公衆衛生危機、ESGの緩衝効果、医療企業の財務レジリエンス：中国A株上場企業に基づく実証研究

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:ESGのS・G次元が危機時の財務レジリエンスに与える因果的緩衝効果を、取引信用と信用スプレッドの二重指標で測定する手法が参考になる。

🏢実務担当者:平時からの社会責任・ガバナンス開示の充実が、危機時の取引信用確保と調達コスト抑制に効く可能性を示す。

🏛政策担当者:公衆衛生危機時の資金支援設計や、医療機関の信用評価にESG要因を組み込む際の実証的根拠として活用できる。

Public health crises pose an extreme stress test on the financial sustainability of healthcare systems. This study uses a sample of Chinese A-share listed companies in the healthcare sector from 2015 to 2023 to systematically examine the micro-level mechanisms underlying firms’ financial resilience in the face of public health crisis shocks, with a particular focus on the buffering effects of the social and governance dimensions within environmental, social, and governance (ESG) performance. The study finds: First, the COVID-19 shock led to an average increase of 8.7 days in the accounts payable turnover days for healthcare firms and an average widening of 56.7 basis points in the spread on new debt financing, reflecting the dual pressures of tightening supply-chain credit and rising credit risk premiums. Second, firms with superior pre-crisis social responsibility performance experienced significantly smaller extensions in trade credit during the shock. This effect was particularly pronounced among firms that heavily relied on government medical insurance payments. Third, firms with higher governance transparency exhibited significantly smaller increases in spreads on additional financing during the shock; firms scoring in the 90th percentile for governance had spreads about 25 basis points lower than those at the median level. Mechanism analysis, supported by micro-level financial communication records from the major epidemic prevention and treatment base in Huludao City, reveals the specific process through which frequent information disclosure acts as a “reputational collateral” to reduce credit risk premiums. The marginal contributions of this study lie in: extending the research perspective on financial resilience from macro-fiscal transfers to stakeholder trust mechanisms at the firm level; constructing a dual resilience metric comprising both “trade credit extension” and “financing cost spreads”; and providing micro-level empirical evidence for the ESG buffering effect identified through large-sample regressions. The study’s findings offer empirical support for incorporating ESG factors into credit assessments of healthcare firms and for optimizing the management of public health emergency funds.

• semanticscholar https://journals.uok.ac.rw/jfms/article/download/263/43first seen 2026-09-12 05:54:38 · last seen 2026-09-22 05:21:26