企业ESG会降低融资约束吗?——基于信息不对称的中介效应

Will Enterprise ESG Reduce Financing Constraints?——Mediating Effect Based on Information Asymmetry

研究以2015—2021年我国A股上市公司为研究对象,基于商道融绿(SynTao Green Finance)ESG评级分析报告数据,实证检验企业ESG对企业融资约束的影响。企业ESG经降低信息不对称程度来缓解融资约束,信息不对称在企业ESG和融资约束间发挥中介效应;国有企业或机构投资者占比高的企业,企业ESG对其融资约束的缓解作用更为明显。适当提高企业机构投资者比例、优化金融ESG信息中介业务、培养和提升投资者社会责任意识均有利于营造良好的金融市场环境,对缓解融资约束有积极意义。

The research takes China′s A-share listed companies from 2015 to 2021 as the research object,and based on the data of SynTao Green Finance′s ESG rating analysis report,it empirically tests the impact of corporate ESG on corporate financing constraints.Enterprise ESG alleviates financing constraints by reducing the degree of information asymmetry,and information asymmetry plays an intermediary role between enterprise ESG and financing constraints.For enterprises with a high proportion of state-owned enterprises or institutional investors,ESG plays a more significant role in easing their financing constraints.Appropriately increasing the proportion of corporate institutional investors,optimizing financial ESG information intermediary business,and cultivating and enhancing investors′sense of social responsibility are conducive to creating a good financial market environment,have positive significance for alleviating financing constraints.