Research on ESG Performance, Financing Constraints and Corporate Value

Dan Jiang; Ziyun Yan

doi:10.54097/hgywxs54

Authors

Dan Jiang
Ziyun Yan

DOI:

https://doi.org/10.54097/hgywxs54

Keywords:

ESG performance, Financing constraints, Corporate value

Abstract

Under the strategic background of advancing ecological civilization construction and achieving the "dual carbon" goals, the ESG concept is increasingly becoming a key driver of China's high-quality economic development and a new benchmark for value investment in the capital market. However, despite the growing diversification of financing channels in China's financial market, structural imbalances remain prominent, resulting in severe financing constraints for many enterprises, which restrict normal operations and strategic investments, and become a critical bottleneck hindering industrial transformation and economic structure optimization. To this end, this paper selects 2,452 enterprises listed on the Shanghai and Shenzhen A-share main board markets from 2015 to 2024 as research subjects, incorporates financing constraints as a core mediating variable into the analytical framework, and deeply examines the transmission mechanism between ESG performance and corporate value. The empirical findings are as follows: (1) improving ESG performance can enhance corporate value; (2) ESG performance helps alleviate corporate financing constraints; (3) alleviating financing constraints can enhance corporate value; (4) financing constraints play a mediating role between ESG performance and corporate value.

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