Finance & Economics of Xinjiang

Finance & Economics of Xinjiang >

2023 , Vol. 0 >Issue 2: 48 - 57

DOI: https://doi.org/10.16716/j.cnki.65-1030/f.2023.02.005

A Study of Impact of Enterprise ESG Performance on Financing Constraints—Based on Signal Asymmetry and Principal-Agent Perspective

  • ZHANG Yalian ,
  • SU Changping
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  • Central South University of Forestry and Technology, Changsha 410004, China

Received date: 2023-03-15

  Online published: 2023-05-22

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Abstract

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.

Key words： enterprise ESG performance; financing constraints; signal effect; governance effect

Cite this article

ZHANG Yalian , SU Changping . A Study of Impact of Enterprise ESG Performance on Financing Constraints—Based on Signal Asymmetry and Principal-Agent Perspective[J]. Finance & Economics of Xinjiang, 2023 , 0(2) : 48 -57 . DOI: 10.16716/j.cnki.65-1030/f.2023.02.005

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