Abstract
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.
Highlights
With the further development of ecological civilization, the 19th National Congress of the Communist Party of China put forward a new concept on environmental issues:“Optimize the ecological security barrier system, build ecological corridors and biodiversity protection networks, improve the quality and stability of the ecosystem, firmly establish the concept of socialist ecological civilization, and promote the formation of a new pattern of harmonious development of man and nature.” along with China’s accelerated industrialization process and rapid economic growth, environmental pollution has received great attention
Environmental pollution has become one of the problems that must be solved in the process of economic development in all countries of the world, and it is beneficial to promote the sustainable development of the global economy to deal with the relationship between environment and economy
This paper mainly studies the impact of the financialization of heavily polluting enterprises on technological innovation, in the empirical analysis, that the years and industries will affect the level of technological innovation is taken into account
Summary
With the further development of ecological civilization, the 19th National Congress of the Communist Party of China put forward a new concept on environmental issues:. Environmental pollution has become one of the problems that must be solved in the process of economic development in all countries of the world, and it is beneficial to promote the sustainable development of the global economy to deal with the relationship between environment and economy. It is of great significance to study the direction and intensity of the influence of the financialization of heavily polluting enterprises on technological innovation. This is of great significance for heavily polluting enterprises in the critical stage of transformation and upgrading to achieve high-quality development and prevent excessive financialization of real enterprises. This paper takes the financialization of heavily polluting enterprises as the entry point, provides micro-evidence for the process of financialization of real economy, and enriches the existing research content
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