The Impact of ESG Internal Development Balance on Corporate Financing Constraints
ESG内部発展のバランスが企業の資金調達制約に与える影響 (AI 翻訳)
Yiting Zhong
🤖 gxceed AI 要約
日本語
中国A株上場企業を対象に、ESG内部発展バランス指標を構築し、資金調達制約への影響を分析。バランスの取れたESG実践は情報非対称性を低減し、融資能力を向上させる。非国有・非重汚染・ハイテク企業で効果が顕著。
English
Using Chinese A-share listed firms from 2010-2024, this study constructs an ESG internal development balance indicator and finds it significantly alleviates financing constraints. Balanced ESG practices convey credible sustainability signals, reduce information asymmetry, and improve borrowing capacity, especially for non-SOE, non-heavy-polluting, and high-tech firms.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でもESG情報の非財務開示が進む中、内部バランスの重要性を示唆。特にグリーンウォッシュ防止や資金調達円滑化の観点で参考になる。
In the global GX context
This paper provides empirical evidence on how balanced ESG performance reduces financing constraints, relevant for global transition finance and greenwashing concerns. It highlights the dual role of audit quality and debt capacity as transmission channels.
👥 読者別の含意
🔬研究者:Empirical evidence on ESG internal balance as a signal in credit markets.
🏢実務担当者:Insight into how balanced ESG practices can improve access to financing and reduce greenwashing risk.
🏛政策担当者:Useful for designing policies that encourage holistic ESG improvement rather than selective focus.
📄 Abstract（原文）
Under the dual carbon goals and the context of high-quality development, ESG performance has become an important measure for assessing corporate risk and value. However, the unbalanced development model of some companies that 'focus on the environment but neglect governance' can easily trigger accusations of 'greenwashing' and conceal potential financial risks. Based on this, this paper uses Chinese A-share listed companies from 2010 to 2024 as a sample and innovatively constructs an 'ESG Internal Development Balance' indicator to deeply examine its impact on corporate financing constraints and the transmission mechanism. The study finds: First, the ESG internal development balance can significantly alleviate corporate financing constraints. Coordinated ESG practices can convey highly reliable sustainability signals to the market, effectively reducing the information screening costs for financial institutions. Second, external audit certification and enhanced debt acquisition capability serve as dual transmission paths. Balanced ESG development not only encourages companies to engage high-quality audits to reduce information asymmetry but also aligns with green credit preferences, thereby significantly improving borrowing capacity and substantively enhancing liquidity. Third, heterogeneity analysis shows that this alleviation effect is more pronounced in non-state-owned enterprises, non-heavy-pollution enterprises, and high-tech companies. This paper provides practical insights for companies to optimize sustainable development resource allocation and break financing barriers.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54097/bd1gh125first seen 2026-06-14 04:50:23
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