ESG信息披露、市场竞争与企业融资约束

ESG Information Disclosure,Market Competition,and Corporate Financing Constraints

ESG信息披露是企业转达自身可持续发展理念的重要途径,目前不断受到理论界和实务界的关注。本文从理论上分析ESG信息披露对企业融资约束的影响,以及市场竞争在其中的调节作用,利用沪深A股2011—2021年的相关数据,对企业ESG披露是否能够有效缓解融资约束问题进行了研究。结果表明:ESG披露能够有效缓解公司的融资约束;市场竞争与ESG信息披露在企业融资约束上具有显著的替代关系。

ESG information disclosure is an important way for enterprises to convey their concept of sustainable development,and it has attracted continuous attention from the theoretical and practical circles.This paper theoretically analyzes the impact of ESG information disclosure on the financing constraints of enterprises,as well as the regulatory role of market competition in it.The paper conducts a study using the relevant data of Shanghai and Shenzhen A-shares from 2011 to 2021 to investigate whether enterprise ESG disclosures can eectively alleviate financing constraints.The results show that ESG information disclosure can significantly alleviate enterprise financing constraints and there exists a significant substitution relationship between market competition and ESG disclosure in addressing enterprise financing constraints.