企业ESG表现与债务融资成本的关系研究——基于数字金融的调节效应  

A Research on Relationship between Enterprise ESG Performance and Debt Financing Cost:Based on Moderating Effect of Digital Finance

作　　者：李淑锦[1] 周远航 LI Shujin;ZHOU Yuanhang(School of Economics,Hangzhou Dianzi University,Hangzhou Zhejiang 310018,China)

机构地区：[1]杭州电子科技大学经济学院,浙江杭州310018

出　　处：《杭州电子科技大学学报（社会科学版）》2023年第4期1-9,共9页Journal of Hangzhou Dianzi University：Social Sciences

基　　金：国家社会科学基金项目(17BJY233)。

摘　　要：在经济结构转型和可持续发展的背景下,将环境、社会责任和公司治理理念融入企业债务融资成本为企业高质量发展提供了新的思路。选取2011—2020年我国制造业上市公司,研究了环境、社会责任和公司治理表现与企业债务融资成本之间的关系及作用路径。研究发现:企业良好的环境、社会责任和公司治理表现能够显著降低其债务融资成本;数字金融在企业环境、社会责任和公司治理表现与债务融资成本之间的关系中起到正向调节作用,即随着数字金融发展程度的提高,企业环境、社会责任和公司治理表现在降低债务融资成本方面的作用会有所提升;在市场化程度高的地区,企业环境、社会责任和公司治理表现降低其债务融资成本的作用会更大更显著。Under the background of economic structure transformation and sustainable development,integrating the concept of environment,social responsibility and corporate governance into debt financing cost of firms provides a new idea for high-quality development of firms.China s manufacturing listed companies from 2011 to 2020 are selected to study the relationships and the acting path between the ESG performance,the social responsibility,the corporate governance and the corporate debt financing costs.The research reveals that good ESG performance of enterprises,their social responsibility and their corporate governance can significantly reduce their debt financing costs.Digital finance plays a positive role in moderating the relationship between enterprise ESG performance and debt financing costs,that is,with the improvement of digital finance development,the role of enterprise ESG performance in reducing debt financing costs will be promoted.In areas with high degree of marketization,the ESG performance of enterprises will play a greater and more significant role in reducing their debt financing costs.

关 键 词：环境、社会责任和公司治理 债务融资成本 数字金融 市场化 

分 类 号：F275.3[经济管理—企业管理]