企业ESG表现与债务融资成本的关系研究

Research on the relationship between corporate ESG performance and debt financing cost

文章选取沪深A股上市公司作为样本,并采用定量分析的方法来进行分析。研究发现,企业ESG优势可以有效降低债务融资成本,其背后的中介机制是减轻风险水平。但经济政策的不确定性削弱了这一效应。异质性分析揭示,非国有企业在利用ESG来降低企业债务融资成本时比国有企业展现出更为显著的优势。文章丰富了ESG领域的研究,也为企业和投资者提供了重要的策略参考。

This article selects A-share listed companies in Shanghai and Shenzhen as samples and uses quantitative analysis methods for analysis.The study found that corporate ESG advantages can effectively reduce debt financing costs,and the intermediary mechanism behind this is to reduce the level of risk.However,the uncertainty of economic policies weakens this effect.Heterogeneity analysis reveals that non-state-owned enterprises show more significant advantages in using ESG to reduce corporate debt financing costs than state-owned enterprises.This article enriches the research in the ESG field and provides important strategic references for companies and investors.