摘要
基于2007—2021年沪深两市A股上市公司数据,探讨ESG绩效对商业信用融资的影响及作用机制。研究发现:ESG绩效提升了企业商业信用融资能力;机制检验发现,ESG绩效提高了信息传递效率和公司治理水平,从而影响商业信用融资;区分样本发现,ESG绩效对商业信用融资的影响在低竞争地位、非污染性行业、东部地区和环保法实施后的样本中更为显著。以上研究结论为企业进行ESG实践,提升商业信用融资水平提供了经验借鉴。
Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2021,this paper explores the impact of ESG performance on commercial credit financing and its mechanism.The results show that ESG performance improves the enterprise's commercial credit financing ability;The mechanism test shows that ESG performance improves the efficiency of information transfer and corporate governance,thus affecting commercial credit financing.Distinguishing the sample found that the impact of ESG performance on commercial credit financing was more significant in the low competitive position,non-polluting industries,eastern region and post-implementation of environmental laws samples.The above conclusions provide experience for enterprises to carry out ESG practice and improve commercial credit financing.
作者
武晓芬
唐媚媚
张记元
WU Xiaofen;TANG Meimei;ZHANG Jiyuan(School of Business Administration and Tourism Management,Yunnan University,Kunming 650500,China;School of Management,Yunnan Minzu University,Kunming 650500,China;School of Economics and Management,Shihezi University,Shihezi 832003,China)
出处
《南京审计大学学报》
北大核心
2023年第3期41-51,共11页
Journal of Nanjing Audit University
基金
国家社会科学基金项目(19CGL053)
云南省教育厅科研基金项目(2022J0394)。
关键词
ESG绩效
商业信用融资
信息传递
治理赋能
内部控制
绿色发展
公司治理
ESG performance
commercial credit financing
information transfer
governance empowerment
internal control
green development
corporate governance
