造纸企业ESG表现对融资效率的影响研究

Research on the Impact of ESG Performance on Financing Efficiency in Paper Enterprises

选取23家造纸企业2016-2022年数据,利用DEA-BCC模型测算其综合技术效率,并构建Tobit模型研究造纸企业ESG表现对融资效率的影响。2016-2022年造纸企业综合技术效率值呈现波动趋势,2018年之后处于相对有效状态,回归结果发现,ESG表现得分与造纸企业融资效率显著正相关,从环境(E)、社会(S)和公司治理(G)三个方面分析原因,并基于研究得出的结论,从企业、政府和投资者角度提出了建议。

This paper used the DEA-BCC model to calculate the comprehensive technical efficiency of 23 paper mills based on data from 2016 to 2022.It constructed a Tobit model to study the impact of ESG performance on financing efficiency in paper mills.Research found that the higher the ESG performance score,the higher the financing efficiency of paper companies.It analyzed the reasons from three aspects:environmental(E),social(S),and corporate governance(G),and it proposed suggestions from the perspectives of enterprises,governments,and investorsbased on the conclusions drawn from the research.