企业ESG表现对债务融资成本的影响研究

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

摘要: 本文以2015~2024年A股上市公司为样本，检验了企业ESG表现对债务融资成本的影响。研究发现，企业ESG表现能显著降低债务融资成本。作用机制显示，ESG表现通过缓解融资约束、提高内部控制质量，进而降低债务融资成本。此外在非国有企业、非高新企业和西部地区中，ESG表现对债务融资成本的降低作用更为显著。

Abstract: This paper selects China’s A-share listed companies from 2015 to 2024 as research samples to empirically test the effect and internal transmission channels of corporate ESG performance on the cost of debt financing. The empirical results show that sound corporate ESG performance can significantly reduce the cost of debt financing. Mechanism tests verify that ESG performance plays a mediating role in lowering the cost of debt financing through two channels: alleviating corporate financing constraints and improving internal control quality. Heterogeneity analysis suggests that compared with state-owned enterprises, high-tech enterprises and enterprises in eastern China, the cost-reduction effect of ESG performance is more pronounced among non-state-owned enterprises, non-high-tech enterprises and enterprises located in western China.