Research On The Impact Of Corporate Financialization On Environmental Responsibility

In recent years,China’s extensive economic development has brought many serious environmental problems.As an economic entity that cannot be ignored in promoting the construction of Ecological Civilization in China,the corporate environmental responsibility behavior has attracted the attention of the public.Enterprises need a lot of financial support to fulfill their environmental responsibilities.However,more and more real enterprises are financializing in order to obtain capital gains as there are excess profit gap between the real economy and the virtual economy,there has been a sign of financializing.More and more industrial capital floods in the financial and real estate fields,so it is difficult to advance the construction of ecological civilization in China.First of all,this paper reviews the literature related to corporate financialization and environmental responsibility at home and abroad,study whether corporate financialization will affect environmental responsibility and how to affect.And adds property rights,industry nature and media attention as moderating variables,then makes the corresponding hypothesis.Secondly,after analyzing the theory,this paper uses the A-share listed companies of China from 2010 to2018 as the research sample,uses the multiple regression model to test the hypothesis of this paper,and further tests the mechanism of corporate financialization affecting environmental responsibility.Finally,this paper gets the following conclusions: Firstly,the "crowding-out" effect of corporate financialization is bigger than the "reservoir" effect,so corporate financialization reduces environmental responsibility on the whole.Secondly,in state-owned enterprises,enterprises in heavily polluting industries,and enterprises with high media attention,the positive effects of corporate financialization on environmental responsibility through the "reservoir" effect will be expanded,and the negative impact of reducing environmental responsibility through the "crowding out" effect will be suppressed,which in turn can adjust the relationship between financialization and environmental responsibility.Thirdly,there is a significant presence in the intermediary mechanism for corporate financialization to affect environmental liability through the "crowding out" effect,but the "reservoir" effect has a shadowing effect between corporate financialization and environmental responsibility,which is the internal reason why financialization reduces environmental responsibility rather than increases it.The above conclusions still hold after robustness and endogeneity tests.The research contributions of this paper has two levels: From the theoretical perspective,there are few studies on environmental responsibility from the investment point of view in the current domestic and foreign literature,this paper explores the impact of corporate financialization on environmental responsibility from the perspective of corporate financial investment behavior,enriching the impact of environmental responsibility from the perspective of investment,and expands the relevant literature on the regulate impact of property rights,industry properties,and media attention on the relationship between the two.On the realistic level,on the one hand,it provides a certain reference for the government to guide real enterprises to reasonably participate in financial market activities,and to establish differentiated financing policy support for enterprises with different property rights and industry nature;on the other hand,reminding enterprises to guard against the risk of excessive financialization,and it’s good for boosting the initiative of corporate environmental responsibility,encourage enterprises to use the media to disclose environmental responsibility information.