客户关系如何影响企业的ESG表现——基于融资约束与风险承担能力的中介作用

How do customer relationships affect ESG performance:Mediating role based on financing constraints and risk bearing capacity

在双碳目标背景下,客户关系对企业的ESG表现产生重要影响。基于信号传递理论,通过采用2009—2021年中国沪深A股上市企业的数据,实证分析了客户关系对企业ESG表现的影响及其作用机制。结果表明,客户集中度过高会抑制企业ESG表现,客户波动性较大同样会抑制企业ESG表现。客户集中度可以通过提高企业风险承担能力来降低企业ESG表现,而客户波动性通过提高融资约束来降低企业ESG表现。研究结论对于企业了解客户关系的后果有一定的帮助作用,同时拓展了ESG的前因影响研究,为企业绿色转型发展提供依据。

In the context of dual-carbon targets,customer relationship has a significant impact on the ESG performance of enterprises.Based on the signal transmission theory,this paper empirically analyzes the impact of customer relationship on ESG performance and its mechanism by using the data of Shanghai and Shenzhen A-share listed enterprises from 2009 to 2019.The results show that high customer concentration will inhibit ESG performance,and high customer volatility will also inhibit ESG performance.Customer concentration can reduce firm ESG performance by improving firm risk-taking capacity,while customer volatility can reduce firm ESG performance by increasing financing constraints.The research conclusions are helpful for enterprises to understand the consequences of customer relationship,and expand the antecedent impact study of ESG,providing a basis for the development of enterprises'green transformation.