金融科技水平和ESG评级对企业融资约束的影响
The Impact of FinTech Levels and ESG Ratings on Corporate Financing Constraints

本文探讨了企业环境、社会与治理(ESG)表现以及金融科技水平对企业融资约束的综合影响。研究表明，良好的ESG表现能够通过降低信息不对称，提升企业透明度，增强外部投资者的信任，从而有效缓解企业的融资约束。金融科技通过大数据、人工智能等手段，优化了企业融资效率，特别是在中小企业中显著提升融资能力。尽管金融科技单独对融资约束的影响不显著，但与ESG的交互作用明显减轻了企业的融资压力。研究进一步表明，专利数量，尤其是发明专利，对融资约束具有正向影响。本文最后提出了提高ESG信息披露透明度、推广绿色金融产品以及推动金融科技在欠发达地区应用等政策建议，为缓解企业融资约束、推动可持续发展提供借鉴。
This paper explores the combined impact of corporate environmental, social, and governance (ESG) performance and financial technology (FinTech) levels on corporate financing constraints. The study shows that strong ESG performance can effectively alleviate financing constraints by reducing information asymmetry, enhancing corporate transparency, and increasing external investor trust. FinTech, through technologies like big data and artificial intelligence, optimizes corporate financing efficiency, significantly improving the financing capacity of small and medium-sized enterprises. Although FinTech alone does not have a significant impact on financing constraints, its interaction with ESG substantially reduces corporate financial pressures. The study further reveals that patent quantity, especially invention patents, positively influences financing constraints. The paper concludes with policy recommendations on enhancing ESG disclosure transparency, promoting green financial products, and advancing FinTech adoption in underdeveloped regions to alleviate corporate financing constraints and promote sustainable development.