企业ESG表现对其债务融资成本的影响研究

The Effect of Corporate ESG Performance on the Cost of Debt Financing

摘要: 本文研究了企业环境、社会和治理(ESG)表现对债务融资成本的影响。研究基于2009~2024年中国A股上市公司的面板数据，采用实证分析方法检验了两者之间的关系。研究主要得出三个结论：(1) 企业ESG表现的提升能显著降低其债务融资成本，该结论在经过一系列稳健性与内生性检验后依然成立。(2) ESG表现通过缓解企业的融资约束，进而降低了债务融资成本，即融资约束在其中扮演了中介角色。(3) ESG表现对债务融资成本的降低作用在2018年《上市公司治理准则》修订后以及在制造业企业中更为显著。最后，文章基于研究结果为企业、债权人和政府部门提供了相应的政策建议。

Abstract: This paper investigates the impact of corporate environmental, social, and governance (ESG) performance on debt financing costs. Based on panel data of Chinese A-share listed companies from 2009 to 2024, this study employs empirical analysis to examine the relationship between the two. The main findings are as follows: (1) Improvements in corporate ESG performance significantly reduce debt financing costs, and this conclusion remains robust after a series of robustness and endogeneity tests. (2) ESG performance reduces debt financing costs by alleviating corporate financing constraints, with financing constraints playing a mediating role. (3) The cost-reducing effect of ESG performance on debt financing is more pronounced after the 2018 revision of the Code of Corporate Governance for Listed Companies and among manufacturing firms. Finally, based on the research findings, this paper provides corresponding policy recommendations for firms, creditors, and government authorities.