| In recent years,China’s economic development has entered a new normal,witness a shift from expansive growth in size and speed to intensive growth in quality and efficiency,with more emphasis on green,coordination and sustainability.Under the guidance of this new development concept,the ESG performance,which integrates the three dimensions of environmental protection,social responsibility and corporate governance,has been widely concerned by the practical and theoretical circles.As an important basis for national economic and social development,enterprises play a pivotal role in improving people’s livelihood,stabilizing the market,expanding employment and increasing income,and play a "barometer" role in economic development.However,due to the development problem of "difficult and expensive financing",the endogenous growth power of enterprises is insufficient,and the industry transformation and upgrading are facing bottlenecks,which will ultimately affect the high-quality development of the economy.Therefore,whether the ESG performance of enterprises can alleviate their financing constraints has become a hot issue in the micro field of ESG concept and has research value.Under this background,this thesis,combining with relevant theories and taking the ESG score of Goethe as the starting point,discusses the impact of ESG performance from four specific perspectives of endogenous financing,debt financing,equity instrument financing and commercial credit financing,and clarifies its mechanism and impact path.The research found that:(1)A good ESG performance can alleviate the financing constraints of enterprises.The better the ESG performance of enterprises is,the lower the financing cost is.Among them,the impact on internal financing is more direct,and the degree of impact is greater than that of external financing.Specifically,the improvement of internal financing constraints is mainly based on depreciation and amortization,while the improvement of external financing constraints is mainly based on commercial credit financing.Compared with equity financing and debt financing,the change is more obvious.(2)The ESG performance of enterprises can influence the financing constraints through different stakeholders,and the mechanism is different.It mainly focuses on the path of "market signal-business behavior-enterprise operation-financing ability".In terms of economic relations,consumers,the public,employees and suppliers improve the profitability of enterprises through sales,supply and production chain,thus directly improving the internal financing ability of enterprises,and indirectly affecting the debt financing,equity instrument financing and commercial credit financing.In terms of rights and obligations,good ESG performance of enterprises will reduce the information asymmetry with investors and creditors,release the original potential risk expectations,reduce the return on investment,and thus reduce the cost of equity and debt financing;At the same time,the saved debt and equity financing costs can be put into ESG practice again,forming a positive cycle.In terms of the supervision relationship,the government,as the third party supervisor,comprehensively judges the ESG practice of enterprises according to the ecological and charitable responsibility information transmitted by enterprises,and promotes and supports the positive image with good performance,and directly assists the financing and development of enterprises through preferential policies such as loans.(3)The construction and development of ESG information disclosure of listed enterprises in China are generally showing a positive trend.The proportion of enterprises that choose to regularly disclose ESG information is increasing,and the quality of information disclosure is also improving.This thesis contributes to research in the following ways: First,the impact of non-financial information disclosure on enterprise financing from the perspective of enterprise ESG is concerned,which makes up for the deficiency of evaluating enterprises only from financial data,broadens the research content of financing constraints,and provides new reference for the research of non-financial information disclosure and corporate governance.Secondly,it enriches the relevant research on the ESG performance of enterprises,provides evidence from the micro level for the construction and development of China’s ESG system,and makes the conclusions and recommendations have practical significance.Third,we should help enterprises develop with high quality,continue to strengthen longterm investment in environmental,social and corporate governance,improve ESG performance,improve core competitiveness,and inject vitality from enterprises into the development of the real economy. |
