摘要
基于我国2010—2021年非金融上市公司数据,采用固定效应模型实证检验环境管理体系认证对企业金融化的影响。研究发现:环境管理体系认证能够显著抑制企业金融化,且与重污染企业相比,环境管理体系认证更能显著抑制非重污染企业的企业金融化;环保投资在环境管理体系认证与企业金融化的关系中具有部分中介作用。考虑行业竞争和制度环境发现,当市场竞争度较高、法治水平较低时,环境管理体系认证对企业金融化的抑制作用更显著。对完善环境管理体系认证制度以促进经济可持续发展提出了建议。
Based on the data of non-financial listed companies from 2010 to 2021,a fixed-effect model is used to empirically test the impact of environmental management system certification on enterprise financialization.The results show that environmental management system certification can significantly inhibit enterprise financialization,and compared with heavy polluting enterprises,environmental management system certification can significantly inhibit enterprise financialization of non-heavy polluting enterprises.Environmental investment has partial moderating effect on the relationship between environmental management system certification and enterprise financialization.Considering the industry competition and institutional environment,it is found that when the market competition is high and the legal level is low,the environmental management system certification has a more significant inhibitory effect on enterprise financialization.Finally,some suggestions are presented to perfect the environmental management system certification institution and promote sustainable economic development.
作者
李志学
韩庭硕
杜丹
LI Zhixue;HAN Tingshuo;DU Dan(Research Certer of Shaanxi Oil and Gas Resources Economic Management,Xi'an Shiyou University,Xi'an,Shaanxi,710065,China)
出处
《西安石油大学学报（社会科学版）》
2023年第4期73-81,共9页
Journal of Xi’an Shiyou University:Social Science Edition
关键词
环境管理体系认证
企业金融化
环境规制
环保投资
environmental management system certification
enterprise financialization
environmental regulation
environmental protection investment
