企业ESG表现与信贷成本  

Enterprise ESG performance and credit costs

作　　者：杨远 YANG Yuan(School of Business,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《河南工程学院学报（社会科学版）》2023年第4期26-37,共12页Journal of Henan University of Engineering(Social Science Edition)

基　　金：安徽省高校协同创新项目(GXXT-2021-042)。

摘　　要：作为可持续发展理念的重要体现,ESG表现日益受到社会各界的高度重视,但关于其对信贷成本的影响及作用机制的研究尚不足。基于此,以2010年至2020年中国资本市场A股上市公司为研究样本,实证检验ESG表现对企业信贷成本的影响。研究发现:良好的ESG表现可以显著降低企业信贷成本,即ESG表现越好,企业信贷成本越低。机制检验表明,良好的ESG表现可以通过提高信息披露质量,减小经营风险,进而降低企业信贷成本。异质性分析发现,ESG表现对信贷成本的抑制作用在非国有企业和市场竞争地位较低企业中更为显著。As a crucial manifestation of the sustainable development concept,ESG performance is garnering increasing attention across various sectors of society.However,there remains a dearth of research on its impact and mechanism concerning credit costs.By employing A-share listed companies in the Chinese capital market from 2010 to 2020 as research samples,this study empirically examines the influence of ESG performance on corporate credit costs.The findings suggest that favorable ESG performance can significantly mitigate corporate credit costs,indicating an inverse relationship between superior ESG performance and lower credit costs.Mechanism testing reveals that commendable ESG performance enhances information disclosure quality,diminishes operating risks,thereby leading to reduced corporate credit costs.The heterogeneity analysis indicates that the inhibitory effect of ESG performance on credit costs is more pronounced among non-state-owned enterprises and those with weaker market competitiveness.

关 键 词：ESG表现 信贷成本 信息披露质量 经营风险 

分 类 号：F275[经济管理—企业管理]