关键词: 亲清政商关系, ESG表现, 融资约束, 管理层短视

Abstract: The performance of enterprises in environmental, social, and governance (ESG) aspects cannot be separated from the support and guarantee of the institutional environment. Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2017 to 2021 as samples, this study explores how pro-clean government-business relationship affects corporate ESG performance. The findings show that pro-clean government-business relationship can significantly improve corporate ESG performance. The mechanism analysis reveals that the pro-clean government-business relationship mainly enhances corporate ESG performance through the two channels: improving the external financing environment and suppressing the short-sighted behaviors of corporate management. Further analysis reveals that the“clean”dimension of the government-business relation plays a major role; and in enterprises registered in provincial capitals or municipalities, belonging to non-heavily-polluting industries, with a high degree of digital transformation, and with a higher proportion of institutional investors holding shares, the pro-clean government-business relation can significantly improve corporate ESG performance. Based on the above research conclusions, it is recommended that local governments should actively build pro-clean government-business relationship to optimize financing channels. Meanwhile, enterprises should overcome short-term profit seeking behaviors, so as to achieve long-term sustainable development.

Key words: pro-clean government-business relationship, ESG performance, financing constraints, short sightedness of management