The Impact of ESG Disclosure on Financing Constraints of Manufacturing Firms
Under the background of the prevalence of five new development concepts,ESG has become a topic of great concern.In the market economy,manufacturing enterprises play an important role as indispensable micro subjects,but the financing problem hinders the development of manufacturing enterprises,which makes it necessary to study the financing constraints of manufacturing enterprises.At present,domestic scholars study how to reduce corporate financing constraints from ESG,proposing that ESG disclosure is inversely proportional to financing constraints,i.e.,the higher the level of corporate ESG disclosure,the smaller the financing constraints.Taking A-share listed manufacturing enterprises from 2013-2023 as the research sample,the relationship between the two is further explored based on the media attention and analyst attention perspectives.It is found that ESG disclosure can significantly alleviate the financing constraints of manufacturing firms,and media attention and analyst attention can further alleviate the relationship between ESG disclosure and financing constraints of manufacturing firms.
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