ESG表现、融资约束和电商企业绩效

ESG Performance, Financing Constraints and E-Commerce Firm Performance

随着数字经济的发展,电商商务交易市场高度活跃,但电商企业丑闻事件与日俱增,这使得投资者在投资时需要掌握财务信息以及之外的其他信息,以降低投资风险。ESG报告的出现给投资者带来了参考,ESG报告能够为投资者提供更加全面的企业视角,从而有助于他们做出更精准的投资决策。本研究采用我国沪深股市中存在电子商务交易额的非金融类上市公司2015至2022年的数据,借助第三方ESG评级体系,本文深入剖析了ESG表现与电商企业财务绩效之间的内在联系,并得出以下结论:ESG表现积极的企业往往能够取得更佳的财务绩效;其次,研究还揭示了融资约束在其中的桥梁作用,即通过提升ESG表现,可以有效减轻融资约束,从而推动财务绩效的稳步提升;此外进一步的异质性分析发现,融资约束的中介作用在非国有企业中更为显著。本研究立足于当前国内ESG发展形式展开研究,不仅深化了我们对ESG、融资约束、电商企业绩效之间复杂关系的理解,丰富当前该领域的研究内容;也从企业、投资者、监管者角度出发提供参考建议,以推进ESG理念在国内的持续发展。With the development of the digital economy, the e-commerce business transaction market is highly active, but e-commerce business scandals are increasing day by day, which makes investors need to have financial information as well as other information in order to reduce the risk of investment. The emergence of ESG reports has brought reference to the investors, and the ESG report can provide investors with a more comprehensive corporate perspective, which can help them to make more accurate investment decisions. This study adopts the data of non-financial listed companies with e-commerce transaction volume in China’s Shanghai and Shenzhen stock markets from 2015 to 2022, and with the help of a third-party ESG rating system, this paper analyzes in-depth the intrinsic connection between ESG performance and the financial performance of e-commerce companies, and draws the following conclusions: companies with positive ESG performance tend to achieve better financial performance;secondly, the study also reveals that financing constraints play a bridging role, i.e., by enhancing ESG performance, financing constraints can be effectively mitigated, thus promoting a steady improvement in financial performance;in addition, further heterogeneity analysis reveals that the mediating role of financing constraints is more significant in non-state-owned enterprises. This study is based on the current form of domestic ESG development, which not only deepens our understanding of the complex relationship between ESG, financing constraints, and e-commerce enterprise performance, and enriches the current research content in this field;it also provides reference suggestions from the perspectives of enterprises, investors, and regulators in order to push forward the sustained development of ESG concepts in China.