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<p>This study uses data from Chinese A-share listed companies from 2013 to 2022 to examine the impact of financial mismatch on corporate ESG performance and its underlying mechanisms. The results show that financial mismatch significantly suppresses firms’ ESG performance. Further mechanism analysis reveals that financial mismatch indirectly reduces ESG performance by intensifying financing constraints and inhibiting innovation investment. Heterogeneity analysis indicates that this adverse effect is particularly pronounced among non-state-owned enterprises, firms with a high reliance on short-term debt, and those facing severe financing difficulties. This study expands the theoretical scope of resource allocation efficiency and financial constraint theory into the domain of nonfinancial decision-making. It provides policy implications for governments to optimize financing structures and guide enterprises toward green transformation and high-quality development.</p>

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Financial Mismatch and ESG Performance: Evidence of China

  • 期刊论文

  • 发表日期：

    2025年10月6日

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  • JingShuo Yan

摘要

This study uses data from Chinese A-share listed companies from 2013 to 2022 to examine the impact of financial mismatch on corporate ESG performance and its underlying mechanisms. The results show that financial mismatch significantly suppresses firms’ ESG performance. Further mechanism analysis reveals that financial mismatch indirectly reduces ESG performance by intensifying financing constraints and inhibiting innovation investment. Heterogeneity analysis indicates that this adverse effect is particularly pronounced among non-state-owned enterprises, firms with a high reliance on short-term debt, and those facing severe financing difficulties. This study expands the theoretical scope of resource allocation efficiency and financial constraint theory into the domain of nonfinancial decision-making. It provides policy implications for governments to optimize financing structures and guide enterprises toward green transformation and high-quality development.