俞毛毛, 马妍妍. 环境规制抑制了企业金融化行为么?基于新《环保法》出台的准自然实验[J]. 北京理工大学学报(社会科学版), 2021, 23(2): 30-43. DOI: 10.15918/j.jbitss1009-3370.2021.2846
    引用本文: 俞毛毛, 马妍妍. 环境规制抑制了企业金融化行为么?基于新《环保法》出台的准自然实验[J]. 北京理工大学学报(社会科学版), 2021, 23(2): 30-43. DOI: 10.15918/j.jbitss1009-3370.2021.2846
    YU Maomao, MA Yanyan. The Influence of Environmental Regulation on the Behavior of Firms’ FinancializationBased on a Quasi-natural Experiment of “New Environmental Protection Law”[J]. Journal of Beijing Institute of Technology (Social Sciences Edition), 2021, 23(2): 30-43. DOI: 10.15918/j.jbitss1009-3370.2021.2846
    Citation: YU Maomao, MA Yanyan. The Influence of Environmental Regulation on the Behavior of Firms’ FinancializationBased on a Quasi-natural Experiment of “New Environmental Protection Law”[J]. Journal of Beijing Institute of Technology (Social Sciences Edition), 2021, 23(2): 30-43. DOI: 10.15918/j.jbitss1009-3370.2021.2846

    环境规制抑制了企业金融化行为么?基于新《环保法》出台的准自然实验

    The Influence of Environmental Regulation on the Behavior of Firms’ FinancializationBased on a Quasi-natural Experiment of “New Environmental Protection Law”

    • 摘要: 运用2014—2016年A股上市公司数据,以新出台的《中华人民共和国环境保护法》作为准自然实验的外生冲击,采用两期DID模型分析环境规制对企业金融化投资的影响。研究发现:(1)环境规制并不会导致企业实体业绩下滑,且会在一定程度上抑制企业“脱实向虚”行为;(2)环境规制主要通过研发机制促使企业经营转型升级,提升企业研发绩效进而减少金融化投资对实体产业的挤出;(3)环境规制还能够通过增强外部信息监督作用,降低企业投机动机下进行短期金融化投资的倾向;(4)绿色信贷的发展能够进一步增强环境规制对金融化投资产生的抑制作用。未来应通过环境规制带来的产业转型升级,促进企业实体经营并避免“脱实向虚”,同时通过各类财政扶持政策的出台,解决环境规制对企业带来的资金压力。

       

      Abstract: Based on the samples of A shares of Chinese listed companies over the period of 2014 to 2016, and using the promulgation of “New Environmental Protection Law” as a Quasi-Natural Experiment, the paper attempts to analyze the relationship between environmental regulation and firms’ financialization using DID method. The results show that: (1)Environmental regulation will not be detrimental to firm’ profit, and it may restrain the enterprise’s behavior of “deviation from real economy” to some degree; (2)Environmental regulation mainly promotes the transformation and upgrading of enterprise operation through R&D mechanism, while it can improve firms’ R&D performance and reduce the “crowding-out effect” of real investment induced by financialization; (3) Environmental regulation can also reduce the tendency of financial investment by enhancing external supervision; (4) Development of green credit can further enhance the dampening effect of environmental regulation on financial investment. Consequently, policy makers should focus on how to promote firms’ operation as a way to avoid deviation from real economy through environmental regulation, and help firms alleviate environmental-related cost through the help of relevant fiscal policies in the future.

       

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