ESG信息披露对融资约束的影响机制研究——来自我国A股上市公司的经验证据

Research on the Influence Mechanism of ESG InformationDisclosure on Financing Constraints——Empirical Evidence from Chinese A-share Listed Companies

基于2012—2021年我国A股上市公司面板数据,探究ESG信息披露对融资约束的影响。研究表明,ESG信息披露显著缓解融资约束;机制检验表明,ESG信息披露对融资约束的缓释效应主要通过提升市场关注程度和降低融资成本来实现;将内部控制和企业绿色创新引入实证分析中发现,内部控制和企业绿色创新均有助于强化ESG信息披露对融资约束的缓释效应;异质性分析表明,在重污染、高市场化水平地区以及东部地区企业中ESG信息披露对融资约束的缓释效应更为显著。

Based on the panel data of Chinese A-share listed companies from 2012 to 2021,this paper explores how ESG information disclosure affects financing constraints.Research shows that ESG information disclosure significantly alleviates financing constraints;Mechanism test shows that the slow-release effect of ESG information disclosure on financing constraints is mainly achieved by increasing market attention and reducing financing costs.By introducing internal control and corporate green innovation into the empirical analysis,it is found that both internal control and corporate green innovation can strengthen the slow-release effect of ESG information disclosure on financing constraints.Heterogeneity analysis shows that the slow-release effect of ESG information disclosure on financing constraints is more significant among enterprises in heavily polluted areas with high marketization level and in eastern China.