ESG表现对企业债务融资成本的影响研究

Research on the Impact of ESG Performance on Corporate Debt Financing Costs

摘要:

文章以2014—2023年沪深A股制造业企业为样本,采用双向固定效应模型实证检验ESG表现对企业债务融资成本的影响和作用路径。研究发现,企业良好的ESG表现能显著降低其债务融资成本。作用机制分析表明,ESG表现通过缓解企业融资约束、提高企业声誉,进而降低债务融资成本。文章基于内外部协同治理的调节效应分析发现,财务重述会削弱ESG表现对债务融资成本的降低作用,即产生负向调节作用;而ESG评级分歧则加强了ESG表现对债务融资成本的降低作用,即产生正向调节作用。文章通过异质性分析发现,在国有企业、数字化水平较高的企业及处于良好营商环境地区的企业中,ESG表现对债务融资成本的降低作用更为显著。该研究为激励企业积极践行ESG理念、加强ESG信息披露,为政府推动我国ESG体系建设、优化监管政策以及引导资本流向可持续发展领域提供有益参考。

Abstract:

Taking Shanghai and Shenzhen A-share manufacturing enterprises from 2014 to 2023 as samples, the two-way fixed effect model is used to empirically test the impact and action path of ESG performance on corporate debt financing costs. This paper empirically tests the impact of ESG performance on corporate debt financing cost. The study has found that the improvement of enterprise ESG performance helps to reduce the cost of debt financing. The analysis of the mechanism of action shows that the ESG performance of manufacturing enterprises reduces the cost of corporate debt financing by reducing the degree of corporate financing constraints and enhancing corporate reputation. Based on the analysis of the moderating effect of internal and external collaborative governance, it is found that financial restatement will weaken the positive effect of ESG performance on debt financing cost, in other words, there is a negative moderating effect. On the other hand, the divergence of ESG ratings will strengthen the negative impact of ESG performance on debt financing costs, that is, there is a positive moderating effect. For enterprises located in regions with good business environment, state-owned enterprises and those with a high level of digital transformation, Heterogeneity analysis shows that ESG performance has a more significant negative impact on debt financing costs. In this sense, this research can provide a basis for enterprises’ active ESG performance, the disclosure of ESG information, the construction of China’s ESG system, the optimization of government’s regulatory policies, and the healthy flow of capital to sustainable development.