ESG表现与企业投融资期限错配--基于沪深A股体育概念上市公司的经验证据

ESG Performance and Corporate Investment and Financing Maturity Mismatch:Empirical Evidence Based on Sports Concept of Listed Companies in Shanghai and Shenzhen A-shares

企业践行ESG责任是抑制投融资期限结构错配问题的重要渠道,更是实现可持续发展的核心方式。以2017-2022年沪深A股体育概念上市公司作为研究样本,探究ESG表现对体育概念上市公司投融资期限错配的影响效果与作用机制,分析E、S、G不同维度下ESG表现影响企业投融资期限错配的差异性,检验不同银行信贷供给、企业规模下ESG表现对投融资期限错配影响的异质性。研究发现:体育概念上市公司ESG表现能够显著缓解企业投融资期限错配,其中社会责任、公司治理对投融资期限错配具有显著缓解作用,而环境表现的缓解作用具有时滞性。进一步研究发现,ESG表现通过缓解融资约束、延长债务期限结构缓解投融资期限错配。相较于大规模企业与弱银行信贷供给企业,ESG表现对中小规模企业与强银行信贷供给企业投融资期限错配的缓解作用更为显著。

Corporate practice of ESG responsibility is an important channel to curb the mismatch of investment and financing term structure,and it is the core way to achieve sustainable development.The sports concept listed companies in Shanghai and Shenzhen A-shares from 2017 to 2022 were taken as the research samples to explore the effect and mechanism of ESG performance on investment and financing term mismatch of sports concept listed companies.The difference in ESG performance affecting the investment and financing term mismatch of enterprises under different dimensions of E,S,and G was analyzed,and the heterogeneity of the impact of ESG performance on the investment and financing term mismatch under the different property rights nature,bank credit supply,and enterprise scale was tested.The study has found that ESG performance of sports concept listed companies can significantly mitigate corporate investment and financing maturity mismatch,in which social responsibility and corporate governance have significant mitigating effects on investment and financing maturity mismatch,while the mitigating effect of environmental performance has a time lag.Further research has found that ESG performance mitigates investment and financing maturity mismatch by alleviating financing constraints and extending debt maturity structure,and the mediating effect of debt maturity structure is higher than the mediating effect of financing constraints.Compared with large-scale firms and weak bank credit providers,ESG performance has a more significant effect on mitigating investment and financing maturity mismatches in small and medium-scale entreprises and strong bank credit providers.