企业ESG表现与债务融资成本  

Corporate ESG Performance and the Cost of Debt

作　　者：廉永辉[1] 何晓月 张琳 LIAN Yonghui;HE Xiaoyue;ZHANG Lin(School of Finance,Capital University of Economics and Business,Beijing 100070,China;School of Economics,Beijing Technology and Business University,Beijing 100048,China)

机构地区：[1]首都经济贸易大学金融学院,北京100070 [2]北京工商大学经济学院,北京100048

出　　处：《财经论丛》2023年第1期48-58,共11页Collected Essays on Finance and Economics

基　　金：国家自然科学基金项目(71903136);北京市社会科学基金项目(18YJC027);首都经济贸易大学重大培育项目(ZD202202)。

摘　　要：基于2009—2020年沪深A股2631家上市企业半年度数据,实证考察了企业ESG表现对债务融资成本的影响。结果表明,ESG表现较好的企业债务融资成本较低。从作用机制上看,良好的ESG表现能够通过降低企业财务风险、信息风险和代理风险三个途径来影响债务融资成本。进一步分析表明,对于非国有企业、所处地区市场化程度较高的企业和所处宏观经济环境较差的企业,ESG表现对债务融资成本的影响更为明显。This paper empirically investigates the impact of corporate ESG performance on debt financing costs using a sample of 2631 listed companies in Shanghai and Shenzhen A-shares in China from 2009 to 2020.According to the findings,ESG performance significantly lowers the costs of corporate debt financing.The analysis of the impact mechanism shows that good ESG performance can reduce the costs of corporate debt financing by reducing corporate financial risk,corporate information risk and corporate agency risk.According to heterogeneity analysis,non-state-owned firms,firms in more market-oriented regions,and firms in less favorable macroeconomic environments benefit more from ESG performance.

关 键 词：ESG表现 债务融资成本 财务风险 信息风险 代理风险 

分 类 号：F832[经济管理—金融学]