Effect of Environmental, Social, and Governance Performance on Corporate Financialization: Evidence from China
Effect of Environmental, Social, and Governance Performance on Corporate Financialization: Evidence from China
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DOI：
10.3390/su141710712
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发表时间：
2022-08
期刊：
影响因子：
3.9
通讯作者：
Shuxia Zhang;Xiangyang Yin;Liping Xu;Ziyu Li;Deyue Kong
中科院分区：
文献类型：
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作者：
Shuxia Zhang;Xiangyang Yin;Liping Xu;Ziyu Li;Deyue Kong
中国许多非金融企业越来越多地投资于金融资产。为了理解这一现象背后的驱动因素，本文考察了环境、社会和治理（ESG）绩效对公司金融化的影响。实证结果表明，ESG绩效对企业金融化具有正向影响，表明ESG活动是企业寻求金融套利的工具。进一步的研究证实，中国非金融上市公司的企业金融化主要是为了最大化短期财务回报，而不是为长期发展储备资金。异质性分析表明，在非国有企业和市场化程度较低地区的企业中，正效应更为显著。本研究丰富了现有关于ESG绩效的经济后果和企业金融化影响因素的文献，为政府监管部门加强对ESG活动和金融资产投资的监管，确保经济持续健康发展提供了实践指导。
Many nonfinancial firms in China invest increasingly in financial assets. To understand the driving factors behind this phenomenon, this paper examines the effect of environmental, social, and governance (ESG) performance on corporate financialization. The empirical results show that ESG performance has a positive effect on corporate financialization, suggesting that ESG activities are a tool for firms to seek financial arbitrage. Further examination confirms that corporate financialization of Chinese nonfinancial listed firms is motivated mainly by maximizing short-term financial returns, rather than reserving funds for long-term development. Heterogeneity analysis shows that the positive effect is more significant in non-state-owned firms and in firms located in regions with a low degree of marketization. This study enriches the existing literature on the economic consequences of ESG performance and the influential factors of corporate financialization and provides practical guidance for government regulators to strengthen stricter regulation on ESG activities and financial asset investment to ensure sustainable and healthy economic development.