【摘要】 在“双碳”政策背景下，环境、社会、治理（Environment,Social,Governance,ESG）是实现经济社会可持续发展的一种新的价值理念。在实体企业金融化愈演愈烈的经济环境下，本研究系统分析并检验了企业ESG表现对企业金融化的影响及其中介传导机制。结果显示：企业ESG表现与企业金融化之间呈现显著的正向关系，体现出企业的“蓄水池动机”，该结论在控制内生性的情况下依然成立；企业财务风险承担水平在ESG表现与企业金融化之间具有部分中介作用。更多还原

【Abstract】 Under the background of “dual-carbon” policy, environmental protection, social responsibility, and corporate governance(environment, social responsibility, governance, ESG) is a new concept for achieving sustainable economic and social development. In the economic environment where the financialization of real enterprises is becoming more and more intense,this paper systematically analyzed and tested the ESG performance on enterprises and its intermediary conduction mechanism. The results shows that there was a significant positive relationship between enterprise ESG performance and enterprise financialization, reflecting the enterprise’s “reservoir motivation”. This conclusion is still valid under the condition of controlling endogeneity. The level of risk undertaking plays a partial intermediary role between ESG performance and enterprise financialization.更多还原