The impact of bank-enterprise ESG consistency on enterprises'financing constraints—Based on the perspective of bank-enterprise synergy effect
Using the listed enterprises in China's A-share non-financial industries from 2013 to 2022 as the research samples,this paper empirically examines the impact of banks'ESG performance and enterprises'ESG performance on enterprises'financing constraints.It is found that bank-enterprise ESG consistency has a synergistic impact on alleviating enterprises'financing constraints,and this conclusion remains valid after considering the endogeneity problem and conducting a series of robustness tests.The mechanism test shows that bank-enterprise ESG consistency plays a role through the synergy effect of trust and information as well as the synergy effect of risk and management.Heterogeneity tests show that bank-enterprise synergies are more effective for enterprises with high dependence on bank loans,state-owned enterprises,and enterprises in central and eastern regions.Based on the findings,suggestions are put forward to strengthen ESG strategic collaboration between banks and enterprises,improve ESG information disclosure standards and rating system criteria,elevate the level of risk management for both banks and enterprises,and strengthen policy guidance and support,so as to facilitate enterprises to address financing challenges and achieve the high-quality development.
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