内部控制能缓解企业的融资约束吗?——基于企业ESG表现的路径检验

Can Internal Control Alleviate the Financing Constraints of Enterprises?--Path Test Based on the ESG Performance of Enterprises

内部控制是影响中国企业融资约束的重要影响因素,而企业的ESG表现又受到内部控制的作用效果影响,进而影响到企业的融资约束。融资约束会抑制企业的投资行为,探究缓解企业融资约束的驱动因素具有十分重要的意义。文章以2011—2021年我国A股上市公司数据为样本,从内部控制、ESG表现的角度,分析其缓解企业融资约束的内在驱动机理及影响机制。结果显示,内部控制能够显著缓解企业的融资约束,企业的ESG表现在其中起到了部分中介效应。

Internal control is an important factor affecting the financing constraints of Chinese enterprises,and the ESG performance of enterprises is affected by the effect of internal control,which in turn affects the financing constraints of enterprises.Financing constraints will inhibit the investment behavior of enterprises,and it is of great significance to explore the driving factors to alleviate the financing constraints of enterprises.Based on the data of China's A-share listed companies from 2011 to 2021,this paper analyzes the internal driving mechanism and influence mechanism of alleviating corporate financing constraints from the perspective of internal control and ESG performance.The results show that internal control can significantly alleviate the financing constraints of enterprises,and the ESG performance of enterprises plays a partial mediating effect.