摘要
ESG是为解决社会、环境、经济共生问题而提出的一种新理念,是当前公司金融的重要研究内容。在日渐丰富的ESG相关研究成果中,ESG的融资效应是值得关注的一个分支。本文系统梳理了ESG对企业融资约束和融资成本的影响,发现无论是股权融资还是债务融资,ESG表现及其信息披露质量对融资效果均有显著的影响,且存在明显的异质性特征。对此,学术界存在正反不同的观点,但大部分学者的研究结论均支持ESG在缓解融资约束和降低融资成本方面有积极作用。此外,在ESG融资效应的研究中,ESG评级分歧所产生的影响也不容忽视。
ESG is a new concept to solve the problem of social, environmental and economic symbiosis, and it is an important research content of corporate finance at present. In the increasingly rich research results of ESG, the financing effect of ESG is a branch worthy of attention. This paper systematically combs the influence of ESG on financing constraints and financing costs of enterprises, and finds that whether it is equity financing or debt financing, ESG performance and the quality of information disclosure have a significant im-pact on financing effect, and there are obvious heterogeneity characteristics. In this regard, there are different views in academic circles, but most scholars’ research conclusions support the positive role of ESG in easing financing constraints and reducing financing costs. In addition, in the study of ESG financing effect, the influence of ESG rating differences shouldn’t be ignored.
出处
《国际会计前沿》
2023年第4期529-535,共7页
Frontiers of International Accounting
