ESG表现对企业债务违约风险的影响——基于融资约束和代理问题的中介效应研究

The Impact of ESG Performance on Corporate Debt Default Risk:Research on Intermediary Effects Based on Financing Constraints and Agency Problems

防范化解债务违约风险对于企业可持续发展具有重要意义。以2009—2021年中国沪深A股上市公司为研究样本,基于融资约束和代理问题视角,实证检验ESG表现对企业债务违约风险的影响及作用机制。结果发现:ESG表现能够显著降低企业的债务违约风险,并且细分ESG表现的影响,发现社会责任(S)和公司治理(G)表现在风险降低效应中发挥了主导作用,而环境(E)表现的风险降低效应具有滞后性。进一步机制检验表明,融资约束和代理问题在ESG表现影响债务违约风险的过程中发挥部分中介效应,且代理问题的中介效应大于融资约束的中介效应。异质性检验发现,ESG表现对债务违约风险的降低作用在非国有企业、小规模企业中更为明显。研究揭示了ESG表现对企业债务违约风险的作用机制,有助于为企业践行ESG理念、化解债务违约风险提供经验证据。

Preventing and resolving the risk of debt default is of great significance for the sustainable development of enterprises.Based on the perspective of financing constraints and agency problems,this paper empirically examines the impact of ESG performance on corporate debt default risk and its mechanism by taking Shanghai and Shenzhen A-share listed companies from 2009 to 2021 as research samples.The results show that:ESG performance can significantly reduce the risk of corporate debt default,and the impact of ESG performance is segmented,and it is found that social responsibility(S)and corporate governance(G)play a leading role in the risk reduction effect,while the risk reduction effect of environment(E)has a lag.Further mechanism test shows that financing constraints and agency problems play a partial mediating effect in the process of ESG performance affecting debt default risk,and the mediating effect of agency problems is greater than that of financing constraints.Heterogeneity test shows that ESG performance has a more significant effect on debt default risk reduction in non-state-owned enterprises and small-scale enterprises.This study reveals the mechanism of ESG performance on corporate debt default risk,which is helpful to provide empirical evidence for enterprises to practice ESG concept and resolve debt default risk.