| 作者 | 高晨曦
|
| 姓名汉语拼音 | gaochenxi |
| 学号 | 2021000005043 |
| 培养单位 | 兰州财经大学 |
| 电话 | 18569914968 |
| 电子邮件 | 879095170@qq.com |
| 入学年份 | 2021-9 |
| 学位类别 | 专业硕士 |
| 培养级别 | 硕士研究生 |
| 一级学科名称 | 金融 |
| 学科代码 | 0251 |
| 第一导师姓名 | 程贵 |
| 第一导师姓名汉语拼音 | chenggui |
| 第一导师单位 | 兰州财经大学 |
| 第一导师职称 | 教授 |
| 题名 | ESG 表现对企业金融化的影响研究 |
| 英文题名 | Research on the Impact of ESG Performance on Corporate Financialization |
| 关键词 | ESG 表现 企业金融化 融资约束 技术创新 非线性关系 |
| 外文关键词 | ESG performance; Enterprise financialization; ; Financing constraint; ; Technological innovation; ; Nonlinear relationships |
| 摘要 | 党的二十大报告指出，要完善中国特色现代企业制度，弘扬企业家精神，加快建设世界一流企业。这为我国企业改革发展指明了方向和目标。因此，深入推进企业可持续发展是我国实现经济高质量发展、扎实推进中国式现代化的关键任务。当前我国经济面临着结构转型的难题，越来越多实体企业选择持有金融资产规避风险和投机逐利，实体经济出现“脱实向虚”的问题。兼顾环境(Environment)、社会责任(Social)、公司治理(Government)三个维度的 ESG 评价体系（以下简称ESG 表现）是衡量企业可持续发展的标准，不断践行 ESG 理念有助于重塑企业核心价值观，引导企业“脱虚返实”，助力企业高质量发展。因此在中国式现代化发展的大背景下，本文试图研究 ESG 表现与企业金融化之间的关系。本文在梳理国内外学者对 ESG 表现和企业金融化研究的文献基础上，分析了 ESG 表现对企业金融化的影响的理论机理并提出相应的理论假设。基于国内ESG 建设与企业金融化水平的特征事实，选取 2012-2021 年 A 股非金融企业作为样本进行实证分析。结果表明：（1）固定效应模型回归检验结果表明，ESG 表现对企业金融化具有非线性关系，具体呈现先促进后抑制的“倒 U 型”关系，在经过工具变量法缓解内生性问题，以及经过增加控制变量、改变样本区间和替换核心变量等方法进行稳健性检验后，发现结论依旧可靠。（2）中介效应表明，融资约束在 ESG 表现影响企业金融化的过程中发挥中介效应。（3）调节效应表明，技术创新在 ESG 表现与企业金融化之间存在调节效应，随着企业技术创新水平的提高，表现为倒 U 型曲线更加平缓、拐点左移；（4）异质性检验表明，ESG 表现对企业金融化的影响存在企业生命周期异质性、维度异质性和产权异质性。企业生命周期异质性显示，处于成熟期的企业在 ESG 影响企业金融化的影响效应最大，成长期次之，最后是初创期；维度异质性显示，企业社会责任维度更能显著发挥 ESG 影响企业金融化的非线性效果然后是公司治理维度，最后是环境维度；产权异质性显示，相比于国有企业，民营企业在 ESG 表现影响企业金融化的效果更显著。最后，本文基于研究结论，为推进中国企业高质量发展，实现金融资源有效配置，本文提出相应政策建议，第一，深度践行 ESG 战略，推动企业高质量发展；第二，缓解企业融资约束，助力中小企业健康发展；第三，大力支持企业技术创新，实现产业结构的优化升级；第四，实施 ESG 差异化战略，促进中国特色 ESG 体系的建设。 |
| 英文摘要 | The report to the 20th National Congress of the Communist Party ofChina pointed out that we should improve the modern enterprise systemwith Chinese characteristics, carry forward the entrepreneurial spirit, and accelerate the construction of world-class enterprises. This has pointed out the direction and target for the reform and development of Chinese enterprises. Therefore, further promoting the sustainable development of enterprises is a key task for China to achieve high-quality economic development and solid promotion of Chinese-style modernization. At present, China's economy is facing the difficult problem of structural transformation, more and more real enterprises choose to hold financial assets to avoid risks and speculation for profit, and the real economy appears the problem of "real to virtual". The ESG evaluation system(hereinafter referred to as ESG performance), which takes into account the three dimensions of Environment, Social responsibility and corporate governance, is the standard to measure the sustainable development of enterprises. The continuous practice of ESG concept helps to reshape the core values of enterprises and guide enterprises to "get out of the virtual and return to the real". Help enterprises develop with high quality.Therefore, in the context of the development of Chinese-style modernization, this paper attempts to study the relationship between ESG performance and corporate financialization.Based on the literature review of ESG performance and corporate financialization, this paper analyzes the theoretical mechanism of the impact of ESG performance on corporate financialization and puts forward corresponding theoretical hypotheses. Based on the characteristic facts of domestic ESG construction and enterprise financialization level, this paper selects A-share non-financial enterprises from 2012 to 2021 as samples for empirical analysis. The results show that: (1) Regression test results of fixed effect model show that ESG performance has a nonlinear relationship with corporate financialization, specifically presenting an "inverted U shaped" relationship of first promotion and then inhibition. After the instrumental variable method is used to alleviate the endogenous problem,and the robustness test is conducted by adding control variables, changing sample intervals and replacing core variables, the conclusion is still reliable.(2) Intermediation effect indicates that financing constraints play a mediating role in the process of ESG performance affecting corporate financialization. (3) The moderating effect shows that technological innovation has a moderating effect between ESG performance and firm financialization. With the improvement of firm technological innovation level, the inverted U-shaped cuve becomes smoother and the inflection point shifts to the left. (4) Heterogeneity test shows that the impact of ESGperformance on firm financialization includes firm life cycle heterogeneity,dimensional heterogeneity and property right heterogeneity. The heterogeneity of enterprise life cycle shows that the influence of ESG on corporate financialization is the largest in mature stage, followed by growth stage, and finally start-up stage. The dimension heterogeneity shows that the CSR dimension can exert the nonlinear effect of ESG on corporate financialization more significantly, followed by the corporate governance dimension and finally the environment dimension. The heterogeneity of property rights shows that, compared with state-owned enterprises, private enterprises' ESG performance has a more significant effect on corporate financialization. Finally, based on the research conclusions, in order to promote the high-quality development of Chinese enterprises and realize the effective allocation of financial resources, this paper puts forward corresponding policy suggestions. First, deeply implement the ESG strategy to promote the high-quality development of enterprises; Second, ease the financing constraints of enterprises and help the healthy development of smes; Third,vigorously support enterprises' technological innovation to optimize and upgrade the industrial structure; Fourth, implement ESG differentiation strategy and promote the construction of ESG system with Chinesecharacteristics. |
| 学位类型 | 硕士 |
| 答辩日期 | 2024-06 |
| 学位授予地点 | 甘肃省兰州市 |
| 语种 | 中文 |
| 论文总页数 | 77 |
| 参考文献总数 | 113 |
| 馆藏号 | 0005772 |
| 保密级别 | 公开 |
| 中图分类号 | F83/585 |
| 文献类型 | 学位论文 |
| 条目标识符 | http://ir.lzufe.edu.cn/handle/39EH0E1M/36466 |
| 专题 | 金融学院 |
| 推荐引用方式 GB/T 7714 | 高晨曦. ESG 表现对企业金融化的影响研究[D]. 甘肃省兰州市. 兰州财经大学,2024. |
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