ESG表现、企业债务期限错配与融资约束

ESG Performance, Corporate Debt Maturity Mismatch and Financing Constraints

摘要: 随着全球对可持续发展的关注度逐年提升，作为可持续发展理念在企业层面的映射，企业ESG表现亦受到各界的广泛关注和讨论。利用2009~2022年我国沪深A股非金融类上市公司数据探究企业ESG表现对债务期限错配程度的影响。研究结果表明企业ESG表现有助于缓解企业债务期限结构“短债长用”错配的程度，并且社会责任和公司治理维度能够更有效缓解企业债务期限错配程度。机制分析显示，ESG表现主要通过缓解融资约束对企业债务期限错配起抑制作用。异质性分析显示，ESG表现对企业债务期限错配程度的缓解作用在非国有企业和传统企业中更加显著。

Abstract: With the global attention to sustainable development increasing year by year, corporate ESG performance, as a mapping of the concept of sustainable development at the corporate level, has also received extensive attention and discussion from all walks of life. This paper examines the impact of corporate ESG performance on the degree of debt maturity mismatch, using the data of China’s A-share non-financial listed companies in Shanghai and Shenzhen from 2009 to 2022. The findings reveal that corporate ESG performance can help alleviate the degree of “short-term debt and long-term debt” mismatch in corporate debt maturity structure. Moreover, the social responsibility and corporate governance dimensions can more effectively alleviate the degree of corporate debt maturity mismatch. The mechanism analysis demonstrates that ESG performance mainly inhibits corporate debt maturity mismatch by alleviating financing constraints. Heterogeneity analysis indicates that the mitigating effect of ESG performance on the extent of corporate debt maturity mismatch is more pronounced among non-state-owned firms and traditional firms.