名副其实还是徒有其表:ESG评级与企业杠杆操纵  

Worthy or False:ESG Rating and Corporate Leverage Manipulation

作　　者：马红 侯贵生[1] Ma Hong;Hou Guisheng

机构地区：[1]山东科技大学经济管理学院,山东青岛266590

出　　处：《企业经济》2025年第3期82-92,共11页Enterprise Economy

基　　金：山东省社会科学规划研究项目“数据要素影响制造企业绿色转型的效应评价与内在机制研究”(项目编号:22CGLJ30)。

摘　　要：随着实务界和学术界对企业ESG表现关注度的提升,探讨ESG评级能否助力企业抑制其杠杆操纵自利行为,具有重要意义。本文实证研究ESG评级对企业杠杆操纵的影响,结果表明:ESG评级主要通过提高企业内部控制水平、增强银行监督力度的中介机制对企业杠杆操纵产生显著抑制效应。进一步研究发现,这一抑制效应在非国有企业、市场化水平较高以及《上市公司治理准则》修订之后区间的样本中体现得更为明显。经济后果检验表明,随着ESG评级的提升,杠杆操纵程度的下降能显著改善企业未来的债务违约风险。为充分发挥ESG评级对企业杠杆操纵的抑制效应,企业需树立正确的ESG实践理念,政府需完善ESG信息披露规则和ESG评级体系标准,信贷供给机构需不断强化ESG投资理念。With the increasing attention of the practical and academic circles to the ESG performance of enterprises,it is of great significance to explore whether ESG rating can help enterprises restrain their self-serving behaviors of leverage manipulation.This paper empirically studies the impact of ESG rating on corporate leverage manipulation.The results show that the ESG rating has a significant inhibitory effect on the leverage manipulation of enterprises mainly through the intermediary mechanism of improving the internal control level of enterprises and strengthening the supervision of banks.Further research shows that this inhibitory effect is more obvious in the samples of non-state-owned enterprises,higher marketization level and the revised of"Code of Governance for Listed Companies".The economic consequence test shows that with the improvement of ESG rating,the decrease of leverage manipulation can significantly improve the risk of future debt default of enterprises.In order to give full play to the inhibitory effect of ESG rating on corporate leverage manipulation,enterprises should establish correct ESG practice concepts,governments should improve ESG information disclosure rules and ESG rating system standards,and credit providers should continuously strengthen ESG investment concepts.

关 键 词：ESG评级 杠杆操纵 内部控制 银行监督 

分 类 号：F272[经济管理—企业管理]