Commercial Banks' ESG Performance and the Governance of Enterprises' Zombie Risk

WANG Lei; CAI Yitong; SHA Yifan

Volume 41 Issue 1

Jan. 2026

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WANG Lei, CAI Yitong, SHA Yifan. Commercial Banks' ESG Performance and the Governance of Enterprises' Zombie Risk[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(1): 50-67.

Citation:

WANG Lei, CAI Yitong, SHA Yifan. Commercial Banks' ESG Performance and the Governance of Enterprises' Zombie Risk[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(1): 50-67.

WANG Lei, CAI Yitong, SHA Yifan. Commercial Banks' ESG Performance and the Governance of Enterprises' Zombie Risk[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(1): 50-67.

Citation:

WANG Lei, CAI Yitong, SHA Yifan. Commercial Banks' ESG Performance and the Governance of Enterprises' Zombie Risk[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(1): 50-67.

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Commercial Banks' ESG Performance and the Governance of Enterprises' Zombie Risk

School of Economics, Ocean University of China, Qingdao 266100, China

Received Date: 2025-11-16
Available Online: 2026-03-23
Publish Date: 2026-01-28

Abstract

Abstract

Using financial tools to address the challenges of zombie enterprise governance is a key measure to promote the orderly withdrawal of backward production capacity and prevent and resolve major economic and financial risks. Based on the loan data disclosed in listed companies' announcements, this paper empirically examines the governance effect of banks' ESG performance on zombie enterprises. The findings show that banks' ESG performance can effectively reduce enterprises' zombie risk, when the level of banks' ESG performance increases by one standard deviation, the probability of enterprises becoming zombie enterprises decreases by 1.21%. Mechanism tests reveal that, different from the traditional "credit blood transfusion", banks' ESG performance not only eases enterprises' credit constraints, but also systematically reduces their zombie risk by strengthening the governance of backward production capacity and improving their investment efficiency and production efficiency, thereby helping zombie enterprises escape from distress and achieve rebirth. Heterogeneity tests indicate that the governance effect of banks' ESG performance is more significant for non-state-owned enterprises, non-heavily polluting enterprises, enterprises with high external financing dependence, and the enterprises with high debt financing costs.
- banks' ESG,
- credit allocation,
- zombie enterprises

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References(45)

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