企业ESG表现与“存贷双高”异象

Enterprise ESG Performance and the"Double High Deposit and Loan"Anomaly

近年来,上市公司同时持有高额现金和进行短期借款的异象成为社会各界关注的焦点。以2011—2021年A股上市公司为样本,研究了企业ESG表现对“存贷双高”异象的影响。研究发现,企业ESG表现好能显著抑制“存贷双高”异象。机制分析发现,企业ESG表现好能提高企业的信息透明度、降低企业的代理成本和缓解企业的融资约束,从而能抑制企业的“存贷双高”异象。异质性分析发现,在竞争程度高的行业和市场环境差的地区,企业ESG表现对企业“存贷双高”异象的抑制效应更显著。经济后果分析发现,企业ESG表现抑制了“存贷双高”异象,从而降低了企业的股价崩盘风险。为此,要有效治理企业的“存贷双高”异象,推动资本市场有序运行和经济高质量发展,企业应积极践行ESG。

In recent years,the abnormal phenomenon of listed companies holding high amounts of cash while borrowing short-term loans has become the focus of social attention.Taking A-share listed companies from 2011 to 2021 as samples,this paper examines the impact of the ESG performance of enterprises on the"double high deposit and loan"anomaly.The findings show that the good performance of corporate ESG can significantly inhibit the"double high deposit and loan"anomaly.The mechanism analysis shows that good enterprise ESG performance can improve their information transparency,reduce their agency costs and alleviate their financing constraints,so as to restrain the""double high deposit and loan"abnormal phenomenon.The heterogeneity analysis shows that in industries with higher competition and in regions with poor market environment,the enterprise ESG performance has a more significant inhibitory effect on the"double high deposit and loan"anomaly.The analysis of economic consequences reveals that the enterprise ESG performance can inhibit the"double high deposit and loan"phenomenon,thus reduce the risk of stock price collapse of enterprises.Therefore,to effectively manage the"double high deposit and loan"phenomenon of enterprises,enterprises should actively improve their ESG performance level,so as to promote the orderly operation of the capital market and the high-quality development of the economy.