ESG信息披露、媒体监督与企业融资约束

ESG Information Disclosure,Media Supervision and Corporate Financing Constraints

ESG信息披露包含企业环境保护、社会责任履行和公司治理状况等内容,关乎企业的可持续发展。ESG信息披露能否有效缓解企业融资约束难题,媒体监督对两者关系是否存在调节效应是值得研究的主题。文章在理论分析了ESG信息披露对企业融资约束的影响,以及媒体监督在其中调节作用基础上,运用2011-2020年度中国上市公司的相关数据,基于媒体监督视角实证检验了ESG信息披露与企业融资约束间的关系。研究发现:ESG信息披露能显著缓解企业融资约束,媒体监督能进一步缓解ESG信息披露与企业融资约束间的关系,媒体积极报道能够提升ESG信息披露对企业融资约束的缓解效应;进一步异质性分析表明,ESG信息披露的融资约束缓解效应在非国有企业、处于成长期或成熟期的企业、新《环保法》实施后、自愿披露社会责任的企业中表现得更加显著。

ESG information disclosure includes corporate environmental protection,social responsibility fulfillment and corporate governance status,which is related to the sustainable development of corporate.Whether ESG information disclosure can effectively alleviate the corporate financing constraints,and whether media supervision has a moderating effect on the relationship between the two are topics worthy of study.Based on the theoretical analysis of the impact of ESG information disclosure on corporate financing constraints and the moderating role of media supervision,this paper uses the relevant data of Chinese listed companies from 2011 to 2020 to empirically test the relationship between ESG information disclosure and corporate financing constraints from the perspective of media supervision.The study found that ESG information disclosure can significantly alleviate corporate financing constraints,and media supervision can further alleviate the relationship between ESG information disclosure and corporate financing constraints,that is,active media reports can enhance the mitigation effect of ESG information disclosure on corporate financing constraints;further heterogeneity analysis shows that the financing constraint mitigation effect of ESG information disclosure is more significant in non-state-owned enterprises,enterprises in the growing or mature period,after the implementation of the new environmental protection law and enterprises that voluntarily disclose social responsibility.