ESG信息披露对企业债务融资成本影响研究

Research on the Effect of ESG Disclosure on the Cost of Corporate Debt

摘要: 随着可持续发展理念的不断深入，环境、社会和治理(Environmental, Social, and Governance，简称ESG)信息披露日益成为企业非财务绩效披露的核心组成部分。本文以中国A股上市公司为样本，实证考察企业ESG信息披露水平对债务融资成本的影响机制与效应。通过理论分析提出相应假设，并建立面板数据回归模型进行检验。研究发现，更高质量的ESG信息披露能够显著降低企业的债务融资成本，且该效应在代理问题较严重的企业及非国有企业中尤为明显。结果表明，良好的ESG表现通过缓解信息不对称、降低经营风险以及增强利益相关方信任，向债权人传递了积极信号，从而有助于企业获得更有利的融资条件。本研究为强化ESG信息披露监管提供了实证依据，同时为企业通过改善ESG实践以降低资本成本提供了理论支持与管理启示。

Abstract: With the deepening of the concept of sustainable development, Environmental, Social, and Governance (ESG) information disclosure has increasingly become a core component of corporate non-financial performance reporting. Using a sample of Chinese A-share listed companies, this paper empirically examines the impact and underlying mechanisms of corporate ESG disclosure levels on the cost of debt financing. By conducting theoretical analysis, we propose corresponding hypotheses and test them by establishing a panel data regression model. The study finds that higher-quality ESG disclosure significantly reduces the cost of debt financing, and this effect is particularly pronounced in firms with more severe agency problems and in non-state-owned enterprises. The results indicate that strong ESG performance sends a positive signal to creditors by alleviating information asymmetry, reducing operational risks, and enhancing stakeholder trust, thereby helping companies secure more favorable financing terms. This research provides empirical evidence for strengthening the regulation of ESG information disclosure and offers theoretical support and managerial implications for firms to reduce their cost of capital by improving ESG practices.