ESG信息披露政策对债券信用利差的“双刃剑”效应  

The Double-edged Sword Effect of ESG Disclosure Policies on Bond Credit Spreads

作　　者：苏仕喆 侯钰 董艳玲[1] SU Shizhe;HOU Yu;DONG Yaning(The Party School of the Central Committee of the Communist Party of China,National Academy of Governance,Beijing 100089,China)

机构地区：[1]中共中央党校国家行政学院,北京100089

出　　处：《技术经济与管理研究》2025年第4期69-75,共7页Journal of Technical Economics & Management

基　　金：国家社会科学基金重点项目“加快形成新质生产力的政策体系和宏观路径研究”(23AZD083);国家社会科学基金青年项目“特殊类型地区推进中国式现代化的理论构建、路径选择与制度优化研究”(23CJL024);国家社会科学基金一般项目“金融强国视域下关键核心金融要素及其关系研究”(24FJYB023)。

摘　　要：ESG(环境、社会和治理)绩效作为可持续发展观的体现,有利于降低企业融资成本,对促进企业高质量发展具有重要意义。关注《上市公司治理准则》颁布后企业ESG评级对债券信用利差作用程度的变化及影响因素,实证结果表明,ESG信息披露政策具有“双刃剑”效应,即短期内会提高企业的债券信用利差,但长期看ESG表现能够显著降低债券信用利差,ESG信息披露政策对上述关系起正向调节作用,因此能够降低企业债券信用利差。进一步分析发现,在非国有、研报与分析师关注度较高以及具有漂绿行为的企业中,ESG信息披露政策与ESG表现共同降低债券信用利差的效果更为显著。As a manifestation of sustainable development values,ESG performance helps reduce corporate financing costs and plays a vital role in promoting high-quality enterprise development.This study investigates the dynamic impact of corporate ESG ratings on bond credit spreads following the promulgation of the"Code of Corporate Governance for Listed Companies",along with its underlying mechanisms.Empirical results reveal that ESG disclosure policies exhibit a"double-edged sword"effect:while increasing bond credit spreads in the short term,they significantly reduce spreads in the long run.Such policies positively moderate the relationship between ESG performance and credit spreads,thereby facilitating their reduction.Further analysis demonstrates that this co-reduction effect of ESG disclosure policies and ESG performance on credit spreads is more pronounced in non-state-owned enterprises,firms with higher analyst coverage,and companies exhibiting greenwashing behaviors.

关 键 词：ESG信息披露政策 ESG表现 债券信用利差 人工神经网络 双重差分法 

分 类 号：F121[经济管理—世界经济]