管理学刊2025，Vol.38Issue(5)：32-47,16.DOI:10.19808/j.cnki.41-1408/F.2025.0046
ESG漂洗行为对财务柔性的影响研究
The Impact of ESG Washing on Financial Flexibility
摘要
Abstract
This paper utilizes data from 5,186 A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2009 to 2023 to conduct an in-depth analysis of the impact of ESG washing on corporate financial flexibility and its transmission mechanisms.The study finds that ESG washing inhibits corporate financial flexibility,and this conclusion remains robust after addressing endogeneity issues through instrumental variable methods,propensity score matching,and the Heckman two-stage model.Mechanism tests reveal that ESG washing significantly reduces corporate financial flexibility primarily by exacerbating financing constraints and diminishing patient capital.Further incorporating the analysis of local environmental regulation intensity and media attention shows that when enterprises are located in regions with stricter environmental regulations and subject to closer media scrutiny,their ESG washing practices can be significantly curbed.In view of this,it is proposed that regulatory authorities should improve the unified standards for ESG information disclosure,increase local environmental law enforcement efforts,and establish effective media supervision mechanisms.Corporate management should establish and improve internal ESG accountability governance mechanisms,actively strengthen communication with stakeholders,in order to reduce the suppression of financial flexibility and promote high-quality development of enterprises.关键词
ESG漂洗/财务柔性/融资约束/耐心资本Key words
ESG washing/financial flexibility/financing constraints/patient capital分类
经济学引用本文复制引用
吕怀立,高逸菲,刘诚芸..ESG漂洗行为对财务柔性的影响研究[J].管理学刊,2025,38(5):32-47,16.基金项目
河南省哲学社会科学规划项目(2024CJJ148) （2024CJJ148）
河南省软科学研究重点项目(242400411007) （242400411007）
