| The ESG evaluation system,which includes three dimensions of environment,social responsibility and government,has been widely recognized by academia and industry in recent years.However,the existing research mainly focuses on the discussion of the economic consequences of ESG behavior on enterprises,and few literatures pay attention to the impact of ESG responsibility on enterprise investment behavior,especially on financial asset investment behavior.China is in a critical period of economic restructuring,and the problem of financialization of real enterprises is becoming more and more serious.This phenomenon even makes China’s economy tend to move from real to virtual.Therefore,under the background of the vigorous development of ESG investment,it is necessary to deeply analyze the impact of ESG performance of real enterprises on the scale of their financial asset investment,which is of great theoretical and practical significance to enhance the awareness of corporate social responsibility and promote China’s economy from virtual to real.Therefore,this paper summarizes the previous studies.Based on stakeholder theory,sustainable development theory and resource-based theory,starting from the different motivations of entity enterprises to actively assume ESG responsibility,this paper puts forward two opposite hypotheses of value tools and financial tools,and explores the impact of ESG,as an important strategic resource,on the scale of financial assets investment of non-financial enterprises.At first,this paper tests the above assumptions based on the panel data of listed companies in China’s non-financial industry from 2010 to 2020.At the same time,the robustness of the conclusions is further confirmed by means of instrumental variable method,one-period lag of main explanatory variables,replacement of important variable measurement standards and regression models.Secondly,in order to deepen the understanding of the internal mechanism of the phenomenon that corporate ESG performance affects the degree of financialization and make policy recommendations better implemented,this paper also conducts heterogeneity analysis from three aspects: the nature of property rights,the gender characteristics of senior management teams,and financing constraints.Finally,this paper also analyzes the channels through which ESG performance affects the degree of financialization.The study found that : first,in China’s capital market,the ESG practice of non-financial enterprises mainly plays the role of value tool,which means enterprises that actively carry out ESG practice have a stronger sense of morality and social responsibility,and will consciously reduce investment in financial assets.Second,state-owned enterprises with better ESG performance are more likely to concentrate resources on the development of their main business,thereby reducing the degree of financialization of their enterprises,while private enterprises with better ESG performance will increase their allocation of financial assets.In enterprises with high proportion of female executives and low degree of financing constraints,the positive ESG practice of enterprises will have a more obvious inhibitory effect on their financial asset allocation.Third,there is a logical chain that actively assuming corporate ESG responsibility will improve its sustainable development ability,thus reducing the degree of financialization.In order to promote the long-term sustainable development of enterprises and promote China’s economy from virtual to real,this paper provides the following three policy recommendations : First,guide funds to return to their origin and serve economic and social development;second,strengthen financial supervision and effectively prevent and control financial system risks;third,actively carry out ESG practice and pay attention to the interests of stakeholders. |
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