ESG Information Disclosure And Corporate Financing Constraints

The rapid development of science and technology has brought unprecedented prosperity to human economic activities,but it has also brought serious environmental problems,climate problems and social problems.As an important tool to promote sustainable development,ESG has been increasingly recognized by the public.It contains environmental,social and governance information and aims to achieve the common development of economic and social benefits.ESG development concept has received great support from international regulatory agencies and enterprises,but it is highly compatible with our green development concept and the core concept of "double carbon policy",which has become an effective way for our country to participate in global economic activity.As an important subject of social and economic activities,enterprises conform to the trend of sustainable development and actively disclose ESG information has become a general trend.At present,ESG information disclosure in our country is still in the primary stage of development.How to promote enterprises to implement sustainable development and crack the financing bottleneck restricting enterprise development has attracted wide attention from the theory and practical circles.Based on sustainable development theory,information asymmetry theory,reputation theory and agenda setting theory,this paper makes a theoretical analysis of the correlation between ESG information disclosure and corporate financing constraints,and innovatively studies the moderating effects of media supervision and business environment on the relationship between the two.At the same time,the data of A-share listed companies from 2011 to 2020 are used as research samples to empirically test the proposed research hypothesis.The results show that the improvement of ESG information disclosure significantly alleviates corporate financing constraints;Positive media reports have a moderating effect on the relationship between ESG information disclosure and financing constraints,that is,media supervision enhances the easing effect of ESG information disclosure on financing constraints;A good business environment makes the easing effect of ESG information disclosure on financing constraints more significant.In addition,based on regional differences,firm size differences and internal control quality differences,this paper conducted grouping regression on the research samples,and found that the mitigation effect between ESG information disclosure and financing constraints was more significant in the eastern region,large-scale enterprises and enterprises with better internal control quality.According to the research results,this paper puts forward policy suggestions from the government,enterprises and investors.Firstly,the government has the dual roles of policy formulation and management,so it needs to accelerate the formulation of targeted policies and regulations to provide basic conditions for enterprise ESG information disclosure.At the same time,the government also needs to cooperate with other departments to form dynamic supervision over ESG information disclosure of enterprises.Secondly,enterprises should practice the development concept of ESG from top to bottom,standardize environmental,social and governance behaviors and improve the level of relevant information disclosure,so as to solve the financing problems of enterprises and achieve sustainable development of enterprises.Thirdly,investors should enhance their attention to corporate ESG information disclosure,so as to form a positive interaction between investors and enterprises and promote the sustainable development of the capital market.