摘要
随着“碳中和”目标的继续推进,ESG投资理念逐渐在国内得到重视。本文首先通过固定效应模型研究2015-2020年中国A股上市企业的ESG评分与股权融资成本之间的关系。其中ESG评级选自华证ESG评级数据库,并以CAMP模型衡量股权融资成本。然后,通过缩短样本时间,使用2018-2020年数据进行稳健性检验。最后,通过PSM匹配倾向得分法进一步缓解内生性问题。研究发现:第一,2015-2020年期间:企业ESG评分越高,股权融资成本越低。在此期间,通过对国有企业和民营企业的分析,发现国有企业在此期间ESG评级越高,股权融资成本越低。第二,2018-2020年区间内,高ESG评分的国有企业和民营企业的股权融资成本越低。本文结论将为我国企业降低融资成本提供理论基础。
As the goal of"carbon neutrality"continues to advance,ESG investment concept gradually gets attention in China.This paper first studies the relationship between ESG score and equity financing cost of Chinese A-share listed companies from 2015 to 2020 by using fixed effects model.ESG rating is selected from THE ESG rating database of China Securities;CAMP model is used to measure the cost of equity financing.Then,robustness tests were performed using the 2018-2020 data by shortening the sample time.Finally,PSM matching propensity score was used to further alleviate endogeneity problems.The final findings are as follows:First,from 2015 to 2020,the higher the ESG score,the lower the cost of equity financing.During this period,through the analysis of state-owned enterprises and private enterprises,it is found that the higher the ESG rating of state-owned enterprises during this period,the lower the equity financing cost.Second,in the period of 2018-2020,state-owned enterprises and private enterprises with high ESG score have lower equity financing costs.The conclusion of this paper will provide a theoretical basis for Chinese enterprises to reduce financing costs.
作者
陈香竹
殷炼乾
CHEN Xiangzhu;YI Lianqian(International Business School,Jinan University,Zhuhai Guangdong 519070)
出处
《西部金融》
2022年第8期59-67,共9页
West China Finance
作者简介
陈香竹(2001-),女,湖北荆门人,本科,现就读于暨南大学国际商学院;殷炼乾(1983-),男,湖北随州人,博士,现供职于暨南大学国际商学院。
