低碳试点城市与上市公司金融化：抑制效应与政策分析

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-05 DOI:10.1016/j.frl.2024.106386

Min Wan , Dedai Wei , Chenming Yu

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引用次数: 0

摘要

本研究将低碳试点城市政策视为一项重要的政策干预措施。我们探讨了该政策对中国上市公司金融化的潜在影响。研究结果表明，在低碳试点城市项目中，上市公司持有的金融资产比例呈显著下降趋势。政策的实施加剧了企业的融资约束，有效抑制了企业金融化程度。在政策引导下，资本回归实体产业的效果在机构投资者比例较高的企业中更为突出，凸显了政策在调整企业资本结构的同时促进实体经济发展的积极作用。

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Low-carbon pilot cities and financialization of listed companies: Inhibitory effects and policy analysis

This study examined the low-carbon pilot city policy as a critical policy intervention. We explored its potential impact on the financialization of China-listed companies. The findings indicate that listed companies exhibited a significant downward trend in the proportion of financial assets held among the low-carbon pilot city projects. Policy implementation has intensified the financing constraints of enterprises, effectively curbing the degree of corporate financialization. The effect of capital returning to the actual industry under policy guidance was more prominent for companies with a high proportion of institutional investors, underscoring the positive role of policy in adjusting enterprises’ capital structure while promoting the development of the real economy.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance