金融学季刊

在挤出实体经济同时,污染企业金融化还因加剧企业短视化、阻碍其绿色转型对环境产生严重负外部性,如何抑制污染企业金融化对于实体经济发展以及环境改善具有重要意义。法制建设在环境治理中具有基础性作用,本文基于新《环境保护法》施行这一准自然实验,运用双重差分方法考察这一环境法制建设冲击如何影响污染企业金融化。实证结果表明,新《环境保护法》引致的环境法制建设冲击显著抑制了污染企业的金融化。进一步地,新《环境保护法》这一金融化抑制效应主要通过以下渠道发生作用:其一,从长期来看,新《环境保护法》显著促进了污染企业实体投资规模的增加;其二,新《环境保护法》扭转了污染企业的短视化行为,引导其加快绿色转型升级以实现长期健康发展,环境资本支出以及绿色创新产出显著增多。异质性分析表明,在环境规制执行力度较强地区,新《环境保护法》对污染企业的金融化抑制作用相对更大;当行业竞争度较高、企业为非国有企业或经营绩效相对较好时,新《环境保护法》的金融化抑制效应相对更强。本文的研究清晰地识别出新《环境保护法》引致的环境法制建设冲击与污染企业金融化之间的因果关系及作用机理,从法制建设角度为理解污染企业金融化形成机制及化解路径提供了新的视角,对进一步引导实体企业"脱虚向实"以及绿色转型也具有重要现实意义。

While squeezing out the real economy, the financialization of polluting companies also has serious negative externalities to the environment due to aggravated short-sightedness of companies and hindering their green transformation. How to restrain the financialization of polluting companies is of great significance to the development of the real economy and the improvement of the environment. Legal system construction has a fundamental role in environmental governance. Based on the implementation of the new “Environmental Protection Law”, this quasi-natural experiment uses a double difference method to investigate how this impact of environmental legal system construction affects the financialization of polluting companies. The empirical results show that the impact of environmental legal system construction caused by the new “Environmental Protection Law” has significantly restrained the degree of financialization of polluting companies. Furthermore, the financial restraint effect of the new Environmental Protection Law mainly acts through the following channels: First, in the long term, the new Environmental Protection Law has significantly contributed to an increase in the scale of the real capital investment in polluting industries. Second, the new environmental protection law has reversed the short-sighted behavior of polluting companies and guided them to accelerate green transformation and upgrading to achieve long-term and healthy development. Environmental capital expenditures and green innovation output have increased significantly. The analysis of heterogeneity shows that in areas where the enforcement of environmental regulations is strong, the new environmental protection law has a relatively greater restraint on the financialization of polluting companies; when the industry is highly competitive, the company is a non-state-owned enterprise, or the business performance is relatively good, the financial restraint effect of the new environmental protection law is relatively stronger. This paper clearly identifies the causal relationship and mechanism between the impact of environmental legal system construction caused by the new environmental protection law and the financialization of polluting companies. From the perspective of legal system construction, it provides a new perspective for understanding the financialization mechanism and resolution path of polluting companies. It has important practical significance for further guiding the entity enterprises to “depart from the virtual to the real” and green transformation.