ESG表现、融资约束与财务可持续增长  

ESG Performance, Financing Constraints, and Corporate Sustainable Growth

作　　者：王冰雪 周菁[1] 

机构地区：[1]东华大学旭日工商管理学院,上海

出　　处：《世界经济探索》2024年第1期1-7,共7页World Economic Research

摘　　要：本研究旨在深入探讨环境、社会与治理(ESG)表现对财务可持续增长的影响,选择2012~2020年间沪深A股非金融上市公司作为研究样本。研究发现,公司ESG表现和财务可持续增长显著正相关,即公司ESG表现越好,其财务可持续增长水平也就越高。同时还发现,企业良好的ESG表现能够通过缓解融资约束来促进财务可持续增长;相对于非东部区域,东部区域企业良好的ESG表现对财务可持续增长的促进作用更大。This study aims to delve into the impact of Environmental, Social, and Governance (ESG) performance on financial sustainability growth, selecting non-financial A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2012 to 2020 as research samples. The findings reveal a significant positive correlation between corporate ESG performance and financial sustainability growth;that is, the better the company’s ESG performance, the higher its level of financial sustainable growth. Additionally, it was discovered that good corporate ESG practices can promote financial sustainable growth by alleviating financing constraints;relative to non-eastern regions, good ESG performance of companies in the eastern region has a greater promoting effect on financial sustainable growth.

关 键 词：ESG表现 融资约束 财务可持续增长 

分 类 号：F27[经济管理—企业管理]