会计学院知识库

  在我国生态文明建设背景下，新发展理念、双碳目标的提出促使企业积极践行ESG理念，这与近年来黄河流域高质量发展战略的提出交相呼应。黄河流域各省区间存在着发展不平衡、不充分问题，生态保护与经济发展的耦合协同度较低。在黄河流域生态保护与高质量发展的制度背景下，黄河流域资源型企业面临着制度规制与资源约束的双重限制，承担着生态保护与绿色发展的双重压力。ESG责任履行需要额外成本，可能会对企业正常经营活动产生资源侵占、资源挤出效应，积极践行ESG理念需要外部资金支持。债务融资是企业主要的融资渠道，向银行借款是债务融资中的主要融资方式。因此，研究黄河流域资源型企业ESG责任履行对获取银行融资的影响具有现实意义。

  在银行信贷资源供需视角下，本文基于制度理论、利益相关者理论、资源依赖理论，以2011-2020年黄河流域资源型企业为样本，通过固定效应模型实证检验了黄河流域资源型企业ESG责任履行对获取银行融资（规模和期限）的影响及其中的滞后效应，进一步分析了企业ESG责任履行对获取银行融资规模影响的差异性、对企业整体资本结构的影响，以及外部制度环境的调节作用。

  以黄河流域资源型企业为研究对象，研究发现：从企业的银行融资规模来看，ESG表现越好的企业，需要的银行融资规模越小，且外部制度环境对这一影响有正向调节作用；从企业的银行融资期限来看，ESG表现越好的企业，获得的银行融资期限越长；从时间跨度来看，企业ESG责任履行对获取银行融资的影响具有滞后性，即企业ESG责任履行具有累积效应；从企业的银行融资期限结构来看，ESG表现对获取银行融资规模的负向影响主要存在于短期借款中。银行在授信时会考虑企业以往的ESG表现，银行信贷资源使用成本的存在，促使企业会根据自身资金需求向银行借款，使银行信贷资金得到合理配置，支持黄河流域资源型企业ESG责任履行，助力黄河流域高质量发展。

In the context of China's ecological civilisation construction, the new development concept and the introduction of the double carbon target have prompted companies to actively practice the ESG concept, which echoes the proposal of a high-quality development strategy for the Yellow River Basin in recent years. There are problems of unbalanced and insufficient development among the provinces and regions in the Yellow River Basin, and the coupling synergy between ecological protection and economic development is low. In the institutional context of ecological protection and high-quality development in the Yellow River Basin, resource-based enterprises in the Yellow River Basin face the dual constraints of institutional regulation and resource constraints, and bear the dual pressure of ecological protection and green development. additional costs are required for ESG responsibility fulfillment, which may have resource encroachment and resource crowding out effects on normal business activities of enterprises, and external financial support is required to actively practice ESG concepts. Debt financing is the main financing channel for enterprises, and borrowing from banks is the main financing method in debt financing. Therefore, it is of practical significance to study the impact of ESG responsibility fulfillment on access to bank financing for resource-based enterprises in the Yellow River Basin.

Based on institutional theory, stakeholder theory and resource dependency theory, this paper empirically examines the impact of ESG responsibility fulfillment on access to bank financing (scale and maturity) and the lagged effect in it by using a fixed-effects model with a sample of resource-based enterprises in the Yellow River Basin from 2011 to 2020, under the perspective of supply and demand of bank credit resources, and further analyses the impact of ESG responsibility fulfillment on access to bank financing by enterprises in the Yellow River Basin We further analyse the variation in the impact of ESG compliance on the size of access to bank financing, the impact on the overall capital structure of enterprises, and the moderating role of the external institutional environment.

Taking resource-based enterprises in the Yellow River Basin as the research target, the study finds that: in terms of the scale of bank financing, the better the ESG performance of enterprises, the smaller the scale of bank financing they need, and the external institutional environment has a positive moderating effect on this effect; in terms of the maturity of bank financing, the better the ESG performance of enterprises, the longer the maturity of bank financing they obtain; in terms of the time span, the impact of corporate ESG responsibility fulfillment on access to bank financing has a lagging effect. In terms of the maturity structure of bank financing, the negative impact of ESG performance on the size of bank financing is mainly found in short-term borrowings. Banks will consider the ESG performance of enterprises in granting credit, and the cost of using bank credit resources will encourage enterprises to borrow from banks according to their own capital needs, so that bank credit funds can be reasonably allocated to support the ESG compliance of resource-based enterprises in the Yellow River Basin and contribute to the high-quality development of the Yellow River Basin.