ESG表现对企业成长的影响分析——基于融资约束与经营效率的视角  

Analysis of the Impact of ESG Performance on Corporate Growth:From the Perspective of Financing Constraints and Operating Efficiency

作　　者：张晓龙[1] 薛逢村 杨曼丹露 ZHANG Xiaolong;XUE Fengcun;YANG Mandanlu

机构地区：[1]西京学院会计学院,西安710123 [2]西京学院国际交流中心,西安710123

出　　处：《中国西部》2025年第1期15-25,共11页Western China

基　　金：陕西省共青团和青年工作调查研究课题“青年数字素养—新质生产力耦合作用下青年发展型城市的建设路径研究”(20241405);陕西省大学生创新创业项目“智视业财—小微企业财务数字化解决方案”(S202412715047)。

摘　　要：ESG表现如何促进企业成长一直是资本市场各方关注的焦点。通过对A股上市公司2010—2021年数据分析,实证考察ESG表现对企业成长的影响,研究融资约束和经营效率的中介效应并根据产权性质进行异质性分析,发现较好的ESG表现会促进企业成长,缓解融资约束和提升经营效率是ESG表现促进企业成长的重要途径,不同产权性质公司的ESG表现对企业成长促进作用存在差异。在公司层面,应着力提升ESG信息披露的透明度与全面性,接受外部审查与社会监督,增强社会和政府的信任,以展现其对社会责任的履行。在投资者层面,应持续关注并深入分析被投资公司的ESG信息披露与评估情况,将其纳入投资决策的核心考量,促进“公司—ESG表现—投资者—公司”的良性循环。在政府及监管层面,应构建符合我国国情的ESG信息披露机制,确保标准的统一性和适用性,通过加大监管力度和实施奖惩措施,提升ESG信息披露的质量与透明度。同时,依据不同产权性质公司的特点,制定差异化的政策。How ESG performance promotes corporate growth has always been a focal point of attention in the capital market.By analyzing data of A-share listed companies from 2010 to 2021,this paper empirically investigates the impact of ESG performance on corporate growth,analyzes the mediation effects of financing constraints and operating efficiency,and conducts heterogeneity analysis based on the nature of property rights.The findings reveal that superior ESG performance fosters corporate growth,alleviating financing constraints and enhancing operating efficiency as crucial pathways through which ESG performance promotes corporate growth.Furthermore,there are differences in the promoting effects of ESG performance on corporate growth among companies with varying property rights.At the corporate level,efforts should be made to enhance the transparency and comprehensiveness of ESG information disclosure,subject to external audits and social supervision,and strengthen trust of society and government,thereby demonstrating their fulfilment of social responsibilities.At the investor level,continuous attention and in-depth analysis of the ESG information disclosure and assessments of invested companies should be conducted,incorporating these factors into the core consideration of investment decisions to facilitate a virtuous cycle of“corporate-ESG performance-investor-corporate”.At the government and regulation level,it is imperative to establish an ESG information disclosure mechanism tailored to China s national conditions,ensuring the uniformity and applicability of standards.By strengthening supervision and implementing reward and punishment measures,the quality and transparency of ESG information disclosure can be improved.Meanwhile,differentiated policies should be formulated according to the characteristics of companies with different property rights.

关 键 词：企业ESG表现 融资约束 经营效率 企业成长 

分 类 号：F270.7[经济管理—企业管理]