ESG表现对制造业企业高质量发展影响机制研究——基于信贷融资成本视角

The Influence Mechanism of ESG Performance on the High-Quality Development of Manufacturing Enterprises:From the Perspective of Credit Financing Costs

以制造业上市公司2009—2021年的数据为研究样本,实证检验了ESG表现对制造业企业高质量发展的影响机制。结果表明:ESG表现对制造业企业高质量发展具有显著的促进作用,该结论经过一系列稳健性检验后依然成立;信贷融资成本在ESG表现与制造业企业高质量发展之间起到了中介作用;进一步研究发现,在东部地区、国有企业、大规模企业以及重污染企业样本中,ESG表现对制造业企业高质量发展的促进作用更为显著。据此,政府应建立并完善制造业上市公司的ESG信息披露制度,企业也应积极主动地提升自身的ESG表现水平,以共同促进制造业企业的高质量发展。

Using the data from listed manufacturing companies from 2009 to 2021 as the research samples,this paper empirically examines the influence mechanism of ESG performance on the high-quality development of manufacturing enterprises.It reveals that ESG performance can significantly promote the high-quality development of manufacturing enterprises and the conclusion remains valid after a series of robustness tests.The credit financing cost plays a mediating role between ESG performance and the high-quality development of manufacturing enterprises.The research further finds that ESG performance has played a more significant role in promoting high-quality development of manufacturing enterprises in eastern regions, state-owned enterprises, large-scale enterprises, and heavily polluting enterprises. Therefore, it is suggested that the government should establish and improve the ESG information disclosure system of listed manufacturing companies, and enterprises should actively improve their ESG performance level to jointly promote the high-quality development of manufacturing enterprises.