How Does ESG Performance Impact Corporate Financing Costs?An Empirical Study in China  

作　　者：Wei LI Mei MEI Xiaoyan YU Jiahao WANG Tiangeng (Becky) GENG 

机构地区：[1]School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190,China [2]Institute of Medical Information&Library,Chinese Academy of Medical Sciences,Beijing 100005,China [3]Business and Management,Royal Holloway,University of London,Surrey TW200EX,UK [4]Krieger School of Arts and Sciences,Johns Hopkins University,Baltimore MD 21218,USA

出　　处：《Journal of Systems Science and Information》2024年第2期229-244,共16页系统科学与信息学报（英文）

基　　金：Supported by the National Natural Science Foundation of China(72192843,72334006);the Fundamental Research Funds for the Central Universities(E1E40808X2)。

摘　　要：In the background of the green transformation of the economy and society,the ESG performance of enterprises has been paid more and more attention in the investment decision-making.However,previous studies have inadequately explored how the ESG performance affects corporate financing costs.Based on the information asymmetry theory,this paper analyzes the impact mechanism of ESG performance on corporate financing costs.Then,taking 1044 A-share listed companies in2016–2020 as a sample,through the sorting and analysis of ESG report disclosure and rating data,the company’s ESG performance indicators are obtained,and an empirical model is built to test the relationship between ESG performance and corporate financing costs.This paper constructs a panel regression model using ESG rating data and corporate financial data and finds that in the overall sample,the higher the ESG performance,the lower the equity financing cost;The higher the ESG performance,the lower the debt financing cost.In addition,it also discussed the moderating effect of enterprise scale and media attention on the impact of ESG performance on enterprise financing costs.The empirical results show that the influence of company size on ESG performance on financing costs has a moderating effect and a positive moderating effect.

关 键 词：ESG performance financing cost corporate heterogeneity media attention 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]