企业ESG表现能够影响供应商的授信决策行为吗？

——基于贸易信贷视角

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关键词：ESG表现；贸易信贷；信息不对称；财务风险；盈利能力；双重机器学习中图分类号：F279.2；F274;F832.4 文献标识码：A 文章编号：1007-5097（2025）09-0097-11

Abstract： CorporateESG strengths serveas acrucial referenceforsuppliers when extendingtrade credit.Using data from ChineseA-share listed companies from 2Oo9 to2O23，this paper employs adouble machine learning modelto investigate the impactandunderlying mechanisms ofESG performance oncorporate trade credit.The results indicate that enhanced ESG performance significantly increases the trade credit provided bysuppliers.This effect operates primarily through information，risk，and profitabilitychannels.Specificaly，robustESG performancereduces informationasymmetry to fostersupplier trust，lowersfinancialrisk toeasesupplierconcerns，and improvesprofitabilitytoraisesupplier expectations，colectively boosting the levelofcorporate trade credit.Internally，the positive impactofESGonsupplier trade credit ismore pronouncedamong non-state-owned，smalland medium-sized，andyoungerfirms.Exterallythis effct is strongerduring periodsofhigheconomicpolicyuncertainty，inregions withlowersocial trust，andinindustries with lower concentration.

KeyWords：ESGperformance;tradecredit;informationasymmetry;financialrisk; profitability;doublemachinelearning

一、引言及文献综述

资金是企业的血液，“融资难、融资贵"的现象一直是掣时中国企业高质量发展和制约经济转型升级的重要因素[1]。（剩余19236字）