A Study on the Influence of Energy Saving and Carbon Reduction Policy on Enterprise Financialization
ZHAO Wenwen1, WANG Shuhua2
1. Shanxi University of Finance and Economics,School of Finance, Taiyuan 030006,China; 2. Shanxi University of Finance and Economics,Institute of Shanxi Merchant Studies, Taiyuan 030006,China
Abstract Taking the listed entity enterprises from 2008 to 2021 as the research sample, this paper uses the double difference model to explore the effect and specific mechanism of energy conservation and carbon reduction policy on enterprise finance. The empirical results show that the energy conservation and carbon reduction policy significantly reduces the financial level of policy pilot enterprises, which has passed a series of robustness and endogenous tests, such as parallel trend test, replacement variable and PSM-DID. The mechanism test indicates that the policy of energy conservation and carbon reduction restrains the financialization of enterprises by improving the ability of technological innovation and alleviating the myopia of managers. Heterogeneity analysis indicates that the effect stopping the companies being distracted from their intended purpose of the policy has heterogeneity, which is more significant when senior executives have financial background, industry competition is high and economic policy is more stable. The expansion analysis manifests that the energy conservation and carbon reduction policy has changed the investment bias of enterprises and prevented them being distracted from their intended purpose. Based on this, the government should constantly optimize the construction of environmental regulation system to achieve the win-win goal of environmental protection and economic development.
ZHAO Wenwen,WANG Shuhua. A Study on the Influence of Energy Saving and Carbon Reduction Policy on Enterprise Financialization. Economic Survey, 2024, 41(2): 088.
2024, Vol. 41 
