战略性新兴企业ESG表现、中长期信贷与企业绩效——基于杠杆率的门槛效应  

ESG Performance,Medium and Long Term Credit and Corporate Performance of Strategic Emerging Firms——Based on Threshold Effect of Leverage Ratio

作　　者：谢婷 王帅[1] Xie Ting;Wang Shuai(School of Economics,Central South University of Forestry and Technology,Changsha 410004,Hunan,China)

机构地区：[1]中南林业科技大学经济学院,湖南长沙410004

出　　处：《绿色科技》2024年第1期232-238,共7页Journal of Green Science and Technology

基　　金：湖南省自然科学基金项目(编号:2022JJ50258)。

摘　　要：基于2019-2021年A股上市战略性新兴企业面板数据,对战略性新兴企业ESG表现、企业中长期信贷与企业绩效之间基于杠杆率的门槛效应的关系进行了分析。研究表明:①当战略性新兴企业ESG表现越好,其在追求利润的同时越注重环境社会责任担当,能够长期可持续性发展可能性越高,从而企业能从信贷类金融机构获取更多的中长期信贷越多,缓解战略性新兴企业融资困境;②战略性新兴企业获取中长期信贷后更能对周期较长的研发投产创造产能绩效,进一步提高企业高质量创新发展能力,同时中长期信贷过多会导致企业杠杆率过高,企业还债能力不足的情况下会导致企业绩效持续下降。进而找寻到一个适度杠杆阈值来约束企业杠杆率增减,使得企业在此参考杠杆阈值内将企业中长期信贷作用最大化,以此获得企业绩效最大化。Based on the panel data of A-share listed strategic emerging enterprises from 2019 to 2021,this paper analyzes the relationship between ESG performance of strategic emerging enterprises,corporate medium and long-term credit and corporate performance based on the leverage ratio threshold effect.The research shows that:First,the better the ESG performance of strategic emerging enterprises,the more they pay attention to environmental and social responsibility while pursuing profits,and the higher the possibility of long-term sustainable development,so that enterprises can obtain more medium-and long-term credit from credit financial institutions and alleviate the financing dilemma of strategic emerging enterprises;Second,strategic emerging enterprises are more able to create production capacity performance for R&D and production with a longer period after obtaining medium and long-term credit,further improving their high-quality innovation and development ability.Meanwhile,excessive medium and long-term credit will lead to high leverage ratio of enterprises,and insufficient debt repayment ability of enterprises will lead to continuous decline in corporate performance.Then,an appropriate leverage threshold is found to restrict the increase or decrease of enterprise leverage ratio,so that enterprises can maximize the medium and long-term credit function of enterprises within this reference leverage threshold,so as to maximize enterprise performance.

关 键 词：战略性新兴企业 ESG 中长期信贷 杠杆率 门槛模型 

分 类 号：F275[经济管理—企业管理]