企业ESG绩效会影响商业信用融资吗?——基于信息传递与治理赋能视角  

Does Corporate ESG Performance Affect Commercial Credit Financing?Perspectives Based on Information Transfer and Governance Empowerment

作　　者：武晓芬[1] 唐媚媚 张记元[3] WU Xiaofen;TANG Meimei;ZHANG Jiyuan(School of Business Administration and Tourism Management,Yunnan University,Kunming 650500,China;School of Management,Yunnan Minzu University,Kunming 650500,China;School of Economics and Management,Shihezi University,Shihezi 832003,China)

机构地区：[1]云南大学工商管理与旅游管理学院,云南昆明650500 [2]云南民族大学管理学院,云南昆明650500 [3]石河子大学经济与管理学院,新疆石河子832003

出　　处：《南京审计大学学报》2023年第3期41-51,共11页Journal of Nanjing Audit University

基　　金：国家社会科学基金项目(19CGL053);云南省教育厅科研基金项目(2022J0394)。

摘　　要：基于2007—2021年沪深两市A股上市公司数据,探讨ESG绩效对商业信用融资的影响及作用机制。研究发现:ESG绩效提升了企业商业信用融资能力;机制检验发现,ESG绩效提高了信息传递效率和公司治理水平,从而影响商业信用融资;区分样本发现,ESG绩效对商业信用融资的影响在低竞争地位、非污染性行业、东部地区和环保法实施后的样本中更为显著。以上研究结论为企业进行ESG实践,提升商业信用融资水平提供了经验借鉴。Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2021,this paper explores the impact of ESG performance on commercial credit financing and its mechanism.The results show that ESG performance improves the enterprise's commercial credit financing ability;The mechanism test shows that ESG performance improves the efficiency of information transfer and corporate governance,thus affecting commercial credit financing.Distinguishing the sample found that the impact of ESG performance on commercial credit financing was more significant in the low competitive position,non-polluting industries,eastern region and post-implementation of environmental laws samples.The above conclusions provide experience for enterprises to carry out ESG practice and improve commercial credit financing.

关 键 词：ESG绩效 商业信用融资 信息传递 治理赋能 内部控制 绿色发展 公司治理 

分 类 号：F275[经济管理—企业管理]