沪深A股公司ESG表现、融资约束与绩效关系的实证研究  

Empirical study on the relationship between ESG performance,financing constraints and firm performance of Shanghai and Shenzhen A-share companies

作　　者：刘晨娣 LIU Chendi(The School of Economics and Management Qinghai Minzu University,Xining 810007,China)

机构地区：[1]青海民族大学经济与管理学院,青海西宁810007

出　　处：《技术与市场》2025年第2期161-168,共8页Technology and Market

基　　金：青海民族大学2024年研究生创新项目“中国工商银行信用风险管理研究:基于当前经济环境的探讨”(65M2024072)。

摘　　要：近年来,环境-社会-治理(ESG)理念逐渐成为企业发展的核心要素,受到投资者、监管机构和社会公众的广泛关注。企业ESG表现与其绩效之间的关系一直是学术界和实务界关注的焦点。基于沪深A股上市公司2014—2023年数据,探讨了ESG表现、融资约束与企业绩效之间的关系,并检验了融资约束在ESG表现与企业绩效之间的中介效应。研究发现:企业ESG表现对企业绩效具有显著的正向影响,且融资约束在ESG表现与企业绩效之间起到了中介作用。研究结论为企业ESG管理、政府引导和政策制定提供了理论依据和实践参考。In recent years,the concept of ESG has gradually become the core element of enterprise development,and has been widely concerned by investors,regulators and the public.The relationship between enterprise ESG performance and its performance has been the focus of academic and practical circles.Based on the data of Shanghai and Shenzhen A-share listed companies from 2014 to 2023,this paper explores the relationship between ESG performance,financing constraints and firm performance,and examines the mediating effect of financing constraints on ESG performance and firm performance.It is found that ESG performance has a significant positive impact on firm performance,and financing constraints play an intermediary role between ESG performance and firm performance.The research conclusions of this paper provide theoretical basis and practical reference for ESG management,government guidance and policy making.

关 键 词：ESG表现 融资约束 企业绩效 实证分析 

分 类 号：X322[环境科学与工程—环境工程] F275[经济管理—企业管理] F832.51[经济管理—国民经济]