ESG表现对国内企业债券融资的影响

The Application and Prospects of ESG in China’s Credit Bond Market

近年来,通过ESG评价企业经营情况的理念逐渐得到市场认可,国际上已形成一套较为完整的概念体系,特别是在债券发行人方面具有较多研究分析,而国内有关研究相对较少。本文对国内信用债发行发行人的ESG评分是否会影响发行成本进行了实证分析,发现ESG评分较高的企业具有较低的发行利差,因此认为包括监管机构、投资人、发行人、中介机构等债券市场参与各方应重视ESG的作用,推动形成债券ESG体系。

In recent years, the concept of evaluating business conditions through environmental, social and corporate governance(ESG) criteria has gradually been accepted by the market, and a relatively complete conceptual system has been formed internationally. There has been much research and analysis of international bond issuers, though research on domestic issuers has been limited. This paper provides an empirical analysis of whether the ESG scores of domestic credit bond issuers will affect issuance costs. According to the study, companies with higher ESG scores generally had lower issuance spreads. The paper recommends that regulatory agencies, investors, issuers, and intermediaries attach greater importance to ESG data and promote the formation of a bond ESG system.