企业ESG表现对融资约束的影响研究——基于信号不对称与委托代理视角
收稿日期: 2023-03-15
网络出版日期: 2023-05-22
基金资助
湖南省自然科学基金面上项目“‘双碳’目标导向下企业碳成本核算研究”(2022JJ31021);湖南省哲学社会科学基金项目“环境管理会计助推企业高质量发展的机理与路径研究”(22YBA121)
A Study of Impact of Enterprise ESG Performance on Financing Constraints—Based on Signal Asymmetry and Principal-Agent Perspective
Received date: 2023-03-15
Online published: 2023-05-22
文章以2015—2020年我国沪深A股上市公司为样本，实证检验企业ESG表现对融资约束的缓解效应、作用机制及影响路径。研究表明：良好的企业ESG表现有助于企业走出融资约束困境，并且企业ESG表现对融资约束的缓解效应在中小规模企业中更为明显。从企业ESG表现缓解融资约束的作用机制来看，企业ESG表现不仅能发挥信号效应，帮助企业获得更多的分析师关注，还能发挥治理效应，缓解委托代理冲突。从企业ESG表现对融资约束的影响路径来看，企业ESG表现可以帮助企业获得更低成本的债务融资和股权融资以缓解融资约束。今后，政府应进一步规范企业ESG信息披露的法律法规，鼓励第三方机构积极开展对企业ESG信息披露的核查与评估;企业应建立并完善ESG治理架构、积极开展绿色实践，以提升自身ESG表现。
张亚连 , 苏昌萍 . 企业ESG表现对融资约束的影响研究——基于信号不对称与委托代理视角[J]. 新疆财经, 2023 , 0(2) : 48 -57 . DOI: 10.16716/j.cnki.65-1030/f.2023.02.005
Based on the sample of listed companies in Shanghai and Shenzhen A-shares from 2015 to 2020, this paper empirically tests the mitigation effect, mechanism and path of ESG performance on corporate financing constraints. The results show that good corporate ESG performance can help enterprises get out of the financing constraint dilemma, and the effect of corporate ESG performance to alleviate the financing constraint is more obvious in small and medium-sized enterprises. From the perspective of the mechanism of enterprise ESG performance affecting enterprise financing constraints, enterprise ESG performance can not only play a signal effect and help enterprises gain more analysts' attention, but also give full play to the governance effect of enterprise ESG performance and effectively alleviate the agency conflict of enterprises. From the perspective of the impact path of corporate ESG performance to alleviate corporate financing constraints, corporate ESG performance can help enterprises obtain lower cost debt financing and equity financing. This study has implications for promoting enterprises' ESG information disclosure and improving the efficiency of resource allocation.
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