贵州财经大学学报

贵州财经大学学报 ›› 2024 ›› Issue (05): 59-68.

• 金融经济 • 上一篇    下一篇

企业ESG表现与债务融资成本

邹洋1, 孙禹馨2   

  1. 1. 首都经济贸易大学 工商管理学院, 北京 100070;
    2. 首都经济贸易大学 中国ESG研究院, 北京 100070
  • 收稿日期:2024-05-20 出版日期:2024-09-15 发布日期:2024-09-21
  • 作者简介:邹洋(1991—),女,贵州道真人,首都经济贸易大学工商管理学院讲师,博士,硕士生导师,研究方向为公司治理与财务;孙禹馨,女,北京密云人,首都经济贸易大学中国ESG研究院研究助理。
  • 基金资助:
    教育部人文社会科学研究青年基金项目"企业数字化转型价值实现的复杂非线性特征研究"(24YJC630326)

Corporate ESG performance and the cost of debt financing

ZOU Yang1, SUN Yuxin2   

  1. 1. Capital University of Economics and Business, College of Business Administration, Beijing 100070 China;
    2. Capital University of Economics and Business, China ESG Research Institute, Beijing 100070 China
  • Received:2024-05-20 Online:2024-09-15 Published:2024-09-21

PDF

314

摘要： 基于2012—2022年我国A股上市公司面板数据,检验了企业ESG表现对债务融资成本的影响。结果表明:(1)企业ESG表现的提高有助于降低其债务融资成本,且通过稳健性检验以及内生性检验后结果仍然成立;(2)中介检验显示企业ESG表现通过提高企业声誉、降低融资约束来降低债务融资成本;(3)通过异质性分析得出非国有企业和中东部地区企业的ESG表现对债务融资成本的降低效应更为明显。根据结果,呼吁企业积极加强ESG实践,完善ESG信息披露;政府及有关部门应完善ESG披露制度,做好监督和引导;投资者在关注财务指标的同时应注意到企业ESG实践以降低投资风险。

关键词: ESG表现, 债务融资成本, 企业声誉, 融资约束

Abstract: Based on the panel data of China’s A-share listed companies from 2012 to 2022, the impact of corporate ESG performance on debt financing cost is empirically investigated, and the results show that: (1) The improvement of corporate ESG performance helps to reduce its debt financing cost, and the results are still valid through the robustness test as well as the endogeneity test; (2) The mediation test shows that corporate ESG performance reduces debt financing cost by improving corporate reputation, reduce financing constraints to reduce debt financing costs; (3) The heterogeneity analysis concludes that the ESG performance of non-state-owned enterprises and enterprises in the central and eastern regions has a more obvious effect on the reduction of debt financing costs. The results call for enterprises to actively strengthen ESG practices and improve ESG disclosure; The government and regulatory authorities should improve ESG disclosure system and do a good job in monitoring and guiding; Investors should pay attention to the ESG practices of enterprises while focusing on financial indicators in order to reduce investment risks.

Key words: ESG performance, debt financing cost, corporate reputation, financing constraints

中图分类号: