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企业ESG表现对融资效率的影响研究
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Abstract:
随着经济发展方式的转变，大力发展绿色产业成为我国经济发展新的增长点，企业ESG表现愈来愈成为评价企业能否稳定发展的重要关键指标，而在责任投资理念的影响下，优良的ESG表现能否提高企业融资效率成为各界关心的课题。本文以2017年至2022年上证1087家企业为研究对象，运用面板回归模型，实证检验了企业ESG表现对融资效率的影响。研究发现，企业ESG表现对提高企业的融资效率具有促进作用，其中环境、社会责任和公司治理方面均与企业融资效率呈显著的正相关关系。
With the transformation of the pattern of economic development, developing green industry has become a new growth point of economic development in our country. Enterprise ESG performance is increasingly becoming a key indicator for evaluating whether enterprises can steadily develop. Under the influence of the concept of responsible investment, whether excellent ESG performance can improve enterprise financing efficiency has become a topic of concern to all circles. This paper takes 1087 Shanghai Stock Exchange companies from 2017 to 2022 as the research object and uses panel regression model to empirically test the impact of ESG performance on financing efficiency. It is found that corporate ESG performance has a promoting effect on improving corporate financing efficiency, in which corporate governance has a significant negative correlation with financing efficiency, while environmental and social responsibility have a significant positive correlation with corporate financing efficiency.
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