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Corporate ESG Performance and Its Impact on Financial Constraints in China’s A-Share Listed Companies

In: Proceedings of the 2026 11th International Conference on Financial Innovation and Economic Development (ICFIED 2026)

Author

Listed:
  • Yaxin Luo

    (School of Arts, Design & Architecture, The University of New South Wales)

Abstract

In light of significant changes in the global economic and social landscape, corporate environmental, social, and governance (ESG) performance has increasingly become a central focus for investors and stakeholders. This study examines a sample of non-financial listed companies in China’s A-share market from 2015 to 2024, employing ESG rating data from SynTao Green Finance to investigate the influence and mechanisms of corporate ESG performance on financing constraints. Utilizing a panel regression methodology, the research incorporates leverage ratio and enterprise size as moderating variables to conduct a comprehensive analysis of the differential effects of financing constraints on enterprises. The findings reveal that ESG performance substantially mitigates corporate financing constraints, with the effect being more pronounced in enterprises with low leverage and smaller scale. Robustness checks further affirm the validity of these conclusions. The results provide empirical evidence for companies aiming to optimize their financing conditions and achieve sustainable development by enhancing their ESG performance.

Suggested Citation

  • Yaxin Luo, 2026. "Corporate ESG Performance and Its Impact on Financial Constraints in China’s A-Share Listed Companies," Advances in Economics, Business and Management Research, in: Xiongfeng Pan & Huaping Sun & Abdul Rauf & Md Rabiul Islam & Liew Chee Yoong (ed.), Proceedings of the 2026 11th International Conference on Financial Innovation and Economic Development (ICFIED 2026), pages 486-497, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6239-642-5_47
    DOI: 10.2991/978-94-6239-642-5_47
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