ESG表现、融资约束与企业绩效
ESG Performance, Financing Constraints and Firm Performance

随着全球对可持续发展的关注不断加深，ESG (环境、社会和公司治理)表现已成为衡量企业长期竞争力的重要指标。本文以2013~2023年中国A股上市公司为研究样本，实证分析了ESG表现对企业绩效的影响，并探讨了融资约束在其中的中介作用。本文通过对2013年至2023年的数据进行实证分析，研究发现ESG得分对企业绩效(ROA)具有显著的正向影响，而融资约束在这一关系中起到部分中介作用。研究还揭示了不同类型企业(如行业、所有制)在ESG表现对财务绩效影响方面的异质性。结果表明，科技行业和民营企业从ESG表现的提升中获益最多。
With a growing global focus on sustainability, ESG (environmental, social and corporate governance) performance has become an important indicator of a company’s long-term competitiveness. This paper takes China’s A-share listed companies from 2013 to 2023 as research samples, empirically analyzes the impact of ESG performance on firm performance, and discusses the mediating role of financing constraints. Through empirical analysis of data from 2013 to 2023, this study finds that ESG score has a significant positive impact on firm performance (ROA), and financing constraints play a partial mediating role in this relationship. The study also reveals the heterogeneity of the impact of ESG performance on financial performance of different types of firms (such as industry, ownership). The results show that the technology sector and private companies have benefited the most from the improvement in ESG performance.