摘要
韧性是企业在面对内外环境不确定冲击下,保持稳定并实现持续发展的重要能力,是中国经济逆风而行实现高质量发展的重要基础。ESG表现作为企业可持续发展能力的体现,能否通过提升其水平从而增强企业韧性备受关注。本文选取了2015~2021年中国A股上市公司作为研究样本,探究ESG表现对企业韧性的影响及其影响机制。研究结果表明,ESG表现对企业韧性具有显著影响。具体而言,ESG表现通过缓解融资约束和增强机构投资者偏好等机制提升企业韧性,而且该影响在非国企和行业内竞争度高的上市公司中表现得更为明显。研究结论对促进企业提高ESG表现具有重要的参考价值。
Resilience is an important ability of enterprises to maintain stability and achieve sustainable development in the face of uncertainties in the internal and external environment,and is an important foundation for China's economy to achieve high-quality development against the wind.ESG performance,as a manifestation of enterprises'sustainable development ability,is of great interest to enhance corporate resilience by improving its level.This paper selects Chinese A-share listed companies from 2015 to 2021 as a research sample to investigate the impact of ESG performance on corporate resilience and its impact mechanism.The results of the study show that ESG performance has a significant impact on corporate resilience.Specifically,ESG performance enhances corporate resilience through mechanisms such as alleviating financing constraints and enhancing institutional investor preferences.Moreover,the effect is more pronounced among non-SOEs and listed companies with a high degree of competition within the industry.The findings of the study are informative in promoting firms to improve their ESG performance.
作者
倪奕璠
Yifan Ni(East China Jiaotong University,Nanchang,Jiangxi,330000,China)
关键词
ESG表现
企业韧性
融资约束
机构投资者关注
ESG Performance
Corporate Resilience
Financing Constraints
Institutional Investor Concerns
