企业ESG表现与融资约束——基于信息披露数量与质量的再讨论  

ESG Performance and Financing Constraints:Further Discussion Based on the Quantity and Quality of Information Disclosure

作　　者：崔志伟 刘自敏[2] 田露露 李兴[2] ZHIWEI CUI;ZIMIN LIU;LULU TIAN;XING LI(Shanghai University of Finance and Economics;Southwest University;Qingdao University of Science and Technology)

机构地区：[1]上海财经大学财经研究所 [2]西南大学经济管理学院 [3]青岛科技大学经济与管理学院

出　　处：《产业经济评论》2024年第3期155-170,共16页Review of Industrial Economics

基　　金：国家社会科学基金一般项目“碳达峰碳中和目标下的电碳关联市场设计与资源配置机制创新研究”(批准号:21BJL080);2021年重庆社科规划英才计划项目“中国家庭能源贫困问题研究:监测、机制与治理”(批准号:2021YC016)的阶段性成果。

摘　　要：在气候变化日益受到关注的背景下,实现企业发展与资本市场的良性互动,不仅可以有效满足企业发展的资金需求,也有助于我国经济高质量发展,实现双碳目标。本文在信号传递理论模型基础上,利用2010-2019年1136家上市公司数据,从理论和实证两个方面分析了企业ESG表现对融资约束的影响及其非对称性。研究发现,企业的ESG表现能够显著降低自身的融资约束。机制分析表明,ESG表现能够降低企业与投资者之间的信息不对称,且ESG信息披露数量和质量的作用存在不同,现阶段提升企业信息披露质量的效果会优于提升信息披露数量。同时,ESG表现对企业不同融资方式具有明显的非对称影响,在抑制内部融资的同时会缓解债务融资和股权融资,企业需要权衡长期利益与短期利益之间可能的冲突。本文为政府制定企业信息披露政策、引导社会责任投资提供了有益的实证证据和决策指导。Under the background of increasing attention to climate change,the benign interaction between enterprise development and capital market can not only effectively meet the capital demand of enterprise development,but also help China's high-quality economic development and achieve the goal of carbon peak and carbon neutrality.Based on the signaling model and 1136 listed companies from 2010 to 2019,this paper analyses the impact of ESG performance on financing constraints from theoretical and empirical perspectives.We find that excellent ESG performance of enterprises can significantly reduce their financing constraints.Mechanism analysis shows that ESG performance can enhance information transparency between enterprises and investors,and the role of the quantity and quality of ESG information disclosure varies in this process.The effect of improving the quality of information disclosure will be better than the quantity disclosed at present.Moreover,ESG performance has a significant asymmetric impact on different financing methods,which can alleviate debt financing and equity financing while suppressing internal financing capabilities.Enterprises may face a trade-off between long-term and short-term benefits.This paper provides useful empirical evidence and decision-making guidance for the government to formulate corporate information disclosure policies and guide socially responsible investment.

关 键 词：ESG表现 融资约束 非对称性 信号传递 信息数量与质量 

分 类 号：X322[环境科学与工程—环境工程] F832.51[经济管理—金融学] F275