Analysis of ESG Performance,Shareholding Preference of Institutional Investors,and Corporate Financing Constraints
With the widespread recognition of the ESG investment concept,corporate ESG perfor-mance has attracted attention from various sectors of society.As important participants in the capital mar-ket,institutional investors value the concept of green development in which enterprises pursue the uni-ty of social and economic values and incorporate ESG performance into their investment decisions,which plays a positive role in reducing the asymmetry of internal and external information of enterprises and alleviating the financing constraints of enterprises.Based on data from A-share listed companies from 2010 to 2021,this paper empirically examines the impact of ESG performance on corporate fi-nancing constraints.The results indicate that,on the one hand,corporate ESG performance serves a value-creation function.Favorable ESG performance of listed companies conveys positive signals,re-duces operational risks,attracts investments from institutional investors,and helps alleviate financ-ing difficulties.On the other hand,considering heterogeneity effects,pressure-resistant institutional investors,compared to pressure-sensitive ones,possess more of a long-term value investment philos-ophy.Excellent ESG performance is more likely to attract the long-term support of pressure-resistant in-stitutional investors,thereby improving the company's financing situation.The research findings con-tribute to constructing and improving China's ESG system,encouraging companies to enhance their ESG performance,cultivating long-term investment capacities in the market,and providing referenc-es for investors and government regulatory agencies in decision-making to promote high-quality corpo-rate development.
万方数据
维普
