“双碳”目标下企业ESG表现、融资约束与高质量发展

Enterprise ESG Performance, Financing Constraints and High-Quality Development under the “Double Carbon” Goal

摘要: 在“双碳”背景下，低碳经济变革、生产效率变革、高质量发展变革已经渗透到企业对自然环境保护、社会责任承担、公司治理等多个方面，企业ESG表现越来越成为评判其发展质量的标准和关键因素。本文选取2010年至2020年中国沪深A股25,905家上市公司相关数据为研究对象，实证研究企业ESG表现对企业高质量发展的影响。通过研究发现，企业ESG表现若呈现良好状态就可以减少融资约束的束缚，从而促进企业高质量发展，融资约束在二者之间起到部分中介作用。本文对于企业完善ESG表现及评级体系，规范企业经营、投资、筹资、运营等活动，推动企业高质量发展具有一定的参考意义。

Abstract: In the “double carbon” environment, low-carbon economic change, production efficiency change, innovation and high-quality development change have penetrated into many aspects of enterprises’ natural environment protection, social responsibility, corporate governance and so on. The performance of enterprise ESG has increasingly become the standard and key factor to judge the quality of its development. This paper selects the relevant data of 25,905 listed companies in China’s Shanghai and Shenzhen A-shares from 2010 to 2020 as the research object, and empirically studies the impact of ESG performance on high-quality development. Through research, it is found that if the ESG performance of enterprises is in a good state, the constraints of financing constraints can be weakened, thus promoting the high-quality development of enterprises, and financing constraints play a partial intermediary role between the two. This paper has certain reference significance for enterprises and national institutions to improve ESG performance and rating system, standardize enterprise operation, investment, financing, operation and other activities, and promote high-quality development of enterprises.