The Study on the Financialization of Export-Oriented Manufacturing Enterprises under the Impact of Green Trade Barriers

Zhaotian Yin

doi:10.54254/2754-1169/2025.GL29182

Advances in Economics, Management and Political SciencesOpen access

The Study on the Financialization of Export-Oriented Manufacturing Enterprises under the Impact of Green Trade Barriers

Research Article

Open Access

The Study on the Financialization of Export-Oriented Manufacturing Enterprises under the Impact of Green Trade Barriers

Zhaotian Yin ^1*

¹ Lanzhou University

^*Corresponding author: yinzht2023@lzu.edu.cn

Published on 5 November 2025

AEMPS Vol.236

ISSN (Print): 2754-1177

ISSN (Online): 2754-1169

ISBN (Print): 978-1-80590-505-9

ISBN (Online): 978-1-80590-506-6

Download Cover

Abstract

With the globalization of Green Trade Barriers (GTBs) and the continuous tightening of green technical standards, exploring the impact of GTBs on the financialization of China’s export-oriented manufacturing enterprises and its underlying mechanism has become a critical research focus.This research selects Chinese A-share listed export-oriented manufacturing enterprises covering the period from 2009 to 2024 as its research samples. It incorporates multi-source datasets—specifically the WTO Environmental Database, CSMAR Database, and annual reports of listed companies—and adopts a two-way fixed effects model along with a mediation effect model to carry out empirical analysis. The results show that: (1) GTBs significantly increase the level of corporate financialization, which supports Hypothesis H1; (2) GTBs elevate firms’ short-term financialization by reducing the current asset ratio, thereby verifying Hypothesis H2. A set of robustness tests—for instance, sensitivity analysis of fixed effect specifications, replacement of industry fixed effects, adjustment of clustered standard errors, and modification of variable functional forms—further confirm the reliability of the baseline conclusions. Theoretically, this study enriches the research framework linking international trade policy, environmental regulation, and corporate financialization, addressing the gap in existing studies that mostly focus on macroeconomic fluctuations or general trade policy uncertainty. Practically, it provides insights for export-oriented manufacturing enterprises to balance short-term financialization and core business development, and suggests policymakers introduce measures to alleviate enterprises’ compliance pressures and prevent the "hollowing-out" of the real economy. Limitations include a sample restricted to A-share listed enterprises; future research may expand the sample scope and explore firm heterogeneity.

Keywords:

Green Trade Barriers, Export-Oriented Manufacturing Enterprises, Corporate Financialization, Current Asset Ratio, Two-Way Fixed Effects Model

View PDF

References

[1]. Wang, L., & Hsu, H. H. (2025). The industry-education integration of logistics transportation in supply chain management under "Dual Carbon Target". Asia Pacific Economic and Management Review, 2(3).

[2]. Gao, X. (2024). Research on the influence of green trade barriers on China’s export and its coping strategies. Frontiers in Business, Economics and Management, 15(1), 54–57.

[3]. Liu, Z., Zhang, M., Li, Q., & others. (2023). The impact of green trade barriers on agricultural green total factor productivity: Evidence from China and OECD countries. Economic Analysis and Policy, 78, 319–331.

[4]. Roh, T., Noh, J., Oh, Y., & Park, K.-S. (2022). Structural relationships of a firm’s green strategies for environmental performance: The roles of green supply chain management and green marketing innovation. Journal of Cleaner Production, 356, 131877.

[5]. Wu, H., Deng, H., & Gao, X. (2024). Impact of digital technology innovation on carbon intensity: Evidence from China’s manufacturing A-share listed enterprises. Environmental Science and Pollution Research, 31(28), 41084–41106.

[6]. Ni, Y. (2024). Green trade barriers in the context of globalization: Legal challenges and countermeasures. Journal of Education, Humanities and Social Sciences, 39, 68–76.

[7]. Flaaen, A., Hortaçsu, A., & Tintelnot, F. (2020). The production relocation and price effects of US trade policy: The case of washing machines. American Economic Review, 110(7), 2103–2127.

[8]. Ma, A. (2024). The role of management characteristics in trade frictions and corporate financialization. Finance Research Letters, 65, 105505.

[9]. Si, D.-K., Zhuang, J., Ge, X., & Yu, Y. (2024). The nexus between trade policy uncertainty and corporate financialization: Evidence from China. China Economic Review, 84, 102113.

[10]. Yang, Z., Liu, P., & Luo, L. (2024). How does environmental regulation affect corporate green innovation: A comparative study between voluntary and mandatory environmental regulations. Journal of Comparative Policy Analysis: Research and Practice, 26(2), 130–158.

[11]. Han, F., Mao, X., Yu, X., & Yang, L. (2024). Government environmental protection subsidies and corporate green innovation: Evidence from Chinese microenterprises. Journal of Innovation & Knowledge, 9(1), 100458.

[12]. Xia, B. (2024). Corporate financialization and green innovation. Journal of Innovation and Development, 6(2), 9–15.

[13]. Tao, L., Chen, L., & Li, K. (2021). Corporate financialization, financing constraints, and environmental investment. Sustainability, 13(24), 14040.

[14]. Zhang, X., Gao, Y., Cao, M., & Zhang, Z. (2025). Assessing the dual bonus of environmental information disclosure in China: New evidence from the double machine learning model. Emerging Markets Finance and Trade, 61(13), 4231–4246.

[15]. Huang, Z., Li, X., & Chen, S. (2021). Financial speculation or capital investment? Evidence from relationship between corporate financialization and green technology innovation. Frontiers in Environmental Science, 8, 1–12.

[16]. Guan, Y., & Wei, Q. (2024). Financial cycles and corporate financialization levels—Evidence from the cultural industry enterprises. Finance Research Letters, 67, 105793.

[17]. Demir, F. (2009). Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets. Journal of Development Economics, 88(2), 314–324.

[18]. Lu, T., & Xu, Q. (2024). Are the green TBTs a stimulus or a trap for enterprises’ green technology development? China Finance and Economic Review, 13(2), 26–45.

[19]. Qing, L., Li, P., Dagestani, A. A., Woo, C., & Zhong, K. (2024). Does climate change exposure impact on corporate finance and energy performance? Unraveling the moderating role of CEOs’ green experience. Journal of Cleaner Production, 461, 142653.