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论文编号：	13952
作者编号：	2120214097
上传时间：	2023/6/6 21:41:20
中文题目：	企业ESG表现、融资约束与资本结构
英文题目：	Corporate ESG performance, financing constraints and capital structure
指导老师：	陆宇建
中文关键字：	环境社会责任与公司治理；融资约束；资本结构
英文关键字：	ESG; Financing Constraint; Capital Structure
中文摘要：	随着全球经济和社会的发展遇到的问题日趋增多和复杂，社会各界对ESG理论的关注度和接受度逐渐提高。党的二十大报告中提出社会发展要贯彻新发展理念，推进高质量发展，构建新的发展格局，并且多次强调要保持经济持续健康发展，ESG理念与二十大提出的发展方向不谋而合。目前，国内资本市场发展尚不完善，许多企业面临着融资约束问题，实际资本结构不能达到最佳水平，影响了企业的经营与投资效率。而ESG可以从环境、社会责任与公司治理三个方面衡量企业的可持续发展能力，逐渐成为重要的投资指标，在资本市场中为债权人与投资者提供一定的投资参考。基于此，本文选择企业ESG表现、融资约束对资本结构的影响作为研究问题，希望为上市企业提升ESG表现、缓解融资约束、优化资本结构提供一定的参考信息，并丰富相关的理论研究。 本文选取2017年-2021年商道融绿评级机构出具ESG评分的沪深A股上市公司作为研究样本，运用GMM进行回归，从静态与动态两个角度研究企业ESG表现、融资约束对资本结构的影响关系与融资约束在其中的中介作用机制，并进行了稳健性检验和异质性分析。实证研究发现，企业ESG表现与企业资本结构静态水平、动态调整速度存在正相关关系，ESG评分高的企业负债率更高、资本结构调整更迅速；企业融资约束程度与资本结构存在负相关关系，所受融资约束程度大的企业负债率更低、资本结构调整更缓慢；企业融资约束程度在ESG表现与资本结构的关系中间具有中介作用。通过异质性分析发现，对于不同污染程度、不同产权性质的企业来说，ESG表现对资本结构静态水平与调整速度的影响存在差异性。基于此，本文针对资本市场ESG体系构建、解决企业融资约束与优化资本结构问题提出了进一步的建议，为企业的资本结构优化决策提供参考。
英文摘要：	With the increasing number and complexity of problems encountered by global economic and social development, the attention and acceptance of ESG theory from all walks of life is gradually increasing. In the report of the 20th National Congress of the Communist Party of China, it was proposed to implement the new development concept, promote high-quality development and build a new development pattern for social development, and repeatedly emphasized the need to maintain sustainable and healthy economic development. The concept of ESG coincides with the development direction put forward by the 20th National Congress. At present, the development of capital market in China is still not perfect, many enterprises are facing the problem of financing constraints, the actual capital structure cannot achieve the best level, affecting the efficiency of management and investment. ESG scores can measure the sustainable development ability of enterprises from three aspects: environment, social responsibility and corporate governance. It has gradually become an important investment indicator, providing certain investment references for creditors and investors in the capital market. Based on this, this dissertation selects the impact of enterprise ESG performance and financing constraints on capital structure as the research topic, so as to improve ESG performance for Chinese enterprises, alleviate financing constraints, optimize capital structure to provide some reference information and enrich the relevant theoretical research. Therefore, this dissertation selects Shanghai-Shenzhen A-share listed companies with ESG scores issued by Shangtao Ronglu Rating Agency from 2017 to 2021 as research samples, uses GMM for regression, and studies the relationship between corporate ESG performance, the impact of financing constraints on capital structure and the intermediary mechanism of financing constraints from static and dynamic perspectives. The robustness test and heterogeneity analysis were carried out. The empirical study shows that ESG performance is positively correlated with the static level and dynamic adjustment speed of capital structure. Enterprises with high ESG score have higher debt ratio and faster adjustment speed of capital structure. There is a negative correlation between the degree of financing constraints and the capital structure of enterprises. Enterprises with higher degree of financing constraints have lower debt ratio and slower adjustment speed of capital structure. The degree of corporate financing constraint plays a partial mediating role in the relationship between ESG performance and capital structure. Through heterogeneity analysis, it is found that for enterprises with different pollution levels and different property rights, the effects of ESG performance on the static level and adjustment speed of capital structure are different. Based on this, this dissertation puts forward further suggestions for the construction of capital market ESG system, solving the problem of enterprise financing constraints and optimizing capital structure, and provides reference for enterprises to optimize capital structure decision-making.
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