ESG Performance and Financing Constraints:Further Discussion Based on the Quantity and Quality of Information Disclosure
Under the background of increasing attention to climate change,the benign interaction between enterprise development and capital market can not only effectively meet the capital demand of enterprise development,but also help China's high-quality economic development and achieve the goal of carbon peak and carbon neutrality.Based on the signaling model and 1136 listed companies from 2010 to 2019,this paper analyses the impact of ESG performance on financing constraints from theoretical and empirical perspectives.We find that excellent ESG performance of enterprises can significantly reduce their financing constraints.Mechanism analysis shows that ESG performance can enhance information transparency between enterprises and investors,and the role of the quantity and quality of ESG information disclosure varies in this process.The effect of improving the quality of information disclosure will be better than the quantity disclosed at present.Moreover,ESG performance has a significant asymmetric impact on different financing methods,which can alleviate debt financing and equity financing while suppressing internal financing capabilities.Enterprises may face a trade-off between long-term and short-term benefits.This paper provides useful empirical evidence and decision-making guidance for the government to formulate corporate information disclosure policies and guide socially responsible investment.
ESG performancefinancing constraintsasymmetrysignal transmissionquantity and quality of information
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