Influence of Financialization of Heavily Polluting Enterprises on Technological Innovation under the Background of Environmental Pollution Control

Yingying Zhou, Yuehan Du, Fengyi Lei, Ziru Su, Yifei Feng and Jie Li
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Yingying Zhou: School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China
Yuehan Du: School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China
Fengyi Lei: School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China
Ziru Su: School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China
Yifei Feng: School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China
Jie Li: School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China

IJERPH, 2021, vol. 18, issue 24, 1-21

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.

Keywords: heavily polluting enterprises; financialization; technological innovation; environmental pollution (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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