ESG对跨境电商企业融资约束的影响研究

A Study on the Impact of ESG on Financing Constraints of Cross-Border E-Commerce Enterprises

摘要: 融资约束是制约跨境电商企业高质量发展的关键因素，而ESG表现作为衡量企业非财务绩效的重要维度，能够对企业的融资能力产生深远影响。为探究二者关系，本文以跨境电商企业为研究对象，选取我国A股跨境电商企业上市公司2010~2023年的数据作为研究样本，实证检验ESG表现对跨境电商企业融资约束的影响机制。结果表明，ESG表现通过降低企业风险和信息不对称两条中介路径，显著缓解了跨境电商企业的融资约束现象。进一步研究发现，ESG在不同类型的企业中对融资约束的影响效果存在着明显差异。ESG表现对非国有企业、非重污染企业、中小型企业的影响更显著，同时在贸易摩擦后的时期对企业的影响作用更强。本文的研究有助于跨境电商企业优化ESG战略管理策略，有效缓解融资困境；同时，也为政府部门完善ESG制度建设、营造良好制度环境提供了理论证据。

Abstract: Financing constraints are a key factor restricting the high-quality development of cross-border e-commerce enterprises. As an important dimension for measuring a firm’s non-financial performance, Environmental, Social, and Governance (ESG) performance can have a profound impact on a company’s financing capability. To explore the relationship between the two, this paper takes cross-border e-commerce enterprises as the research object and selects data from Chinese A-share listed cross-border e-commerce companies from 2010 to 2023 as the research sample. An empirical analysis is conducted to examine the mechanism through which ESG performance affects financing constraints in cross-border e-commerce enterprises. The results show that ESG performance significantly alleviates financing constraints by reducing corporate risk and information asymmetry through two mediating pathways. Further analysis reveals that the impact of ESG on financing constraints varies significantly across different types of firms. The effect of ESG performance is more pronounced for non-state-owned enterprises, non-heavily polluting enterprises, and small and medium-sized enterprises. Moreover, the influence becomes stronger in the period following trade frictions. This study helps cross-border e-commerce enterprises optimize ESG strategic management and effectively alleviate financing difficulties. It also provides theoretical evidence for government authorities to improve ESG institutional frameworks and create a favorable institutional environment.