Based on the annual data of China's A-share listed companies from 2012 to 2022,this paper empirically tests the effect of ESG performance on the financial risk of enterprises in different life cycles and the influencing channels.The results show that:(1)ESG performance can significantly improve the financial risk of enterprises in different life cycles.(2)Heterogeneity analysis shows that ESG performance has a stronger effect on improving the financial risk of non-state-owned enterprises and enterprises in the western region,but has no obvious effect on enterprises in the recession period in the eastern region.(3)The mechanism test shows that the ESG performance of enterprises improves the financial risk status by alleviating the financing constraints of companies in the growth and maturity stages.The above conclusions show that enterprises should increase ESG investment,investors should pay attention to the performance of non-financial indicators of enterprises,and the government should further improve the performance evaluation system of corporate social responsibility.
关键词
ESG表现/财务风险/融资约束/企业生命周期
Key words
ESG Performance/Financial Risk/Financing Constraints/Enterprise Life Cycle
万方数据