ESG, financial constraint and financing activities: A study in the Chinese market

IF 3.1 4区管理学 Q2 BUSINESS, FINANCE

Accounting and Finance Pub Date : 2023-11-05 DOI:10.1111/acfi.13196

Xuejing Guo, Shi Li, Xiaoping Song, Zilin Tang

引用次数: 0

Abstract

Abstract This paper investigates the impact of Chinese firms' environmental, social, and governance (ESG) performance on their financial constraint and financing activities. We find a negative association between firms' ESG performance and their financial constraint driven by the Chinese government's commitment to tackling climate change. Compared with state‐owned enterprises (SOEs), non‐SOEs have alleviated their financial constraint through both equity and debt issuance, thanks to the stock price appreciation and green credit. High‐pollution firms benefit from both equity and debt issuance, while low‐pollution firms mainly finance through equity issuance. Our findings demonstrate the leading role of the Chinese government in its domestic capital markets.

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ESG、财务约束与融资活动:中国市场研究

摘要本文研究了中国企业环境、社会和治理(ESG)绩效对其财务约束和融资活动的影响。我们发现，在中国政府应对气候变化的承诺推动下，企业的ESG绩效与其财务约束之间存在负相关关系。与国有企业相比，非国有企业通过发行股票和债券缓解了其财务约束，这主要得益于股价上涨和绿色信贷。高污染企业从发行股票和债券中获益，而低污染企业主要通过发行股票融资。我们的研究结果证明了中国政府在国内资本市场中的主导作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounting and Finance BUSINESS, FINANCE-

CiteScore

5.10

自引率

7.70%

发文量

期刊介绍： Accounting & Finance enjoys an excellent reputation as an academic journal that publishes articles addressing significant research questions from a broad range of perspectives. The journal: • publishes significant contributions to the accounting, finance, business information systems and related disciplines • develops, tests, or advances accounting, finance and information systems theory, research and practice • publishes theoretical, empirical and experimental papers that significantly contribute to the disciplines of accounting and finance • publishes articles using a wide range of research methods including statistical analysis, analytical work, case studies, field research and historical analysis • applies economic, organizational and other theories to accounting and finance phenomena and publishes occasional special issues on themes such as on research methods in management accounting. Accounting & Finance is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments, and merchant and investment banking.