ESG表现、代理成本与融资约束——基于企业生命周期的调节作用  

ESG Performance,Agency Costs,and Financing Constraints--Based on the Moderating Effect of Firm Life Cycle

作　　者：刘树良[1] 闫明丽 Liu Shuliang;Yan Mingli(School of Economics and Management,North China Electric Power University,Baoding 071003,China)

机构地区：[1]华北电力大学经济管理系,保定071003

出　　处：《工业技术经济》2024年第12期62-72,共11页Journal of Industrial Technology and Economy

摘　　要：随着ESG理念在我国的深入发展,企业ESG表现与融资约束之间的关系逐渐成为学术界研究的热门话题。本文以2013~2023年我国沪深A股非金融类上市公司为样本,构建有调节的中介效应模型,实证分析代理成本在企业ESG表现和融资约束之间发挥的中介作用,以及企业生命周期发挥的调节作用。研究表明,良好的ESG表现能够缓解融资约束;企业提升ESG表现能降低代理成本,进而缓解融资约束。机制分析表明,成长期和成熟期企业提升ESG表现能缓解融资约束,且该缓释作用在成长期企业中最明显,而代理成本的中介作用只在成长期样本企业中显著。采用工具变量法、系统GMM法等稳健性检验后结论依然成立。本文为研究企业ESG表现和融资约束之间的关系提供了新的视角和思路。With the development of ESG concept in China,the relationship between ESG performance and financing constraints has become a hot topic in the academic circle.This paper takes China's Shanghai and Shenzhen A-share non-financial listed companies from 2013 to 2023 as samples,constructs a moderated intermediary effect model,and empirically analyzes the intermediary role of agency cost between ESG performance and financing constraints,as well as the moderating role of enterprise life cycle.Research shows that good ESG performance can alleviate financing constraints;Improving ESG performance can reduce agency costs,thereby easing financing constraints.Mechanism analysis shows that the improvement of ESG performance of growth-stage enterprises and maturity-stage enterprises can alleviate financing constraints,and the mitigation effect is most obvious in growthstage enterprises,while the intermediary effect of agency cost is only significant in the growth-stage sample enterprises.The conclusion is still valid after the robustness test with instrumental variable method and system GMM method.This paper provides a new perspective and thinking for studying the relationship between ESG performance and financing constraints.

关 键 词：企业ESG表现 信息不对称 信号传递 委托代理问题 利益相关者 企业生命周期 融资约束 有调节的中介效应 

分 类 号：F270.7[经济管理—企业管理] F275[经济管理—国民经济]