ESG表现与企业财务绩效——融资约束、数字化转型的中介效应研究

ESG Performance and Corporate Financial Performance—Research on the Mediating Effect of Financing Constraints and Digital Transformation

摘要: ESG理念推动企业可持续发展及社会责任，但其提升绩效的机制未深入探明。本研究以2011~2022年中国沪深A股公司为样本，分析ESG对企业绩效的影响，并探讨融资约束与数字化转型的中介效应。结论显示：ESG显著提升企业绩效，促进数字化转型，缓解融资难题。通过内在机制分析发现，数字化转型和融资约束在ESG表现与企业绩效之间起到中介作用。异质性分析发现，非国有企业的ESG表现对企业绩效的促进作用更为显著；东部和中部地区企业的ESG责任履行对企业价值的正向影响更强；非重污染企业的ESG表现对企业绩效的积极影响更大。

Abstract: The concept of ESG promotes corporate sustainable development and social responsibility, but the mechanism for improving its performance has not been deeply explored. This study takes Chinese A-share companies from 2011 to 2022 as a sample to analyze the impact of ESG on corporate performance, and explores the mediating effect of financing constraints and digital transformation. The conclusions show that ESG significantly improves corporate performance, promotes digital transformation, and alleviates financing problems. Through the analysis of the internal mechanism, it is found that digital transformation and financing constraints play a mediating role in the relationship between ESG performance and corporate performance. The heterogeneity analysis found that the ESG performance of non-state-owned enterprises had a more significant role in promoting corporate performance. The fulfillment of ESG responsibilities by enterprises in the eastern and central regions has a stronger positive impact on corporate value. The ESG performance of non-heavily polluting companies has a greater positive impact on corporate performance.