碳排放信息披露会影响实体企业金融化吗？

Will Carbon Emission Information Disclosure Affect the Financialization of Business Entities?

中文关键词:  碳排放信息披露  融资约束  代理成本  管理层持股  法治化建设  企业金融化

英文关键词:carbon emission information disclosure  financing constraints  agency costs  management shareholding  construction of the rule of law  financialization of business entities

中文摘要:

      基于我国防范化解实体企业金融化带来的系统性金融风险以及实现“碳达峰”“碳中和”目标的背景,选取2011—2021年我国沪深A股上市公司数据,实证检验了碳排放信息披露对实体企业金融化的影响。研究发现,碳排放信息披露提升了实体企业金融化水平。机制检验结果显示,碳排放信息披露通过缓解企业融资约束以及提高代理成本加剧了企业金融化。管理层持股比例越高以及企业所处地区法治化水平越高,碳排放信息披露对实体企业金融化的正向影响越弱。进一步研究发现,企业进行碳排放信息披露主要提高了长期金融资产的投资比例,表现为“投机获利”动机。异质性分析表明,碳排放信息披露加剧实体企业金融化在非高碳排放行业、自愿形式披露以及管理层短视行为较严重的企业中更为显著。因此,企业应当完善抑制管理层机会主义行为的薪酬激励机制,政府应当进一步加强环境规制相关的法治化建设,引导企业管理层坚定绿色发展信念,立足长远,聚焦主业经营。

英文摘要:

      Against the background of preventing and resolving systemic financial risks brought by the financialization of business entities and achieving the goal of carbon peak and carbon neutrality in China, this paper empirically tests the impact of carbon emission information disclosure on the financialization of business entities by using sample data of Chinese A-share listed firms in Shanghai and Shenzhen from 2011 to 2021. Research results show that carbon emission information disclosure significantly improves the financialization level of business entities. Mechanism test shows that carbon emission information disclosure increases corporate financialization by alleviating corporate financing constraints and increasing agency costs. The higher proportion of management shareholding and the higher-level rule of law in the region where the firm is located indicate that the positive impact of carbon emission information disclosure on the financialization of business entities is weaker. Further research shows that firms that disclose carbon emission information mainly increase the proportion of their investment in long-term financial assets, which is manifested as the motivation of speculative profit. Heterogeneity analysis shows that promotion of the financialization of business entities by carbon emission information disclosure is more significant in firms with non-high carbon emissions, voluntary information disclosure and short-sighted management. Therefore, firms should attach importance to improving the compensation incentive mechanism to restrain the management's opportunistic behaviors. In addition, the government should further strengthen the construction of the rule of law related to environmental regulations, so as to guide firms to adhere to the belief of green development, take a long-term view and focus on the main business operation. 