环境、社会责任和公司治理表现与企业债务融资成本的关系研究

The Impact of ESG Performance on Cost of Debt

伴随着经济高质量发展对企业绿色转型的需求,反映企业可持续发展能力的ESG表现受到了社会各方的关注与重视,探究ESG表现与企业债务融资成本之间的关系,有助于更好丰富ESG表现经济效应,为企业降低债务融资成本提供新方向。以2010-2021年沪深两市A股上市公司为样本,采用双重固定效应模型,引入企业信息透明度和企业声誉两个机制变量,实证检验了ESG表现对企业债务融资成本的影响。研究发现:①ESG表现对企业债务融资成本有显著负向影响,即ESG表现越好的企业债务融资成本越低;②良好的ESG表现能够提高企业信息透明度、提高企业声誉,从而降低债务融资成本。

Along with the demand of high quality economic development for green transformation of enterprises,ESG information reflecting the sustainable development ability of enterprises has received attention and importance from all social parties.Exploring the relationship between ESG performance and corporate debt financing cost helps to better enrich the economic effect of ESG performance and provide new directions for enterprises to reduce debt financing cost.Using a sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2021,we empirically tested the impact of ESG performance on corporate debt financing cost by introducing two mechanism variables,namely corporate information transparency and corporate reputation,using a double fixed effects model.It is found that①ESG performance has a significant negative impact on the cost of debt financing,i.e.,the better the ESG performance,the lower the cost of debt financing;②Good ESG performance can improve the transparency of corporate information and corporate reputation,thus reducing the cost of debt financing.