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Abstract Taking China’s Shanghai and Shenzhen A-share listed manufacturing enterprises from 2011 to 2021 as a sample, this study reveals the impact of corporate financialization on green transformation intentions, and discusses the moderating effect of heterogeneous financialization behavior motivation and the enabling effect of different green financial instruments. The results show that: ①the deepening of financialization will significantly inhibit the green transformation intention of enterprises, and play a greater role in non-state-owned enterprises, heavy polluting enterprises, defensive strategic enterprises and enterprises with high equity concentration. ②As internal subjective behavior motivation and external behavior motivation, the increase of profitability optimism and industry competition can alleviate the inhibition effect of financialization on green transformation intention, while the increase of financing constraint intensity of internal objective behavior motivation will aggravate the inhibition effect of financialization on green transformation. ③Enterprises that have obtained special green finance policies and government subsidy policies are more likely to alleviate the inhibiting effect of financialization on enterprises’ green transformation intentions.
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Received: 30 November 2023
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