企业ESG评级对并购绩效的影响
The Impact of Corporate ESG Rating on M&A Performance
DOI: 10.12677/FIN.2023.131005, PDF,   
作者: 王文杰, 卢宁文：东华大学旭日工商管理学院，上海
关键词: ESG评级；融资约束；并购绩效；ESG Rating； Financing Constraints； M&A Performance
摘要: 本文以A股上市公司2011~2018年境内并购事件为研究样本，通过固定效应模型检验ESG评级对并购绩效的影响得出以下结论：1) 企业ESG评级越好并购绩效越好；2) 企业较好的ESG评级可以缓解融资约束问题；3) 融资约束在ESG评级与并购绩效关系中起到了遮掩效应。
Abstract: Taking the domestic M&A events of A-share listed companies from 2011 to 2018 as the research sample, this paper tests the impact of ESG rating on M&A performance through the fixed effect model, and draws the following conclusions: 1) the better the enterprise ESG rating, the better the M&A performance; 2) better ESG rating of enterprises can alleviate financing constraints; 3) financial constraints have a masking effect on the relationship between ESG rating and M&A performance.
文章引用：王文杰, 卢宁文. 企业ESG评级对并购绩效的影响[J]. 金融, 2023, 13(1): 36-45. https://doi.org/10.12677/FIN.2023.131005

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