摘要
选取2015-2022年A股上市公司为研究样本,通过“雪中送炭”与“雪上加霜”的竞争性假设实证检验ESG责任履行对企业经营困境的影响。研究发现:ESG责任履行能够纾解企业经营困境,起到“雪中送炭”的作用,而非“雪上加霜”的作用,而杠杆操纵会弱化ESG责任履行这一“雪中送炭”的纾困作用,无助于解决企业经营困境。异质性分析发现,在实施股权激励企业、不存在“一控多”企业与未参股银行等金融机构企业中,ESG责任履行对企业经营困境的纾解作用更加明显,说明有效的激励机制、合理的控制幅度与审慎的投资范围有利于促进企业积极ESG责任履行,降低经营风险。影响机制检验表明,ESG责任履行主要通过缓解融资约束、提高投资效率与增强盈利能力来纾解企业经营困境。研究结论有助于澄清ESG争议,为企业依托ESG责任履行应对困难融资环境,管控经营风险提供经验证据。
This article selects A-share listed companies from 2015 to 2022 as the research sample,and empirically tests the impact of ESG responsibility fulfillment on enterprise business dilemma through the competitive hypothesis of“giving charcoal in the snow”and“adding insult to injury”.The results show that ESG responsibility fulfillment can relieve enterprise business dilemma,and plays a role of“giving charcoal in the snow”instead of“adding insult to injury”.However,leverage manipulation will weaken the relief function of ESG responsibility fulfillment,which will not help solve the business dilemma.Heterogeneity analysis shows that in enterprises that implement equity incentives,enterprises that do not have“one controlling many”and enterprises that do not participate in financial institutions such as banks,ESG responsibility fulfillment plays a more obvious role in alleviating the business dilemma,indicating that effective incentive mechanism,reasonable control range and prudent investment scope are conducive to promoting enterprises to actively fulfill ESG responsibility and reducing operation risks.The test of the influence mechanism shows that ESG responsibility fulfillment can mainly relieve enterprise business dilemma by easing financing constraints,improving investment efficiency and enhancing profitability.The research conclusion helps to clarify ESG disputes,and provide empirical evidence for enterprises to rely on ESG responsibility fulfillment to cope with difficult financing environments and control operational risks.
作者
林炳洪
李秉祥
LIN Binghong;LI Bingxiang(School of Economics and Administration,Xi’an University of Technology,Xi’an 710054,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2024年第6期121-130,共10页
China Soft Science
基金
国家自然科学基金项目(71772151)
陕西省哲学社会科学重大理论与现实问题研究项目(2021ND0258)
陕西省软科学研究计划项目(2023-CX-RKX-187)。
关键词
ESG责任履行
经营困境
杠杆操纵
利益相关者
可持续发展
ESG responsibility fulfillment
business dilemma
leverage manipulation
stakeholder
sustainable development
作者简介
林炳洪(1994-),男,福建莆田人,西安理工大学经济与管理学院博士生,研究方向为公司金融与资本市场会计。
