摘要
本文以A股上市公司2011~2018年境内并购事件为研究样本,通过固定效应模型检验ESG评级对并购绩效的影响得出以下结论:1) 企业ESG评级越好并购绩效越好;2) 企业较好的ESG评级可以缓解融资约束问题;3) 融资约束在ESG评级与并购绩效关系中起到了遮掩效应。
Taking the domestic M&A events of A-share listed companies from 2011 to 2018 as the research sample, this paper tests the impact of ESG rating on M&A performance through the fixed effect model, and draws the following conclusions: 1) the better the enterprise ESG rating, the better the M&A performance;2) better ESG rating of enterprises can alleviate financing constraints;3) financial constraints have a masking effect on the relationship between ESG rating and M&A performance.
出处
《金融》
2023年第1期36-45,共10页
Finance
