食品制造业中ESG表现与融资约束对企业价值的影响  

The impact of ESG performance and financing constraints on firm value in the food manufacturing industry

作　　者：英晨 雷银生[1,2] YING Chen;LEI Yinsheng(School of Management,Wuhan Polytechnic University,Wuhan 430023,China;Food Safety Research Center of Wuhan Polytechnic University,Key Research Base of Humanities and Social Sciences in Hubei Province's Universities,Wuhan 430023,China)

机构地区：[1]武汉轻工大学管理学院,武汉430023 [2]湖北省高校人文社会科学重点研究基地武汉轻工大学食品安全研究中心,武汉430023

出　　处：《武汉轻工大学学报》2024年第6期61-69,共9页Journal of Wuhan Polytechnic University

基　　金：湖北省教育厅人文社科重大项目(编号:20ZD058)

摘　　要：环境、社会及治理(ESG)因素在企业评估和投资决策中的重要性日益凸显,以2019—2023年沪深A股食品制造业的上市公司为样本,探讨企业ESG表现和融资约束对企业价值的影响。研究结果表明,ESG表现对企业价值有显著的正向影响,并通过缓解融资约束进一步提升企业价值。ESG在促进企业社会责任、可持续发展以及降低融资成本方面具有潜在作用,ESG表现与食品制造业长期的可持续性发展息息相关。研究可为食品企业通过优化ESG表现提高市场竞争力提供实证依据,也为政策制定提供了理论支持。Environmental,social and governance(ESG)factors have become increasingly important in enterprise evaluation and investment decisions.Taking Shanghai-Shenzhen A-share food manufacturing companies from 2019 to 2023 as samples,this paper explores the impact of ESG performance and financing constraints on enterprise value.The results show that ESG performance has a significant positive impact on firm value,and further enhances firm value by easing financing constraints.ESG has a potential role in promoting corporate social responsibility,sustainable development and reducing financing costs,and ESG performance is closely related to the long-term sustainable development of the food manufacturing industry.This study can provide empirical basis for food enterprises to improve market competitiveness by optimizing ESG performance,and also provide theoretical support for policy making.

关 键 词：ESG表现 融资约束 企业价值 食品制造业 

分 类 号：F275[经济管理—企业管理]