企业金融化是否挤出了企业绿色技术创新?

Has Financialization of Enterprises Squeezed Out Corporate Green Technology Innovation?

本文以2010-2022年中国A股实体上市企业为样本,实证检验了企业金融化对企业绿色技术创新的影响及内在机理。研究发现:(1)企业金融化对绿色技术创新(绿色专利和授权)存在显著的挤出效应;(2)机制检验表明,资源挤占效应和盈余持续性效应在企业金融化影响企业绿色技术创新路径中产生显著作用;(3)进一步分析表明,挤出效应在ESG表现差的企业、大规模企业、市场化环境更弱地区企业和高融资约束样本中更为明显,企业金融化程度再检验结果表明,企业过度金融化对企业绿色技术创新存在明显的挤出效应。

Using Chinese A-share listed companies from 2010 to 2022 as samples,this paper empirically tests the impact of financialization of enterprises on corporate green technology innovation and its underlying mechanism.The results show that:(1)financialization of enterprises has a significant squeezing out effect on the corporate green technology innovation(green patents and authorizations);(2)the mechanism test shows that the resource crowding out effect and earnings sustainability effect play a significant role in the impact of corporate financialization on the path of corporate green technology innovation;(3)further analysis shows that the squeezing out effect is more pronounced in companies with poor ESG performance,large-scale enterprises,regions with weaker market-oriented environments,and samples with high financing constraints.The re-examination of the degree of corporate financialization shows that excessive financialization of enterprises has a significant squeezing out effect on corporate green technology innovation.