摘要
随着ESG投资理念的广泛传播和认同,企业ESG表现受到社会各界的关注。机构投资者作为资本市场的重要参与者,重视企业追求社会价值和经济价值相统一的绿色发展观念,将ESG表现纳入投资决策中,对降低企业内外部信息不对称,缓解企业融资约束有积极的促进作用。基于2010—2021年度A股上市公司的相关数据,实证考察ESG表现对企业融资约束的影响,研究结果表明:一方面,企业的ESG表现具有价值创造功能,上市公司良好的ESG表现传递出积极的信号,降低企业经营风险,吸引机构投资者的投资,有助于缓解融资困难;另一方面,考虑异质性影响,压力抵抗型机构投资者相较于压力敏感型机构投资者具有更加长远的价值投资理念,良好的ESG表现更能够吸引压力抵抗型机构投资者的长期支持,改善企业的融资困境。研究结果有助于构建和完善中国ESG体系建设、鼓励企业提升ESG表现,培养市场中长期投资力量,推动完善ESG鉴证相关准则和标准,为投资者和相关政府监管部门的决策提供参考,推动企业高质量发展。
With the widespread recognition of the ESG investment concept,corporate ESG perfor⁃mance has attracted attention from various sectors of society.As important participants in the capital mar⁃ket,institutional investors value the concept of green development in which enterprises pursue the uni⁃ty of social and economic values and incorporate ESG performance into their investment decisions,which plays a positive role in reducing the asymmetry of internal and external information of enterprises and alleviating the financing constraints of enterprises.Based on data from A-share listed companies from 2010 to 2021,this paper empirically examines the impact of ESG performance on corporate fi⁃nancing constraints.The results indicate that,on the one hand,corporate ESG performance serves a value-creation function.Favorable ESG performance of listed companies conveys positive signals,re⁃duces operational risks,attracts investments from institutional investors,and helps alleviate financ⁃ing difficulties.On the other hand,considering heterogeneity effects,pressure-resistant institutional investors,compared to pressure-sensitive ones,possess more of a long-term value investment philos⁃ophy.Excellent ESG performance is more likely to attract the long-term support of pressure-resistant in⁃stitutional investors,thereby improving the company's financing situation.The research findings con⁃tribute to constructing and improving China's ESG system,encouraging companies to enhance their ESG performance,cultivating long-term investment capacities in the market,and providing referenc⁃es for investors and government regulatory agencies in decision-making to promote high-quality corpo⁃rate development.
作者
谢柳芳
吕思捷
XIE Liu-fang;LV Si-jie(Business School,Southwest University of Political Science and Law,Chongqing 401120,China;Research Center for Audit and Rule of Law,Southwest University of Political Science and Law,Chongqing 401120,China;China Government Audit Research Center,Southwest University of Fi-)
出处
《兰州财经大学学报》
2024年第2期62-75,共14页
Journal of Lanzhou University of Finance and Economics
基金
国家自然科学基金面上项目“政府财务信息披露、政府债务风险防范与审计监控机制研究”(71672119)
2019年西南政法大学引进人才科研资助项目“经济高质量发展视阈下政府审计与脱贫攻坚研究”(2019-XZRCXM003)
重庆市社会科学规划项目“国家审计促进重庆市加快脱贫攻坚与乡村振兴衔接研究”(2019YBGL064)
重庆市研究生教育教学改革研究项目“专业学位研究生培养质量评价体系与标准研究”(yjg203050)。
关键词
ESG
机构投资者
融资约束
ESG
institutional investors
financing constraints
