管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (12): 223-236.

• 会计与财务管理 • 上一篇    

ESG责任履行能抑制企业杠杆操纵吗？——基于“治理效应”与“资源效应”的机制检验

林炳洪1, 李秉祥2, 张涛3   

  1. 1. 福建农林大学经济与管理学院, 福州 350002;
    2. 西安理工大学经济与管理学院, 西安 710054;
    3. 甘肃政法大学商学院, 兰州 730070
  • 收稿日期:2022-11-07 发布日期:2026-01-15
  • 作者简介:林炳洪（通讯作者），福建农林大学经济与管理学院讲师，博士;李秉祥，西安理工大学经济与管理学院教授，博士生导师，博士;张涛，甘肃政法大学商学院副教授，硕士生导师，博士。
  • 基金资助:
    国家自然科学基金项目（71772151）；陕西省哲学社会科学重大理论与现实问题研究项目（2021ND0258）。

Can ESG Responsibility Fulfillment Inhibit Corporate Leverage Manipulation?—Mechanism Test Based on “Governance Effect” and “Resource Effect”

Lin Binghong1, Li Bingxiang2, Zhang Tao3   

  1. 1. College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002;
    2. School of Economics and Management, Xi'an University of Technology, Xi'an 710054;
    3. School of Business, Gansu University of Political Science and Law, Lanzhou 730070
  • Received:2022-11-07 Published:2026-01-15

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摘要： 基于ESG理念强势兴起与政府推行“去杠杆”政策的双重现实背景，本文从“治理效应”与“资源效应”分析ESG责任履行如何作用于企业杠杆操纵行为。结果表明：ESG责任履行能够有效减少企业杠杆操纵行为，且这一作用在非国有企业、实施股权激励企业与处于高市场化水平地区企业中更突出。影响机制检验表明，ESG责任履行在“治理效应”渠道会通过强化内部控制与降低下行风险来抑制企业杠杆操纵；在“资源效应”渠道则会通过缓解融资约束来抑制企业杠杆操纵。对ESG拆分回归显示，S与G维度的责任履行对杠杆操纵的抑制作用较大，而E维度的责任履行所发挥的作用有限。区分杠杆操纵手段可以发现，ESG责任履行主要抑制名股实债，而对表外负债的抑制作用并不明显。经济后果分析表明，ESG责任履行抑制杠杆操纵后，企业价值与企业成长性可以得到有效提高。研究结论明晰了ESG责任履行对企业杠杆操纵行为的治理机制，可以为化解企业债务危机，促进经济实现高质量发展提供有益参考。

关键词: 去杠杆, ESG责任履行, 杠杆操纵, 债务隐藏, 高质量发展

Abstract: Based on the dual realistic background of the rise of ESG concept and the government’s implementation of “deleveraging” policy, this paper analyzes how ESG responsibility fulfillment affects corporate leverage manipulation behavior from the perspectives of “governance effect” and “resource effect”. The results show that ESG responsibility fulfillment can effectively reduce corporate leverage manipulation, and this effect is more prominent in non-state-owned firms, firms implementing equity incentive and firms in highly market-oriented regions. The impact mechanism test shows that ESG responsibility fulfillment through the “governance effect” channel will suppress corporate leverage manipulation by strengthening internal control and reducing downside risk; in the “resource effect” channel, corporate leverage manipulation will be suppressed by alleviating financing constraints. The ESG split regression shows that the responsibility fulfillment of S and G dimensions has a greater inhibitory effect on leverage manipulation, while the responsibility fulfillment of E dimension plays a limited role. An analysis by the type of leverage manipulation shows that ESG responsibility fulfillment mainly inhibits the real debt of nominal stocks, but the inhibitory effect on off-balance sheet liabilities is not obvious. The analysis of economic consequences shows that after ESG responsibility fulfillment inhibits leverage manipulation, corporate value and corporate growth are effectively improved. The research conclusions provide a reference for clarifying the mechanism of how ESG responsibility fulfillment governs corporate leverage manipulation, and how to rely on ESG responsibility fulfillment to resolve enterprise debt crisis and promote high-quality economic development.

Key words: deleveraging, ESG responsibility fulfillment, leverage manipulation, debt concealment, high-quality development