ESG信息披露对企业融资成本的影响——基于中国A股上市公司的经验证据被引量：106

The Impact of ESG Information Disclosure on Corporate Financing Costs:Based on the Empirical Evidence of Listed Companies in China

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摘要随着近年来绿色金融的兴起及“双碳”战略目标的提出,责任投资理念逐渐盛行。企业在环境、社会和治理方面的信息披露作为重要的非财务信息能够向投资者传递企业潜在的可持续发展能力,成为投融资决策过程中重点考虑的因素之一。基于此,本文采用2011—2020年沪深A股上市公司数据,运用固定效应模型并考虑了模型内生性问题,探究企业的ESG信息披露对其融资成本的影响。其结果显示,企业的ESG信息披露有利于降低企业融资成本,特别是有利于降低权益融资成本,2018年《上市公司治理准则》修订事件在其中起到了重要的促进作用。对影响路径的研究分析发现,企业的ESG信息披露分别通过信息效应和声誉效应两条路径降低企业的融资成本。异质性分析发现,ESG信息披露对重污染行业企业、审计师来自“四大”的企业和盈利能力强的企业的融资成本影响更大。本文研究结论对于企业树立和践行ESG理念,以相对较低的成本获得更多的社会资源并实现更高的企业价值具有启示作用。 With the rise of green finance in recent years and the proposal of the strategic goal of "double carbon", the concept of responsible investment is gradually prevailing. As an important non-financial information, the information disclosure of enterprises in terms of environment, society and governance can transmit the potential sustainable development ability of enterprises to investors, and has become one of the key factors to be considered in the investment and financing decision-making process. Based on this, this paper explores the impact of enterprise ESG information disclosure on its financing costs. Using the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020, using the fixed effect model and overcoming the endogenous problems of the model, the study concludes that enterprise ESG information disclosure is conducive to reducing enterprise financing costs, especially the cost of equity financing. The revision of the 2018 Code of Governance for Listed Companies played an important role in promoting it. The analysis of the impact path shows that the ESG information disclosure of enterprises reduces the financing cost of enterprises through information effect and reputation effect. Heterogeneity analysis shows that ESG information disclosure has a greater impact on the financing costs of enterprises in heavily polluting industries, enterprises with auditors from the "Big Four" and enterprises with strong profitability. The research conclusions of this paper are instructive for enterprises to establish and implement the ESG concept to obtain more social resources at a relatively low cost and achieve higher enterprise value.

作者王翌秋谢萌 Wang Yiqiu;Xie Meng(College of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区南京农业大学金融学院

出处《南开经济研究》 CSSCI 北大核心 2022年第11期75-94,共20页 Nankai Economic Studies

基金江苏高校哲学社会科学研究重大项目“‘一带一路’倡议下江苏企业融资约束与绿色技术创新”(2020SJZDA074)的资助。

关键词 ESG信息披露权益融资成本债务融资成本信息效应声誉效应 ESG Information Disclosure Equity Financing Cost Debt Financing Cost Information Effect Reputation Effect