The impact of short-term debt for long-term investment on corporate ESG performance

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI:10.1016/j.frl.2025.109459

Long Tang , Jin Hu , Peter J. Stauvermann , Ziyi Xiong

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引用次数: 0

Abstract

Improving corporate social responsibility performance by optimizing financial behavior is of great significance for promoting sustainable development. This paper utilizes panel data of Chinese listed companies from 2011 to 2023 to investigate the impact and underlying mechanisms of short-term debt for long-term investment (STD-LTI) on corporate ESG performance. The study finds that for each one standard deviation increase in the degree of short-term borrowing for long-term investment by a company, its ESG score will significantly decrease by approximately 0.0390.. The main function channels include increasing credit rents, inhibiting the development of supply chain finance, and reducing environmental investments. Moreover, the effects vary significantly depending on enterprise ownership, managerial myopia level, and the intensity of external supervision. This paper provides insights for fostering government-bank-enterprise cooperation, optimizing corporate financing strategies, and enhancing social responsibility practices.

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短期债务转长期投资对企业ESG绩效的影响

通过优化财务行为来提高企业社会责任绩效，对促进可持续发展具有重要意义。本文利用2011 - 2023年中国上市公司面板数据，研究了短期债务转长期投资（STD-LTI）对企业ESG绩效的影响及其机制。研究发现，企业短期借贷用于长期投资的程度每增加一个标准差，其ESG得分就会显著下降约0.0390。其主要功能渠道包括增加信贷租金、抑制供应链金融发展、减少环境投资等。此外，企业所有制、管理层近视程度和外部监督强度对企业绩效的影响存在显著差异。本文为促进政银企合作、优化企业融资策略、加强企业社会责任实践提供了参考。

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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