Financial risk prevention and corporate green innovation: A quasi-natural experiment based on the new asset management regulation

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2024-10-24 DOI:10.1016/j.pacfin.2024.102566

Siyuan Xuan , Daqiang Song , Guomin You

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Abstract

In the context of economic globalization in the 21st century, financial risk prevention and corporate green innovation development have emerged as two indispensable themes in global economic growth. This paper selects Chinese A-share listed companies from 2010 to 2021 as a research sample and uses the introduction of the New Asset Management Regulation as a quasi-natural experiment. Employing a generalized difference-in-differences model, this paper identifies the causal relationship between financial risk prevention and corporate green innovation and assesses the policy effects of financial risk prevention. The results show that financial risk prevention significantly enhances the green innovation activities of companies with a high degree of financialization by constraining investments in financial assets and mitigating management's myopic tendencies. Heterogeneity tests reveal that the promotion effect is primarily evident in the service sector, regulated industries, state-owned enterprises, and regions with a higher level of shadow banking development. The findings reveal the value of financial risk prevention at the micro-level of corporate green innovation and provide useful policy implications for guiding finance to effectively serve the real economy.

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金融风险防范与企业绿色创新：基于新资产管理法规的准自然实验

在 21 世纪经济全球化背景下，金融风险防范和企业绿色创新发展已成为全球经济增长不可或缺的两大主题。本文选取 2010 年至 2021 年中国 A 股上市公司为研究样本，以《资管新规》的出台为准自然实验。本文采用广义差分模型，识别了金融风险防范与企业绿色创新之间的因果关系，并评估了金融风险防范的政策效应。结果表明，财务风险防范通过限制金融资产投资和缓解管理层的近视倾向，极大地促进了高度金融化企业的绿色创新活动。异质性检验显示，促进效应主要体现在服务业、受管制行业、国有企业以及影子银行发展水平较高的地区。研究结果揭示了金融风险防范在企业绿色创新微观层面的价值，为引导金融有效服务实体经济提供了有益的政策启示。

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.