ESG表现对企业融资约束的影响
The Impact of ESG Performance on Corporate Financing Constraints
程露瑶 1章玲 1林欢1
作者信息
摘要
作为评价企业可持续发展能力的关键指标,企业ESG表现是否有助于缓解企业融资约束引起了社会各界的普遍关注.本文运用2009-2021年沪深A股中获取华证ESG评级的3975家上市公司数据,实证分析了 ESG表现对企业融资约束的影响程度和作用机制.研究发现:良好的ESG表现有助于企业缓解融资约束;作用机制分析表明,企业良好的ESG表现通过提升企业信息透明度、降低企业经营风险和融资成本进而缓解了企业融资约束;将内部控制和分析师关注度引入实证分析中发现,内部控制和分析师关注度均有助于强化企业ESG表现对融资约束的缓释效应.进一步研究结果表明:对于国有企业、小规模企业和沿海地区企业而言,ESG缓解企业融资约束的效应更为明显.研究结论对于完善ESG信息披露制度、提高企业ESG表现,进而缓解融资约束具有重要启示意义.
Abstract
As a key indicator for evaluating the sustainable development ability of enterprises,whether corporate ESG performance helps to alleviate corporate financing constraints has aroused widespread concern in all sectors of society.This paper empirically analyzes the influence of ESG performance on corporate financing constraints and the mechanism of its effect by using the data of 3975 listed companies in Shanghai and Shenzhen A-shares that have obtained CSI ESG ratings from 2009 to 2021.The study finds that good ESG performance helps enterprises to alleviate financing constraints;the mechanism analysis shows that good ESG performance alleviates corporate financing constraints by enhancing corporate information transparency,reducing corporate business risks and financing costs;The introduction of internal control and analysts'attention into the empirical analysis reveals that internal control and analysts'attention help to strengthen the mitigating effect of corporate ESG performance on financing constraints.Further findings show that the effect of ESG on mitigating corporate financing constraints is more obvious for state-owned enterprises,small-scale enterprises and enterprises in coastal areas.The findings of this study have important implications for improving the ESG disclosure system,enhancing corporate ESG performance,and thus alleviating financing constraints.
关键词
企业ESG表现/融资约束/信息透明度/经营风险/融资成本Key words
Corporate ESG Performance/Financing Constraint/Information Transparency/Business Risk/Financing Cost引用本文复制引用
出版年
2024
NETL
NSTL
万方数据