ESG视角下的企业债务风险防控:内在逻辑与治理价值OA

In the current stage of high-quality development,the traditional leverage-driven growth model can no longer meet the multiple requirements of corporate sustainability and financial market stability,necessitating an urgent transition to-ward an ESG-oriented high-quality development paradigm.Based on the data of bond-issuing enterprises in 2025,this paper empirically investigates the impact of ESG performance on corporate debt risk.The findings reveal that sound ESG per-formance significantly restrains corporate over-indebtedness and mitigates debt risk.Mechanism tests indicate that ESG performance exerts its risk-mitigating effect primarily through two channels:the"external support effect"by enhancing supply chain credit support,and the"supervisory constraint effect"by strengthe-ning internal governance.However,this transmission process is negatively modera-ted by the"resource crowding-out effect"and the"soft budget constraint effect".Specifically,the resource crowding-out effect is more pronounced among start-up enterprises,where substantial ESG investments tend to crowd out scarce resources and inadvertently exacerbate short-term financial pressure.Conversely,the soft budget constraint effect is more prominent in regions with robust fiscal strength,which weakens enterprises' intrinsic motivation to control their debt levels due to heightened expectations of external government bailouts.By uncovering these dual mechanisms of ESG on corporate debt risk,this study provides granular empirical evidence and actionable insights for the implementation of differentiated and local-ized ESG governance strategies.