企业金融化与绿色转型研究：机制识别与政策优化

Study on the Enterprise Finance and Green Transformation: Mechanism Identification and Policy Optimization

中文关键词:  金融化  企业绿色转型  金融综合改革试验区  期限结构差异

英文关键词:financialization  green transformation of enterprises  the financial comprehensive reform pilot zone  term structure difference

中文摘要:

      实体企业金融化往往会对其经营管理决策产生重大影响。本文基于实体上市企业年报和财务数据（2007—2020年），构建其绿色转型指标，进而从理论和实证两个方面确证了金融化对绿色转型的影响与机制问题。实证结果表明，企业金融化会对其绿色转型产生显著的负面冲击，其中短期金融化行为的影响更为明显；特别地，这一冲击对重污染企业、战略性新兴企业绿色转型的影响更为显著。通过机制识别，研究发现上述冲击影响主要通过恶化财务状况、提升企业风险并降低企业预期等渠道导致企业绿色转型水平下降。进一步地，通过政策优化（如金融综合改革试验区制度）支持，上述负面效应将被显著削弱，这也说明金融体制机制的优化是降低企业金融化负面效应，提升其转型升级动力和意愿的重要路径。

英文摘要:

      The financialization of physical enterprises often has a significant impact on their management decisions. This article constructs a green transformation index based on the annual reports and financial data（2007-2020）of listed physical enterprises and verifies the impact and mechanism of financialization on green transformation from both theoretical and empirical perspectives. Empirical results show that financialization of enterprises will have a significant negative impact on their green transformation， with the impact of short-term financialization being more pronounced. Specifically， this impact is more significant for heavily polluting enterprises and strategic emerging enterprises. Through mechanism identification， the study finds that the above-mentioned negative impact mainly results in a decline in the level of green transformation of enterprises through channels such as deteriorating financial conditions， increasing enterprise risks， and reducing enterprise expectations. Furthermore， through policy optimization（such as the financial comprehensive reform pilot zone system）support， these negative effects will be significantly weakened. This also indicates that the optimization of the financial system mechanism is an important path to reduce the negative effects of enterprise financialization， enhance their transformation and upgrading motivation and willingness.