as the research object,and uses the double difference method to analyze the impact and path of the new Environmental Protection Law on corporate financial asset allocation.Research has found that compared to non heavily polluting enterprises,the new Environmental Protection Law significantly suppresses the financialization level of heavily polluting enterprises.Mechanism testing indicates that this impact is mainly achieved by promoting technological innovation and enhancing the risk of financial distress in enterprises.In addition,heterogeneity testing further indicates that the inhibitory effect of the new Environmental Protection Law on the financialization of heavily polluting enterprises is more pronounced in non-state-owned enterprises and small and medium-sized enterprises.This article expands and enriches relevant literature on the impact of environmental regulations on corporate financialization,providing beneficial insights for the government to guide green transformation of enterprises and further improve relevant supporting policies.