ESG表现同群效应与企业融资约束缓解

ESG Performance the “Peer Effect” and the Alleviation of Corporate Financing Constraints

中文关键词:  ESG表现  同群效应  融资约束  媒体关注

英文关键词:ESG performance  peer effect  financial constraints  media attention

中文摘要:

      随着ESG理念的深入发展，企业逐渐意识到ESG表现对经营活动的重要影响。本文以重污染行业上市公司为样本，探讨ESG表现三类同群效应，检验ESG表现同群强度对融资约束的缓解机制，并揭示正面和负面媒体关注的调节效应。研究结果表明：企业ESG表现具有行业、地区以及网络同群效应，其中地区同群效应较大；企业ESG表现行业和地区同群强度越强，越能够帮助企业缓解融资约束问题，但网络同群强度不能显著缓解融资约束；正面和负面媒体关注能够强化行业同群强度对融资约束的影响；正面媒体关注会强化地区同群强度对融资约束的影响，负面媒体关注会弱化地区同群强度对融资约束的影响。本文将三类同群效应、同群强度引入ESG表现与融资约束的研究之中，深化了企业ESG表现的相关研究。

英文摘要:

      With the further development of ESG concept, enterprises gradually realize the important impact of ESG performance on business activities. Taking heavy pollution industry listed companies as samples, this paper explores three types of peer effects of ESG performance, tests the mitigation mechanism of peer strength of ESG performance on financing constraints, and reveals the moderating effects of positive and negative media attention. The results show that: The ESG performance of enterprises has industry, regional and network peer effects, of which the regional peer effect is relatively large; the stronger the industry and regional peer strength of ESG performance, the more it can help enterprises to alleviate the financing constraints, but the network peer strength can’t significantly alleviate the financing constraints of enterprises; positive and negative media attention can strengthen the influence of industry peer strength on financing constraints; positive media attention can strengthen the influence of regional peer strength on financing constraints, negative media attention can weaken the influence of regional peer strength on financing constraints. In this paper, three types of peer effects and peer strength are introduced into the research on ESG performance and financing constraints to deepen the relevant research on ESG performance of enterprises.