ESG performance and cost of debt  

作　　者：Yongdong Shi Shijie Zheng Pengsong Xiao Hongxian Zhen Tong Wu 

机构地区：[1]School of Fintech/School of Finance,Dongbei University of Finance and Economics,Dalian,China [2]School of Economics and Management,Anhui Normal University,Wuhu,China [3]Bank of Chengde,Chengde,China [4]School of Accounting/China Internal Control Research Center,Dongbei University of Finance and Economics,Dalian,China

出　　处：《China Journal of Accounting Research》2024年第4期165-189,共25页中国会计学刊（英文版）

基　　金：funded by the National Natural Science Foundation of China(Grant No.72172029,71971046,72272028);the National Social Science Foundation of China(Grant No.21FJYB032);a Project from the Educational Department of Liaoning Province(Grant No.LJKR0462).Professional English language editing support provided by AsiaEdit(asiaedit.com).

摘　　要：We analyze China Securities Index Co.,Ltd.(CSI)environmental,social and governance(ESG)scoring data,which incorporate Chinese characteristics,to assess the impact of ESG performance on corporate debt financing costs.Our findings indicate that better CSI ESG scores are correlated with lower debt financing costs.Additionally,improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing costs.However,this effect diminishes with increased internal control quality and marketization.Governance has the greatest impact on reducing debt financing costs,followed by social and environmental factors.Superior CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information asymmetry.Economic consequence analysis confirms that lower financing costs,driven by improved ESG performance,significantly enhance total factor productivity and firm value.CSI ESG scores also significantly impact bank loans but not corporate bond financing.

关 键 词：CSI ESG performance Debt financing costs Sustainable development Chinese capital market 

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