ESG表现、融资约束对于企业价值的影响——基于2018~2022年沪深A股上市公司数据的分析

ESG Performance, Financing Constraints on Firm Value—Analysis Based on Data of Listed Companies in Shanghai and Shenzhen A-Shares, 2018~2022

摘要: 本文以2018至2022年间中国A股市场的非金融行业上市公司为研究对象，深入探究了ESG表现和融资约束对企业价值的影响。研究结果显示，ESG表现对企业价值有积极的推动作用，而融资约束在其中起到一定的中介作用。通过异质性分析发现，非国有企业和高管兼任的情况表现出更为显著的效应，这可能更有助于提高公司的投资效率，从而促进企业价值的提升。本文的发现对于理解ESG表现与企业价值之间的关系具有重要意义，企业应深刻意识到ESG理念的重要性，并主动公开ESG相关信息；政府应出台激励企业绿色创新的政策；投资者则应优先选择ESG表现良好的企业进行投资。这些举措将共同助力“双碳”目标的实现，并为相关方提供有益的参考。

Abstract: This paper takes non-financial industry listed companies in China’s A-share market between 2018 and 2022 as the research object, and deeply explores the impact of ESG performance and financing constraints on enterprise value. The findings show that ESG performance has a positive driving effect on firm value, while financing constraints play a mediating role in it. Heterogeneity analysis reveals that non-state-owned firms and executives with concurrent positions show more significant effects, which may be more helpful in improving the firm’s investment efficiency, thus contributing to firm value. The findings of this paper are of great significance to the understanding of the relationship between ESG performance and firm value. Firms should be aware of the importance of ESG concepts and take the initiative to disclose ESG-related information; the government should introduce policies to incentivize firms to innovate in a green way; and investors should give preference to investing in firms with good ESG performance. Together, these initiatives will help realize the goal of “dual carbon” and provide useful references for all parties concerned.