ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG), FINANCING CONSTRAINTS, AND ENTERPRISE VALUE

Environmental, social and governance (ESG) performance has attracted increasing attention. ESG represents important indicators for measuring the green management concept of enterprises and promoting high-quality economic development and sustainable development ability. To discuss the relationship between ESG, financing constraints and enterprise value, based on resource dependence and financing constraint theory, using the data of new energy enterprises in A-share listed companies in Shanghai and Shenzhen stock markets from 2017 to 2021 in China, the effect of ESG on enterprise value, and the moderating role of financing constraints in the impact relationship were analyzed. Furthermore, the heterogeneity of regional location, enterprise ownership, and pollution degree were discussed. Results show that, good ESG performance can significantly improve the value of new energy enterprises. However, financing constraints hinder the value of these enterprises, and financing constraints inhibit the positive role of ESG performance in promoting enterprise value to a certain extent. ESG performance is prominent in new energy enterprises in the eastern and southern regions, among state-owned enterprises, and firms with heavy pollution. Conclusions provide empirical evidence for the development of enterprises through ESG performance, and have certain reference significance for the government, investors, and enterprises, allowing them to attach importance to ESG performance, strengthen and improve financing, and promote the development of enterprises.