Using data from A-share listed companies from 2011 to 2022, this paper uses the two-way fixed effects technique to investigate the relationship between social trust and corporate financialization. The finding shows that implementing regional social trust can help the business financialization process faster. Reducing cash dividends, improving managers' incentive to seek remuneration, and easing financing restrictions also help to generate stimulating advantages. Moreover, the degrees of internal control and external governance of the companies have different effects on mediation. This study's findings help us better grasp a society's unique qualities and effectiveness marked by confidence. Furthermore, it underlined the need to use its internalized value to create positive interactions between the institutional environment and corporate investment, promoting a fairer real economy and finance growth.

中文翻译：

---

社会信任如何促进企业金融化？


本文利用 2011—2022 年 A 股上市公司的数据，采用双向固定效应技术考察了社会信任与企业金融化之间的关系。研究结果表明，实施区域社会信任可以帮助企业更快地实现金融化进程。减少现金股息、提高经理人寻求薪酬的动机以及放宽融资限制也有助于产生刺激性优势。此外，公司的内部控制和外部治理的程度对调解有不同的影响。这项研究的结果有助于我们更好地把握一个以自信为标志的社会的独特品质和有效性。此外，报告还强调需要利用其内化价值在制度环境和企业投资之间建立积极的互动，促进更公平的实体经济和金融增长。