“存贷双高”与ESG表现:策略性应对的视角

The Anomaly of“High Cash and Debt”and ESG Performance:A Strategic Response Perspective

ESG已得到国际社会广泛认可,成为衡量企业可持续高质量发展的重要参照。然而“漂绿”等伪ESG行为屡见不鲜,严重损害了社会福利。本文以2007—2019年沪深A股上市公司为研究样本,试图探究存贷双高企业是否会出于自利动机策略性利用ESG优势。实证发现,存贷双高企业展示出更好的ESG表现,符合策略性应对的假设。企业内部大股东利益侵占程度越高、会计信息质量越低,存贷双高与ESG表现间的正向关系越强烈;区分ESG分项后,存贷双高企业仅在治理方面展示出更高的绩效。这些进一步佐证了存贷双高企业ESG舞弊,且异质性分析表明这一策略性应对行为主要体现在环境和社会风险较低以及市场关注度较低的组别。

ESG has been widely recognized by the international community and become an important reference for measuring the sustainable and high-quality development of enterprises.However,pseudo ESG behaviors such as"greenwashing"are common and seriously damage social welfare.This article attempts to explore whether enterprises with"high cash and debt"will strategically utilize ESG advantages out of self-interest motives.Taking the A-share listed companies from 2007 to 2019 as research samples,we find that companies with"high cash and debt"exhibit better ESG performance,consistent with the assumption of strategic response.The higher the degree of tunneling by the largest shareholder and the lower the quality of accounting information,the stronger the positive relationship between"high cash and debt"and ESG performance.After distinguishing the ESG sub sectors,enterprises with"high cash and debt"only show higher performance in terms of governance.These tests further support the ESG fraud of enterprises with"high cash and debt",and heterogeneity analysis shows that it is mainly reflected in the groups with low environmental and social risks and lowmarketattention.