工业技术经济2024，Vol.43Issue(12)：62-72,11.DOI:10.3969/j.issn.1004-910X.2024.12.007
ESG表现、代理成本与融资约束
ESG Performance,Agency Costs,and Financing Constraints
刘树良 1闫明丽1
作者信息
- 1. 华北电力大学经济管理系,保定 071003
- 折叠
摘要
Abstract
With the development of ESG concept in China,the relationship between ESG performance and financing con⁃straints has become a hot topic in the academic circle.This paper takes China's Shanghai and Shenzhen A-share non-financial lis⁃ted companies from 2013 to 2023 as samples,constructs a moderated intermediary effect model,and empirically analyzes the inter⁃mediary role of agency cost between ESG performance and financing constraints,as well as the moderating role of enterprise life cy⁃cle.Research shows that good ESG performance can alleviate financing constraints;Improving ESG performance can reduce agency costs,thereby easing financing constraints.Mechanism analysis shows that the improvement of ESG performance of growth-stage enterprises and maturity-stage enterprises can alleviate financing constraints,and the mitigation effect is most obvious in growth-stage enterprises,while the intermediary effect of agency cost is only significant in the growth-stage sample enterprises.The conclu⁃sion is still valid after the robustness test with instrumental variable method and system GMM method.This paper provides a new perspective and thinking for studying the relationship between ESG performance and financing constraints.关键词
企业ESG表现/信息不对称/信号传递/委托代理问题/利益相关者/企业生命周期/融资约束/有调节的中介效应Key words
ESG performance of the enterprise/asymmetric information/signaling effect/principal-agent problem/the stakeholders/the life cycle of an enterprise/financing constraints/moderated mediator分类
管理科学引用本文复制引用
刘树良,闫明丽..ESG表现、代理成本与融资约束[J].工业技术经济,2024,43(12):62-72,11.
