环境规制政策驱动实体经济“脱实向虚”了吗?——基于中国碳排放权交易试点的准自然实验

Has environmental regulatory policy driven the financialization of manufacturing enterprises:A quasi-natural experiment from the enactment of China's carbon emission trading pilot policy

在国内环境监管不断增强和实体经济下行压力增大的双重背景下,制造业企业存在扩大金融性投资倾向并可能制约实体经济发展。以2014年碳排放权交易试点政策作为一项准自然实验,选择2009—2020年制造业上市企业样本,采用PSM-DID方法考察市场激励型环境规制对制造业企业金融化的影响机制,尝试基于环境规制视角检验和解释实体经济“脱实向虚”现象。结果表明:(1)碳排放权交易试点政策提升了制造业企业金融化水平,对企业长期金融投资的强化作用不明显,为“蓄水池”动机提供了证据,表明制造业企业没有“脱实向虚”的趋势。(2)碳交易政策通过内部的成本转嫁效应和流动性约束效应及外部的融资约束效应影响制造业企业金融化,印证了“成本遵循”效应并进一步验证了“蓄水池”的主导动机。(3)环境规制政策对企业金融化的差异化影响未必是因政策类型不同所致,可能受到政策的约束性强度和灵活性的作用。碳交易政策对企业金融化的影响在企业股权、企业规模、行业和区域等方面具有显著的异质性效应,而企业绿色转型积极性在异质性作用中起到一定的调节效应。

Based on the perspective of environmental regulation,this paper attempts to explain the phenomenon of enterprise financialization.Taking the enactment of the carbon emission trading pilot policy in 2014 as a quasi-natural experiment,and selecting the listed companies of manufacturing from 2009 to 2020 as the research sample,this paper uses the PSM-DID method to investigate the impact mechanism of market incentive environmental regulation on the financialization of manufacturing enterprises.The results show that:(1)The carbon emission trading pilot policy has significantly improved the financialization level of manufacturing enterprises,but its strengthening effect on investment financial assets of enterprises is not obvious,which provides evidence for the"reservoir"motivation and indicates that manufacturing enterprises do not have a trend of"deviation from the real to the virtual".(2)The carbon emission trading pilot policy affects the financial level of manufacturing enterprises through internal cost transfer effect,liquidity constraint effect and external financing constraint effect.This policy strengthens the liquidity constraints and increases financial investment of manufacturing enterprises,but does not reduce the entity investment of enterprises,which verifies the dominant effect of the"reservoir"motivation.The ability of enterprise cost transfer can negatively moderate the impact of carbon trading policy on enterprise financialization,which confirms the"compliance cost"effect.Financing constraints play an important role between carbon trading policies and enterprise financialization.Low financing constraints inhibit the impact of carbon trading policies on enterprise financialization.(3)Different environmental policies have different effects on enterprise financialization.To some extent,this reflects that the differentiation effect of environmental regulation on enterprise financialization is not necessarily caused by the type of policies,but by the strength and flexibility of policy constraints.(4)The effect of carbon trading policies on corporate financialization is characterized by equity heterogeneity,regional heterogeneity,scale heterogeneity,and industry heterogeneity.The enthusiasm for green transformation of enterprises plays a certain moderating role in influencing heterogeneity.