对冲型融资是否促进企业ESG表现？——基于A股非金融公司数据的实证研究

Does Hedge Funding Boost Corporate ESG Performance?—An Empirical Study Based on the Data of A-Share Non-Financial Companies

摘要: ESG说的是环境、社会责任和公司治理，这是一种绿色可持续经营的衡量标准，是企业主动承担相关责任的表现，对冲型融资则是以企业经营活动现金流作为指标对企业的一种划分方式。本文试图研究相关理论，以经营活动现金流量充足性、结构合理性和成长性这三个特征为切入点，采用文献研究和实证分析的方法来探究企业对冲型融资与企业ESG表现之间的关系。通过相关研究发现对冲型融资对于企业ESG表现的影响是多方面的，企业经营活动现金流的充足性会促进企业ESG表现；经营活动现金流结构合理性会对ESG表现有负面影响；而经营活动现金流的成长性与ESG表现没有明显相关关系。最后针对研究结果，提出相应建议，供政府与企业参考，同时丰富相关领域的理论研究。

Abstract: ESG refers to the Environment, Social and Governance. This is a measure of green and sustainable operation, and it is the performance of enterprises taking the initiative to assume relevant re-sponsibilities. Hedging financing is a way of division which based on the cash flow of the company’s operating activities as an indicator. This paper attempts to study the relevant theories, starting from the three characteristics of cash flow adequacy, structural rationality and growth in operating activities, and adopts the methods of literature research and empirical analysis to explore the relationship between corporate hedging financing and corporate ESG performance. Through relevant research, it is found that the impact of hedge financing on corporate ESG performance is multi-faceted. The adequacy of corporate cash flow from operating activities will promote corporate ESG performance; the rationality of the cash flow structure of operating activities will have a negative impact on ESG performance; there is no clear correlation between cash flow growth and ESG performance. Finally, according to the research results, corresponding suggestions are put forward for the government and enterprises to refer to, and at the same time enrich the theoretical research in related fields.