Can Corporate Performance Improve Financial Flexibility?
Under the background of China's active advancement of the goal of"peak carbon dioxide emissions and carbon neutrality",whether corporate ESG performance can improve financial flexibility and create conditions for sustainable financial growth is of strategic significance for promoting the high-quality development of enterprises.Taking A-share listed companies from 2009 to 2021 as the research sample,this paper explores the impact and mechanism of corporate ESG performance on financial flexibility.The study finds that from the perspective of resource flow,corporate ESG performance can improve financial flexibility,and the results still hold after a series of robustness tests.Mechanism tests indicate that the channels of improvement are lower debt financing costs and lower risk-taking levels.Heterogeneity tests further suggest that this enhancement effect is more prominent among firms with lower environmental uncertainty,firms that receive high investor attention,and non-heavily polluting industries.This helps to reveal the internal logic of corporate ESG performance in improving financial flexibility and explore how firms can manage risks and improve financial flexibility by focusing on environmental,social and governance factors.
ESG performancefinancial flexibilityrisk-taking levelcost of debt financing
NETL
NSTL
万方数据
维普
