公司ESG表现与债券信用利差被引量：3

Corporate ESG Performance and Bond Credit Spreads

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摘要在实现“碳达峰、碳中和”目标的大背景下,探究公司ESG表现能否影响其债券融资成本,对于推动经济高质量发展具有重要意义。本文使用2011—2021年上市公司ESG评级和债券数据,就ESG评级表现对债券信用利差的影响进行实证研究。结果发现:第一,良好的ESG表现能够对公司债券信用利差产生负向影响,降低公司的融资成本;第二,调节效应分析发现,国有性质会削弱ESG表现对债券信用利差的抑制作用,而与消费者直接接触的行业、所在地较高的市场化程度能够加强ESG表现对债券信用利差的抑制作用;第三,机制检验发现,ESG评级通过提升信息披露质量降低发行人信用利差;第四,分别对环境、社会和公司治理进行研究发现,三种因素的良好表现均对公司债券信用利差产生抑制作用,说明ESG理念已对我国公司债券发行人行为和投资人偏好产生初步影响。本文结论有助于丰富债券定价影响因素相关理论,引导公司重视优化ESG表现,促进经济高质量发展。 In the context of achieving the goal of"carbon peaking and carbon neutrality",it is important to explore whether the ESG performance of a company can influence its bond financing cost,in order to promote high-quality economic development.This paper conducts an empirical study on the impact of ESG rating performance on bond credit spreads using ESG rating and bond data for listed companies from 2011 to 2021.The results found that:first,good ESG performance can negatively affect corporate bond credit spreads and reduce the cost of financing for companies;second,the moderating effect analysis finds that state-owned nature weakens the dampening effect of ESG performance on bond credit spreads,while a higher degree of marketization in industries and locations with direct consumer contact strengthens the dampening effect of ESG performance on bond credit spreads;third,mechanism tests found that ESG ratings reduce issuer credit spreads by improving the quality of information disclosure;fourth,separate studies on environmental,social and corporate governance found that the good performance of all three factors had a dampening effect on corporate bond credit spreads,suggesting that the ESG concept has had an initial impact on the behaviour of corporate bond issuers and investor preferences in China.The findings of this paper help to enrich theories related to bond pricing influencing factors and guide companies to focus on optimising ESG performance and promoting quality economic development.

作者杜通张文迪 Du Tong;Zhang Wendi(China Central Depository&Clearing Co.,Ltd.,Beijing 100033,China;Shenwan Hongyuan Securities,Shanghai 200433,China)

机构地区中央国债登记结算有限责任公司申万宏源证券有限公司

出处《金融发展研究》北大核心 2023年第5期10-19,共10页 Journal Of Financial Development Research

关键词 ESG 信用利差债券定价评级信息披露 ESG credit spreads bond pricing rating information disclosure

分类号 F830.91 [经济管理—金融学]

作者简介杜通,男,山东青岛人,博士,供职于中央国债登记结算有限责任公司,研究方向为债券市场;张文迪,女,湖南长沙人,供职于申万宏源证券有限公司,研究方向为资产定价。