ESG performance and financing constraints in aquaculture and fishery listed companies: Evidence from China

This paper uses Chinese A-share fishery-listed companies from 2009 to 2025 as the research sample, comprising 14 companies and 197 annual panel observations. Using a two-way fixed-effects model, it empirically tests the impact, transmission path, and heterogeneity of environmental, social, and governance (ESG) performance on the financing constraints of fishery companies. The ESG indicators are measured using a comprehensive rating of 0 to 100 points on the Huazheng Index, with higher scores indicating better overall levels of environmental compliance, social responsibility fulfillment, and internal governance of the company. Financing constraints are calculated using the KZ index, with a higher index value indicating greater financing constraints for the company. The study found that the regression coefficient of the comprehensive ESG score of companies is -0.069, which is significantly negative at the 5% statistical level, indicating that good ESG performance can significantly alleviate the financing constraints of fishery companies. Mechanism testing shows that subsidy acquisition and supply chain relationship governance are the two core transmission channels through which ESG mitigates effects. Heterogeneity analysis shows that the environmental dimension is the core driver of ESG in improving the financing environment for companies, and that the financing slow-release effect of ESG is more pronounced in aquaculture and fishery companies with low export dependence. This study is based on the local characteristics of China’s fisheries industry policies and industrial chain, and examines the economic effects of ESG in the agricultural sector. It can provide local empirical evidence to optimize green finance policies in the fisheries industry and to lay out ESG practices for listed aquatic companies.