企业ESG表现与商业信用获取

Corporate ESG Performance and Commercial Credit Acquisition

《财经研究》2022年48卷第12期 页码：151-165 online：2022年12月3日

作者

中：李增福 , 冯柳华

英：Li Zengfu, Feng Liuhua

作者单位：华南师范大学 经济与管理学院，广东 广州 510000

摘要及关键词

摘要：近年来，企业ESG表现在全球范围内受到实务界和学术界的广泛关注。文章基于2008—2019年我国A股上市公司数据，考察ESG表现对企业商业信用融资的影响。研究发现，ESG表现促进了企业获得更多的商业信用融资。机制检验表明，ESG表现能够通过强化产品市场竞争优势、加强外部监督、提高企业声誉和抗风险能力促进企业获得更多的商业信用融资。从时间维度上看，党的十八届五中全会后，ESG表现对企业商业信用融资的促进作用更强，这与整个社会贯彻绿色发展理念相关。异质性检验发现，ESG表现对企业商业信用融资的促进作用在供应商集中度较高以及信贷规模较小的企业中更显著。经济后果检验发现，ESG表现所带来的企业商业信用融资效果提升了企业的实体经济投资，表现为创新投入的显著增加和固定资产投资的显著提升，进而助力经济高质量发展。文章揭示了ESG表现服务实体经济的具体效应和途径，为我国持续推进ESG建设和助力实体经济高质量发展提供了有益的政策启示。

关键词：ESG表现; 商业信用融资; 绿色发展理念; 经济高质量发展

Summary: In recent years, with the continuous growth of the global ESG investment scale, ESG strategy has become the mainstream trend of enterprise operation, promoting industrial transformation and upgrading and sustainable economic development. As an alternative financing channel for corporate bank credit, commercial credit effectively alleviates the problem of insufficient investment caused by financing constraints and plays an important role in the production and operation of enterprises. So, can good ESG performance promote enterprises to obtain more commercial credit financing? Examining the impact of ESG performance on commercial credit financing is of great practical significance for boosting the real economy and promoting the high-quality development of China’s economy. At present, few studies focus on the relationship between the two, lacking reliable empirical conclusions. This paper attempts to explain the above question. The study finds that ESG performance promotes enterprises to obtain more commercial credit financing. The mechanism test shows that ESG performance can facilitate the acquisition of commercial credit by strengthening competitive advantages in product markets, enhancing external supervision, and improving corporate reputation and risk resistance. From the perspective of time, the promotion effect of ESG performance on commercial credit financing is stronger after the Fifth Plenary Session of the 18th Central Committee, which is related to the implementation of the concept of green development in the whole society. Heterogeneity analysis shows that the promotion effect of ESG performance on commercial credit financing is more significant among enterprises with high supplier concentration and small credit size, showing a certain differentiation effect. In addition, this paper also finds that the effect of commercial credit financing brought by ESG performance improves the real economic investment of enterprises, with a significant increase in innovation investment on the one hand and fixed asset investment on the other. It can be predicted that there is a positive correlation between ESG performance and commercial credit financing, and a “debt-contingent governance effect” between the two, which effectively promotes the high-quality development of the real economy. The marginal contribution of this paper lies in that: First, it analyzes the effect of ESG performance based on the current growing scale of investment in ESG assets in practical circles and the response to the extensive research on ESG in international academia, which is an important supplement to the ESG literature. Second, it not only provides an important literature supplement to the existing factors affecting commercial credit financing, but also provides empirical evidence from China for understanding the relationship between ESG performance and commercial credit financing. Third, it provides useful policy inspiration for China to continue to promote the construction of ESG and help the high-quality development of the real economy.

Key words:ESG performance; commercial credit financing; green development concept; high-quality development

其他信息

DOI：10.16538/j.cnki.jfe.20220815.202

收稿日期：2021-11-05

基金项目：国家社会科学基金项目（19BGL057）

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