摘要
ESG理念将价值创造范围从经济价值扩展到社会和环境价值。文章选择2018—2022年全部主板上市企业作为研究对象,分析企业ESG对融资效率的影响,并加入机构关注作为调节机制进行研究。结果表明,ESG对融资效率存在正向影响,机构关注能强化这一正向影响。此外,异质性分析发现,大规模企业和非国有企业的正向影响更为显著。最后文章从政府、金融机构、机构投资者和企业自身的角度提出相关建议。
The ESG concept extends the scope of value creation from economic value to social and environmental value.This paper selects all main board listed enterprises from 2018 to 2022 as the research object,analyzes the impact of corporate ESG on financing efficiency,and adds institutional concern as a moderating mechanism to study.The results show that there is a positive effect of ESG on financing efficiency,and institutional concern can strengthen this positive effect.In addition,the heterogeneity analysis finds that the positive impact of large-scale enterprises and non-state-owned enterprises is more significant.Finally,this paper provides suggestions from the perspectives of government,financial institutions,institutional investors and enterprises themselves.
作者
张纪轶
ZHANG Jiyi(School of Economics,Shanghai University,Shanghai 200444,China)
出处
《商业观察》
2023年第36期29-32,共4页
BUSINESS OBSERVATION
关键词
ESG
机构关注
融资效率
ESG
institutional focus
financing efficiency
