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A Study on the Impact of ESG Disclosure on Corporate Credit Availability - A Case Study of Chinese A-share Listed Companies in Shanghai and Shenzhen

In: Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025)

Author

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  • Kaixu Chen

    (Shenzhen University, College of Management)

Abstract

This study explores the impact of ESG disclosure on corporate credit availability and analyzes the moderating role of property rights heterogeneity in this relationship, using a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2023. Based on signaling theory, it is found that the quality of corporate ESG disclosure significantly and positively affects its overall credit size, short-term credit and long-term credit availability, indicating that ESG disclosure enhances the ability to obtain credit resources by alleviating the information asymmetry between banks and enterprises and enhancing the banks’ trust in the sustainable development ability of enterprises. Further analysis reveals that property rights heterogeneity has a differential impact on the role of ESG: ESG disclosure promotes long-term credit availability significantly more strongly in private enterprises than in state-owned enterprises, reflecting the diminishing marginal utility of ESG disclosure in state-owned enterprises due to policy support and information advantages. This study provides empirical evidence for the economic consequences of ESG disclosure and policy implications for optimizing credit resource allocation and promoting corporate ESG practices.

Suggested Citation

  • Kaixu Chen, 2025. "A Study on the Impact of ESG Disclosure on Corporate Credit Availability - A Case Study of Chinese A-share Listed Companies in Shanghai and Shenzhen," Advances in Economics, Business and Management Research, in: Maizaitulaidawati Md Husin (ed.), Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025), pages 358-367, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-874-5_44
    DOI: 10.2991/978-94-6463-874-5_44
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