企业ESG表现与债务融资成本

《财经论丛》

2023年 第294卷 第1期

刊出日期：2023-1-10

企业ESG表现与债务融资成本

Corporate ESG Performance and the Cost of Debt

作者简介:

张琳(1991—),女,河南新乡人,北京工商大学经济学院副教授,博士。

廉永辉(1990—),男,山东菏泽人,首都经济贸易大学金融学院副教授,首都经济贸易大学中国ESG研究院研究人员,博士;

何晓月(1998—),女,山东济南人,首都经济贸易大学金融学院博士生。

摘要：

基于2009—2020年沪深A股2631家上市企业半年度数据,实证考察了企业ESG表现对债务融资成本的影响。结果表明,ESG表现较好的企业债务融资成本较低。从作用机制上看,良好的ESG表现能够通过降低企业财务风险、信息风险和代理风险三个途径来影响债务融资成本。进一步分析表明,对于非国有企业、所处地区市场化程度较高的企业和所处宏观经济环境较差的企业,ESG表现对债务融资成本的影响更为明显。

关键词:

ESG表现, 债务融资成本, 财务风险, 信息风险, 代理风险

Abstract:

This paper empirically investigates the impact of corporate ESG performance on debt financing costs using a sample of 2631 listed companies in Shanghai and Shenzhen A-shares in China from 2009 to 2020. According to the findings, ESG performance significantly lowers the costs of corporate debt financing. The analysis of the impact mechanism shows that good ESG performance can reduce the costs of corporate debt financing by reducing corporate financial risk, corporate information risk and corporate agency risk. According to heterogeneity analysis, non-state-owned firms, firms in more market-oriented regions, and firms in less favorable macroeconomic environments benefit more from ESG performance.

Key words: 

ESG Performance, Cost of Debt, Financial Risk, Information Risk, Agency Risk