企业ESG表现能否降低破产风险?

Can Enterprise ESG Performance Reduce Bankruptcy Risk?

以2009—2021年中国A股上市公司为研究对象,分析企业ESG表现和破产风险的关系以及其作用机制,并依次从宏观、中观、微观视角展开异质性分析。研究发现,较好的ESG表现显著降低了企业破产风险。机制分析发现,企业提升ESG表现缓解了融资约束,同时提升了财务绩效,进而降低了企业破产风险。另外,企业数字化转型能够加强ESG表现对破产风险的抑制作用。进一步基于企业经营的宏观、中观、微观视角分析发现,ESG表现对破产风险的抑制效应具有普适性,但这一效果在低法治水平、低竞争程度、非国有企业、财务困境企业的组别中更加明显。研究结论有助于理解企业通过ESG战略进行风险管理的内在逻辑,为企业优化决策制定提供了经验参考。

Taking Chinese A-share listed companies from 2009 to 2021 as the research object,the paper analyzes whether ESG performance can affect corporate bankruptcy risk.Research has found that better ESG performance significantly reduces the level of corporate bankruptcy risk.Mechanism analysis found that improving ESG performance of enterprises alleviates financing constraints of listed companies,while improving financial performance,thereby reducing the risk of corporate bankruptcy.In addition,digital transformation of enterprises can enhance the inhibitory effect of ESG performance on bankruptcy risk.Furthermore,based on the macro,meso,and micro perspectives of enterprise management,it is found that ESG performance has a universal inhibitory effect on bankruptcy risk,but its effect is more pronounced in the groups of low legal level,low competition level,non-state-owned enterprises,and financially distressed enterprises.This study helps to understand the inherent logic of risk management in enterprises through ESG strategies,and provides empirical references for enterprises.