企业ESG表现对信贷融资的影响研究

Research on the Impact of Enterprise ESG Performance on Credit Financing

摘要: 随着我国经济社会发展不断深入，生态文明建设被纳入了中国特色社会主义事业总体布局，中国人民银行也陆续发布了各种绿色金融政策。从ESG行为视角研究企业的信贷融资问题，有助于企业作出合理的经济决策，所以本文以Wind金融数据库中2020~2022年A股制造业上市公司为样本，使用线性回归方法研究企业ESG表现对信贷融资的影响。研究结果表明，制造业ESG表现对信贷融资起到正向促进作用，该结论在一系列稳健性检验后依然成立。且进一步发现，东部地区企业与西部地区企业之间、重污染企业与绿色企业之间、国有企业以及非国有企业之间这种影响存在差异性。通过本次实证研究，一方面希望能够丰富我国在ESG方面的研究分析，另一方面也希望为解决企业融资困境建言献策。

Abstract: With the deepening of China’s economic and social development, the construction of ecological civilization has been incorporated into the overall layout of the cause of socialism with Chinese characteristics, and the People’s Bank of China has also successively issued various green finance policies. Studying the credit financing problems of enterprises from the perspective of ESG behavior will help enterprises make reasonable economic decisions. Therefore, this article takes A-share manufacturing listed companies in the Wind Financial Database from 2020 to 2022 as samples, and uses linear regression method to study the impact of corporate ESG performance on credit financing. The research results indicate that the ESG performance of manufacturing enterprises has a positive promoting effect on credit financing, and this conclusion still holds after a series of robustness tests. And it is further found that there are differences in this impact between enterprises in the eastern and western regions, between heavily polluting enterprises and green enterprises, and between state-owned and non-state-owned enterprises. Through this empirical study, on the one hand, we hope to enrich China’s research and analysis on ESG, and on the other hand, we also hope to provide certain reference suggestions for listed companies in financing issues.