ESG performance and cross regional investment: Evidence from Chinese listed companies

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-25 DOI:10.1016/j.frl.2025.107439

Xuefeng Wang , Man Tang , Lv Wenya , Lei Xu

引用次数: 0

Abstract

Based on Chinese listed companies data from 2010 to 2022, this article investigates the relationship between corporate ESG performance and cross regional capital flows. We find that better ESG performance significantly promotes companies to establish subsidiaries across regions, but this effect is mainly reflected in non-state-owned enterprises and investment enterprises within the province. Further analysis suggests that the main reason for enterprises to promote cross regional investment may be that better ESG performance increases investor trust and alleviates financing constraints for enterprises. The conclusion of this article is of great significance in promoting cross regional capital flows and facilitating the integration of factor markets.

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ESG绩效与跨区域投资：来自中国上市公司的证据

本文基于2010 - 2022年中国上市公司数据，研究了企业ESG绩效与跨区域资本流动的关系。我们发现，较好的ESG绩效显著促进了企业跨区域设立子公司，但这种效应主要体现在省内非国有企业和投资企业。进一步分析表明，企业推动跨区域投资的主要原因可能是ESG绩效的提高增加了投资者的信任，缓解了企业的融资约束。本文的结论对于促进跨区域资本流动，促进要素市场一体化具有重要意义。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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