Research On The Impact Of ESG Performance On Corporate Financial Risk

China has experienced rapid economic development and increased industrialization,which has resulted in environmental degradation.In the context of the "two-carbon target",the state emphasizes that lucid waters and lush mountains are invaluable assets,actively promotes the concept of ESG,and calls for preventing and defusing major risks,among which the financial risks of enterprises are particularly important.Does ESG performance curb corporate financial risk? Based on data of Chinese non-financial listed companies from 2010 to 2021,this paper builds A multidimensional fixed effect model and empirically studies the impact of ESG performance on corporate financial risk,as well as the role of media attention and financing constraints in the process.PSM propensity score matching,2SLS and replacement of core variables were used to test the robustness of the model and deal with the endogenous problems.The main conclusions are as follows:(1)Corporate ESG performance advantage has a inhibitory effect on corporate financial risk;(2)The more negative media attention enterprises receive,the more obvious the weakening effect of ESG performance on financial risk;(3)Corporate ESG performance advantage can restrain corporate financial risks by reducing corporate financing constraints;(4)Compared with non-heavy polluting industries,the impact of ESG performance on financial risk is more significant in heavy polluting industries;(5)Compared with younger listed enterprises,the ESG performance of older listed enterprises can better reduce corporate financial risk.This paper provides a new perspective for understanding the impact of ESG performance on corporate financial risk and its influence mechanism。...