Corporate ESG Performance and Supply Chain Financing: Evidence from China

In the context of the ongoing deepening of the “dual carbon” strategy and concepts of sustainable development, corporate environmental, social, and governance (ESG) performance has increasingly garnered the attention of various investment entities and gradually influenced key operational areas, such as supply chain financing. This paper analyzes the potential impact and mechanisms through which ESG performance affects corporate supply chain financing, using resource dependence and stakeholder theories as analytical lenses. The study utilizes data from A-share listed companies in China from 2013 to 2023 and finds that strong ESG performance significantly enhances the supply chain financing available to companies. This effect is particularly pronounced among state-owned enterprises, large firms, those with lower pollution levels, and companies in high-tech industries. Further analysis indicates that ESG performance positively influences supply chain financing by enhancing corporate reputation and reducing information asymmetry. Therefore, companies, financial institutions, and relevant government agencies should prioritize the development of ESG performance, integrate it into long-term strategies, promote standardized information disclosure, and support the sustainable development of supply chain financing.