ESG评级如何影响企业投融资期限错配——基于ESG不确定性的视角  

How Does ESG Rating Affect the Maturity Mismatch of Corporate Investment and Financing?Based on the Per-spective of ESG Uncertainty

作　　者：李晓艳 梁日新 吴秋生[1] Li Xiaoyan;Liang Rixin;Wu Qiusheng(School of Accounting,Shanxi University of Finance and Economics;Accounting Society of China)

机构地区：[1]山西财经大学会计学院 [2]中国会计学会编辑部

出　　处：《南开管理评论》2024年第9期173-184,196,共13页Nankai Business Review

基　　金：国家社会科学基金项目(24BGL076);山西省高等学校哲学社会科学研究项目(2024W061);山西省哲学社会科学规划课题(2024QN076)资助。

摘　　要：本文基于不同评级机构对同一企业ESG评级产生的差异,形成ESG不确定性视角,研究ESG评级对企业投融资期限错配的影响。研究发现,ESG不确定性加剧了企业获取长期资金的难度,形成了投融资期限错配,主要影响机制为长期债务融资水平和投资者情绪积极性降低。提高企业信息透明度、加强企业资源获取能力、强化对企业的外部监督力度能有效缓解ESG不确定性对企业投融资期限错配的影响。进一步,ESG不确定性对企业投融资期限错配的影响在非国有企业、战略进攻型企业、经营风险较高的企业、竞争程度较高的行业和非重污染企业中更为显著。经济后果检验表明,ESG不确定性加剧的投融资期限错配会提高企业破产风险,不利于企业高质量发展。本研究拓展了ESG评级的相关研究,对债权人和投资者正确认识和对待ESG评级、促进企业提高投融资期限配置有效性具有启示意义。ESG is consistent with concepts such as carbon neutrality and peak carbon emissions,as well as sustainable development,and has gradually become a key factor in driving high-quality enterprise development and enhancing market competitiveness.However,the application of ESG ratings also faces challenges in terms of standardization and reliability.Due to the different rating standards adopted by different rating agencies and the insufficient disclosure of ESG information by enterprises,the ratings results of different rating agencies differ greatly.To some extent,the differences in the ratings of the same enterprise by different rating agencies also reflect the uncertainty of corporate sustainability,which we call"ESG uncertainty."ESG uncertainty reduces the reliability of ESG ratings and becomes a market friction that hinders firms from accessing external capital.At the same time,ESG uncertainty also further aggravates the volatility of stock returns,reduces investors'demand for stocks,and reduces the possibility of enterprises obtaining external financing.These effects are likely to affect firms'investment and financing decisions,especially the mismatch of investment and financing maturities.Based on this,this paper empirically tests the impact of ESG uncertainty on corporate financing-investment maturity mismatch using a sample of listed companies on the A-share market in China from 2011 to 2021.We select six ESG rating agencies as the measurement criteria.To make the ratings of different rating agencies comparable,we first standardize the ratings of the six ESG rating agencies.We use the standard deviation of the standardized ratings indicators from different rating agencies to measure the ESG uncertainty of enterprises(ESGSTD).We find that ESG uncertainty exacerbates the degree of corporate financing-investment maturity mismatch by lowering the enterprise's long-term debt financing level and investor sentiment positivity.After a series of robustness tests,including differential model,fixed effect model,DID,and i

关 键 词：ESG不确定性 投融资期限错配 长期债务融资 投资者情绪 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]