企业环境、社会和治理绩效与信贷错配：来自中国的证据

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-10-09 DOI:10.1016/j.ribaf.2024.102621

Yicheng Kuai , Peiwen Wang , Guanglin Huang

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引用次数: 0

摘要

本文利用 2010 年至 2020 年中国上市公司的数据，研究了企业环境、社会和治理（ESG）绩效对信贷错配的影响。我们发现，企业环境、社会和治理绩效大大降低了信贷错配，这一点在各种敏感性测试中都保持稳健。机制分析表明，ESG 通过缓解信息不对称减少了信贷错配。这种 "信息补充效应 "主要体现在企业而非宏观层面。进一步的讨论表明，ESG 对盈利能力较低、市场竞争较激烈以及位于金融欠发达地区的企业的影响更为明显。然而，在信贷扩张时期，这种影响就不那么突出了。我们的研究强调了企业环境、社会和治理绩效在遏制信息不对称方面的重要性，并为提高信贷市场的资源配置效率提供了启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Corporate ESG performance and credit misallocation:Evidence from China

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Corporate ESG performance and credit misallocation:Evidence from China

Using data from Chinese-listed companies from 2010 to 2020, this paper investigates the impact of corporate environmental, social, and governance (ESG) performance on credit misallocation. We find that ESG performance significantly reduces credit misallocation, which remains robust to various sensitivity tests. Mechanism analysis reveals that ESG reduces credit misallocation by alleviating information asymmetry. This “information supplementary effect” is primarily evident at the firm rather than the macro level. Further discussion reveals a more pronounced impact of ESG in firms with lower profitability and higher market competition, as well as those located in less financially developed regions. However, this impact becomes less salient during periods of credit expansion. Our research highlights the importance of corporate ESG performance in deterring information asymmetry, and provides insights into improving the resource allocation efficiency in the credit market.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance