内外双“管”下ESG表现对企业融资成本的影响研究  

The Impact of ESG Performance on Corporate Financing Cost under Internal and External

作　　者：张宏[1] 王宇婷 林慧 HONG ZHANG;YUTING WANG;HUI LIN(School of Economics and Management,Zhejiang Sci-Tech University)

机构地区：[1]浙江理工大学经济管理学院

出　　处：《产业经济评论》2024年第1期41-56,共16页Review of Industrial Economics

基　　金：国家社会科学基金资助重大项目“高质量发展视域下创新要素配置的统计测度与评价”(19ZDA122)。

摘　　要：本文基于沪深A股上市工业企业2015-2020年面板数据,实证检验了ESG表现对企业融资成本的影响,以及内部控制和媒体关注在二者关系中的重要补充机制。研究结果显示,企业ESG表现及其三个维度对企业融资成本具有差异化负向效应,良好的环境责任和公司治理表现更能显著降低企业融资成本;内部控制和媒体关注度会放大ESG表现对企业融资成本的抑制作用,即随着内控水平和媒体关注度的提高,企业ESG表现及其三个维度对融资成本的抑制效果逐渐得到强化。其中,内部控制的强化效果在公司治理方面体现更为明显,媒体关注的强化效果则在环境责任方面更为突出。Based on the panel data of Shanghai and Shenzhen A-share listed industrial enterprises from 2015 to 2020,this paper tests the impact of ESG performance on corporate financing cost,as well as the important complementary mechanism of internal control and media attention in this relationship.The research results show that corporate ESG performance and its three dimensions have a differentiated inhibitory effect on corporate financing costs.The financing cost of enterprises with better environmental and corporate governance performance will be significantly reduced.Internal control and media attention will magnify the inhibitory effect of ESG on enterprise financing costs.In other words,as the internal control"level"and media attention increase,the inhibitory effect of enterprise ESG performance and its three dimensions on financing cost are gradually strengthened.Among them,the strengthening effect of internal control in corporate governance is more obvious,and the strengthening effect of media attention on environmental responsibility is more prominent.

关 键 词：ESG表现 融资成本 媒体关注 内部控制 

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