Wang Xiaofan, Yao Lili
College of Economics and Management, Huanghuai University, No.76 Open-Source Avenue, Henan Province, 463000, China.
College of Economics and Management, Northwest A&F University, #3 Taicheng Lane, Shaanxi Pronvince, 712100, China.
Heliyon. 2024 Oct 4;10(20):e38923. doi: 10.1016/j.heliyon.2024.e38923. eCollection 2024 Oct 30.
Under the guidance of the United Nations SDGs target framework, enterprises' ESG practices of developed countries can effectively promote external investors' ESG investment, thus easing enterprises' financing constraints. Using the data of Chinese A-share listed companies in the Shanghai- and Shenzhen-stock exchange markets from 2013 to 2022, this study explores the causal relationship between enterprises' ESG practices and their financing constraints to provide Chinese experience, examines the mediating effect with corporate transparency and investor sentiment, and analyzes the heterogeneity with external auditor type and earnings management motivation. It is found that enterprise ESG practices can enhance their financing ability by improving corporate transparency and suppressing investor sentiment; for the non-Big 4 audit listed companies and the listed companies with the weak motivation of earnings management, the corporate ESG practice has a more significant effect on their financing ability. This study enriches the research on the relationship between ESG practice and ESG financing by providing Chinese evidence.
在联合国可持续发展目标框架的指导下，发达国家企业的环境、社会和公司治理（ESG）实践能够有效促进外部投资者的ESG投资，从而缓解企业的融资约束。本研究利用2013年至2022年沪深证券交易所中国A股上市公司的数据，探讨企业ESG实践与融资约束之间的因果关系，以提供中国经验，检验企业透明度和投资者情绪的中介作用，并分析外部审计师类型和盈余管理动机的异质性。研究发现，企业的ESG实践可以通过提高企业透明度和抑制投资者情绪来增强其融资能力；对于非四大审计的上市公司和盈余管理动机较弱的上市公司，企业ESG实践对其融资能力的影响更为显著。本研究通过提供中国证据，丰富了ESG实践与ESG融资关系的研究。
