The Impact Of Enterprise ESG On Financing Efficiency

With the outbreak of the new crown epidemic,the global climate continues to rise,and the environmental protection of the earth has aroused people’s continuous attention,and more thinking about sustainable development in the future.With the advancement of the tide of the times,one of the important issues in the comprehensive development of society is sustainable development,and at the same time,responsible investment has emerged as the times require.With the development of economic governance and the transformation of this social value concept,the connotation of responsible investment has been continuously updated and iterated in the development,and the three value pillars of the modern responsible investment concept have gradually formed,namely Environment,social Responsibility and Corporate Governance(Government),which is now called the concept of ESG investment.Then ESG investing began to take off rapidly around the world.The ESG investment concept entered China relatively late,but it has become an important and urgent matter.With the deterioration of the environment and the outbreak of the new crown epidemic,the global awareness of environmental protection has been raised.The 18 th National Congress of the Communist Party of China made the layout of my country’s future ecological civilization construction more clearly,emphasizing that social development should not only stay at the economic level and short-term goals,but also pay more attention to sustainable development.The document requires large,medium and small enterprises not only to pursue profits,but also to introduce new development concepts,create new development models,and incorporate green environmental protection and social responsibility into their business philosophy.With the prevalence of ESG investment concepts,relevant regulatory measures have emerged as the times require.Many regulatory authorities have issued corresponding ESG disclosure and other laws and regulations to regulate the development of this investment concept.The purpose of this paper is to study the current situation and theoretical basis of my country’s ESG system construction under the prevailing ESG investment concept,to explore the impact of enterprises’ practice of ESG concept on their financing efficiency.On the basis of predecessors,this paper uses literature analysis,statistical analysis and empirical research to obtain relevant data on ESG scores of companies listed on A-shares in Shanghai and Shenzhen stock exchanges from 2015 to 2020,as well as the required performance corporate leverage levels,assets Based on the financial indicators such as the rate of return,a related linear regression model is established,and the Marketization Process is added as a moderator variable to study the impact of corporate ESG on corporate financing efficiency.Stata.16 is used as data processing software.Based on the above empirical analysis,this paper draws the following research conclusions: First,corporate ESG scores have a significant positive impact on their financing efficiency.That is,the higher the ESG score of a company,the higher its financing efficiency.Second,the higher the level of Marketization Process,the higher the financing efficiency of the region;third,the regional economic level has a positive adjustment effect on the ESG score on the corporate financing efficiency,that is,the Marketization Process will amplify the impact of the ESG score on the corporate financing efficiency.Fourth,compared with state-owned enterprises,non-state-owned enterprises ESG scores have a stronger effect on improving financing efficiency.Based on the above conclusions,this paper puts forward the following suggestions: First,to improve the corporate ESG information disclosure system,at the same time,the government should strengthen external supervision,formulate more complete legal documents,and encourage enterprises to actively conduct reports and information on a series of ESG-related topics.disclosure.Second,enterprises should improve their awareness of implementing ESG concepts,and internal management should play a leading role in effectively managing and preventing ESG-related risks by strengthening supervision.Third,accelerate the pace of marketization and improve the efficiency of resource allocation.