银企ESG一致性对企业融资约束的影响——基于银企协同效应视角  

The impact of bank-enterprise ESG consistency on enterprises' financing constraints——Based on the perspective of bank-enterprise synergy effect

作　　者：谢帮生[1,2] 李淑娟 董丙瑞 汪虹雨 XIE Bangsheng;LI Shujuan;DONG Bingrui;WANG Hongyu(College of Economics and Management,Fujian Agriculture and Forestry University;Research Center for Ecological Civilization,Fujian Social Science Research Base,Fuzhou,Fujian 350002,China)

机构地区：[1]福建农林大学经济管理学院 [2]福建省社会科学研究基地生态文明研究中心,福建福州350002

出　　处：《福建农林大学学报(哲学社会科学版)》2024年第6期52-66,共15页Journal of Fujian Agriculture and Forestry University(Philosophy and Social Sciences)

基　　金：国家社会科学基金一般项目(19BGL087);福建农林大学生态文明研究中心项目(KSBXK2316)。

摘　　要：以2013—2022年中国A股非金融行业上市企业为研究样本,实证检验银行ESG表现和企业ESG表现对企业融资约束的影响。研究发现,银企ESG一致性对缓解企业融资约束具有协同效应,在考虑内生性问题并进行一系列稳健性检验后,结论依然成立。机制检验表明,银企ESG一致性通过信任与信息协同效应、风险与管理协同效应发挥作用。异质性检验发现,银企协同效应对银行贷款依赖度高的企业、国有企业以及中东部地区的企业更有效。基于此,提出加强银企ESG战略协作、健全ESG信息披露标准和评级机制、提升银行和企业的风险管理水平、强化政策引导与支持等建议,以促进企业破解融资难题,实现高质量发展。Using the listed enterprises in China's A-share non-financial industries from 2013 to 2022 as the research samples,this paper empirically examines the impact of banks' ESG performance and enterprises' ESG performance on enterprises' financing constraints.It is found that bank-enterprise ESG consistency has a synergistic impact on alleviating enterprises' financing constraints,and this conclusion remains valid after considering the endogeneity problem and conducting a series of robustness tests.The mechanism test shows that bank-enterprise ESG consistency plays a role through the synergy effect of trust and information as well as the synergy effect of risk and management.Heterogeneity tests show that bank-enterprise synergies are more effective for enterprises with high dependence on bank loans,state-owned enterprises,and enterprises in central and eastern regions.Based on the findings,suggestions are put forward to strengthen ESG strategic collaboration between banks and enterprises,improve ESG information disclosure standards and rating system criteria,elevate the level of risk management for both banks and enterprises,and strengthen policy guidance and support,so as to facilitate enterprises to address financing challenges and achieve the high-quality development.

关 键 词：ESG 融资约束 银企关系 协同效应 

分 类 号：F832.3[经济管理—金融学] F275.6