ESG Performance,Medium and Long Term Credit and Corporate Performance of Strategic Emerging Firms——Based on Threshold Effect of Leverage Ratio
Based on the panel data of A-share listed strategic emerging enterprises from 2019 to 2021,this paper analyzes the relationship between ESG performance of strategic emerging enterprises,corporate medium and long-term credit and corporate performance based on the leverage ratio threshold effect.The research shows that:First,the better the ESG performance of strategic emerging enterprises,the more they pay attention to environmental and social responsibility while pursuing profits,and the higher the possibility of long-term sustainable development,so that enterprises can obtain more medium-and long-term credit from credit financial institutions and alleviate the financing dilemma of strategic emerging enterprises;Second,strategic emerging enterprises are more able to create production capacity performance for R&D and production with a longer period after obtaining medium and long-term credit,further improving their high-quality innovation and development ability.Meanwhile,excessive medium and long-term credit will lead to high leverage ratio of enterprises,and insufficient debt repayment ability of enterprises will lead to continuous decline in corporate performance.Then,an appropriate leverage threshold is found to restrict the increase or decrease of enterprise leverage ratio,so that enterprises can maximize the medium and long-term credit function of enterprises within this reference leverage threshold,so as to maximize enterprise performance.
strategic emerging enterprisesESGmedium and long-term creditleverage ratiothreshold model
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