摘要
近年来,中国实体企业呈现出“金融化”的现象,对经济高质量发展产生较大负面影响。本文以《长江经济带发展规划纲要》实施作为准自然实验,基于2012-2020年中国A股实体上市公司数据,运用双重差分方法探讨长江经济带绿色发展战略对企业金融化的影响。研究发现,《长江经济带发展规划纲要》的实施能够显著抑制企业金融化,且是抑制企业基于套利动机进行的金融资产配置,表明长江经济带绿色发展战略能够促使企业资产配置回归实体业务,注重长期健康发展;《长江经济带发展规划纲要》的实施通过倒逼企业绿色转型投资和促进产业集聚发展,抑制企业金融化,并对金融资产产生“挤出效应”。异质性分析表明,在国有企业和高污染企业,以及环境执法力度高和长江经济带上游地区,《长江经济带发展规划纲要》的实施对企业金融化的抑制效应更为显著。
In recent years,Chinese entity enterprises have shown the phenomenon of“financialization”,which has a greater negative impact on the high-quality development of the economy.This paper uses the implementation of the Outline of Yangtze River Economic Belt Development Plan as a quasi-natural experiment,based on the data of Chinese A-share real listed companies from 2012 to 2020,and uses the difference-in-difference method to explore the impact of green development strategy of the Yangtze River Economic Belt on corporate financialization.The results show that:The implementation of the Outline of Yangtze River Economic Belt Development Plan can significantly inhibit the financialization of enterprises,and inhibit the financial assets allocation based on arbitrage motivation,indicating that the green development strategy of the Yangtze River Economic Belt can promote enterprises to return to real business and focus on long-term healthy development;The implementation of the Outline of Yangtze River Economic Belt Development Plan can suppress the financialization of enterprises and produce a“crowding-out effect”on financial assets by forcing enterprises to invest in green transformation and promoting industrial agglomeration development.Heterogeneity analysis shows that the implementation of the Outline of Yangtze River Economic Belt Development Plan has a more significant inhibitory effect on corporate financialization in state-owned enterprises and highly polluting enterprises,as well as in areas with high environmental enforcement and in the upper reaches of the Yangtze River Economic Belt.
出处
《会计研究》
CSSCI
北大核心
2022年第12期138-150,共13页
Accounting Research
基金
国家社会科学基金一般项目(21BJY123)的资助
关键词
长江经济带绿色发展战略
实体企业金融化
绿色转型投资
产业集聚
Green Development Strategy of Yangtze River Economic Belt
Financialization of Entity Enterprises
Green Transformation Investment
Industrial Agglomeration
作者简介
通讯作者:崔子航,zcuiag@connect.ust.hk。
