ESG评级分歧与企业权益资本成本

ESG Rating Divergence and The Cost of Corporate Equity Capital

基于2009—2021年间中国A股上市公司的研究样本,实证检验了ESG评级分歧对企业权益资本成本的影响,结果发现,ESG评级分歧导致了企业权益资本成本的增加,即ESG评级分歧越大企业的权益资本成本越高。异质性检验表明,与ESG评级高的企业相比,ESG评级分歧对企业权益资本成本的不利影响在ESG评级低的企业中表现得更加明显。研究结论丰富了企业权益资本成本影响因素的相关研究,为进一步完善ESG评级体系和降低企业权益资本成本提供了新的依据与思路。

Based on the research sample of China A-share listed companies from 2009 to 2021,the im-pact of ESG rating divergence on the enterprise equity capital cost was empirically tested.The results found that the ESG rating divergence led to the increase of enterprise equity capital cost,that is,the equity capital costs of enterprises increase with the increase of the ESG rating divergence.The hetero-geneity test showed that the adverse impact of ESG rating divergence on corporate equity capital costs was more pronounced in companies with low ESG ratings than in those with high ESG ratings.The re-search conclusion enriches the relevant research on the influencing factors of enterprise equity capital cost,and provides a new basis and idea for further improving the ESG rating system and reducing the cost of enterprise equity capital.