ESG表现提高了制造业企业融资效率吗
How Does ESG Performance Empower the Financing Efficiency of Manufacturing Enterprises
周立 1曹嘉仪1
作者信息
摘要
积极践行ESG理念是制造业企业走绿色可持续发展道路的重要途径.基于2009-2022年中国沪深A股上市制造业企业数据,考察制造业企业ESG表现对其融资效率的影响及作用机制.研究结果表明:良好的ESG表现通过满足企业有效市场需求、获得投资者青睐和增加企业创新产出三大作用机制,显著提升了制造业企业融资效率,且对小规模、高媒体监督程度及高污染行业企业的作用更为明显;政府环保政策监督程度的加强显著提升了企业ESG表现对融资效率的作用.研究验证了企业积极推进ESG实践有助于推动绿色低碳产业发展,为企业与社会环境的共生融合发展提供了政策启示.
Abstract
Actively practicing ESG concepts is an important way for manufacturing enterprises to achieve green and sustainable development.Based on the data of Chinese A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2009 to 2022,this paper examines the impact and mechanism of ESG performance on the financing efficiency of manufacturing enterprises.The results indicate that positive ESG performance significantly improves the financing efficiency of manufacturing firms through three mechanisms:meeting effective market demands,gaining investors'favor,and increasing firms'innovation outputs;the effects are more obvious for small-sized enterprises,enterprises with high media attention,and enterprises in high-polluting industries;the government strengthens the supervision over environmental policies,significantly enhancing corporate ESG performance's effects on the improvement of financing efficiency.The study reveals that ESG practices actively fulfilled by enterprises promote the development of green and low-carbon industries,realizing the national dual carbon goals.It provides policy insights for realizing the symbiotic and integrated development of enterprises and the social environment.
关键词
ESG/市场需求/投资者青睐/创新产出/融资效率Key words
ESG/market demand/investors favor/innovation output/financing efficiency引用本文复制引用
出版年
2024
NETL
NSTL
万方数据