School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.
Int J Environ Res Public Health. 2021 Dec 17;18(24):13330. doi: 10.3390/ijerph182413330.
In the wake of the acceleration of China's industrialization and rapid economic growth, environmental pollution has also attracted great attention. The technological innovation of heavily polluting enterprises is conducive to reducing pollution emissions and promoting environmental health. The financial investment tendency and behavior of real enterprises have a significant impact on the technological innovation decision-making of enterprises. A panel model is used in this paper in order to empirically test the impact of financialization of Chinese heavily polluting enterprises on technological innovation based on the data of Listed Companies in Chinese heavily polluting industries from 2008 to 2019. The + results show that the financialization of heavily polluting enterprises has a significant crowding out effect on technological innovation. After introducing arbitrage motivation as the regulating variable, further research finds that arbitrage motivation weakens the inhibitory effect of enterprise financialization on technological innovation, that is, the stronger the arbitrage motivation, the smaller the negative effect of financialization on enterprise technological innovation, which weakens this crowding out effect. Finally, the listed enterprises in heavily polluting industries are divided into state-owned enterprises and non-state-owned enterprises according to their corporate attributes. Compared with state-owned enterprises, the financialization of non-state-owned enterprises has a greater squeeze out of technological innovation; and arbitrage motivation has a more significant regulatory effect on the impact of enterprise financialization on technological innovation.
在中国工业化加速和经济快速增长的背景下，环境污染也引起了极大关注。重污染企业的技术创新有利于减少污染排放，促进环境健康。实际企业的金融投资倾向和行为对企业的技术创新决策有重大影响。本文利用面板模型，根据 2008 年至 2019 年中国重污染行业上市公司的数据，实证检验了中国重污染企业金融化对技术创新的影响。结果表明，重污染企业的金融化对技术创新有显著的挤出效应。引入套利动机作为调节变量后，进一步的研究发现，套利动机削弱了企业金融化对技术创新的抑制作用，即套利动机越强，金融化对企业技术创新的负面影响越小，从而削弱了这种挤出效应。最后，根据企业属性将重污染行业上市公司分为国有企业和非国有企业。与国有企业相比，非国有企业的金融化对技术创新的挤出效应更大；并且套利动机对企业金融化对技术创新的影响具有更显著的调节作用。
