ESG表现对电气机械制造业财务绩效的影响研究——基于融资约束的调节效应  

A Study on the Impact of ESG Performance on Financial Performance in Electromechanical Manufacturing Industry——Moderating Effect of Financing Constraints

作　　者：蒋美琳 郭收库[1] JIANG Meilin;GUO Shouku(School of Economics,Management and Law,Shaanxi University of Technology,Hanzhong 723000,Shaanxi)

机构地区：[1]陕西理工大学经济管理与法学学院,陕西汉中723000

出　　处：《陕西理工大学学报(社会科学版)》2025年第2期74-81,共8页Journal of Shaanxi University of Technology(Social Science)

摘　　要：随着世界各国对可持续发展和企业社会责任的日益重视,探究企业ESG表现对财务绩效的作用机制已成为学术界关注的热点。电气机械制造业因生产环境问题对ESG实践需求迫切,且融入绿色能源产业链有助于加速实现双碳“1+N”政策体系。因此,选取2014—2023年我国A股电气机械制造业上市公司数据为样本进行实证研究,探讨其ESG表现与财务状况的相关性,并考察融资约束在ESG表现对企业财务绩效影响中的调节效应。研究结果表明:良好的ESG表现对企业财务绩效的提升具有促进作用,融资约束会削弱二者间的正相关作用。对此,企业应重视ESG表现,投资者需将其纳入投资决策,监管部门要完善相应政策,公众媒体应提升监督作用。As the world’s countries are paying increasing attention to sustainable development and corporate social responsibility,exploring the mechanism of the impact of corporate ESG performance on financial performance has become a hot topic of concern in the academic community.The electrical machinery manufacturing industry has an urgent need for ESG practices due to production environment issues,and integrating into the green energy industrial chain can help accelerate the realization of the“1+N”policy system for carbon peaking and carbon neutrality.Therefore,this paper selects the data of listed companies in China’s A-share electrical machinery manufacturing industry from 2014 to 2023 as samples for empirical research,to discuss the correlation between their ESG performance and financial conditions,and examines the moderating effect of financing constraints on the influence of ESG performance on corporate financial performance.The research results indicate that a good ESG performance promotes the enhancement of corporate financial performance,and financing constraints weaken the positive correlation between the two.In this regard,enterprises should attach significance to ESG performance,investors need to incorporate it into investment decisions,regulatory authorities should improve corresponding policies,and the media should enhance their supervisory role.

关 键 词：ESG表现 融资约束 电气机械制造业 财务绩效 

分 类 号：F721.4[经济管理—产业经济] F742