摘 要
随着全球可持续发展理念的深入，环境、社会与治理（ESG）表现逐渐成为衡量企业非财务价值的重要指标，其对企业融资成本的影响也成为学术界和实务界关注的焦点。本研究旨在探讨企业在ESG方面的表现如何影响其融资成本，并进一步揭示其内在作用机制。基于中国A股上市公司2015年至2022年的面板数据，本文采用固定效应模型和工具变量法进行实证分析，同时引入投资者关注度和信用评级作为中介变量，以考察ESG表现对融资成本的作用路径。研究结果表明，较高的ESG评分显著降低了企业的融资成本，这主要通过提升投资者关注度和改善信用评级实现。此外，分维度分析发现，环境和社会维度对融资成本的降低作用更为显著，而治理维度的影响相对有限。本文的创新点在于首次将投资者关注度和信用评级纳入统一框架，系统性地解析了ESG表现影响融资成本的传导机制，并结合中国资本市场特征进行了深入探讨。这一研究不仅丰富了ESG与企业融资成本关系的理论文献，还为政策制定者和企业管理者提供了实践参考，强调了优化ESG表现对于降低融资成本和促进可持续发展的关键作用。
关键词：ESG表现；融资成本；投资者关注度；信用评级；传导机制
Abstract
As the global sustainable development concept continues to deepen, environmental, social, and governance (ESG) performance has gradually become a critical indicator for measuring the non-financial value of enterprises. Its impact on corporate financing costs has also become a focal point of attention in both academia and practice. This study aims to explore how ESG performance influences corporate financing costs and further reveal the underlying mechanism of action. Based on panel data from Chinese A-share listed companies between 2015 and 2022, this paper employs a fixed-effects model and instrumental variable method for empirical analysis, while introducing investor attention and credit ratings as mediating variables to examine the pathways through which ESG performance affects financing costs. The results indicate that a higher ESG score significantly reduces corporate financing costs, primarily by enhancing investor attention and improving credit ratings. Moreover, a dimensional analysis reveals that the environmental and social dimensions play a more significant role in reducing financing costs, whereas the influence of the governance dimension is relatively limited. The innovation of this paper lies in its first-time inclusion of investor attention and credit ratings within a unified fr amework, systematically analyzing the transmission mechanism of how ESG performance impacts financing costs, with an in-depth discussion based on the characteristics of China's capital market. This research not only enriches the theoretical literature on the relationship between ESG and corporate financing costs but also provides practical references for policymakers and enterprise managers, emphasizing the critical role of optimizing ESG performance in reducing financing costs and promoting sustainable development.
Keywords: Esg Performance; Financing Cost; Investor Attention; Credit Rating; Transmission Mechanism
目 录
1绪论 1
1.1ESG表现与企业融资成本的研究背景 1
1.2研究ESG对企业融资成本影响的意义 1
1.3国内外研究现状分析 1
1.4本文研究方法与创新点 2
2ESG表现的理论基础与融资成本关联性 2
2.1ESG概念及其核心要素解析 2
2.2融资成本的构成与影响因素 3
2.3ESG与融资成本的理论关联机制 3
2.4相关理论模型的构建与验证 4
2.5理论框架对实证研究的指导 4
3ESG表现对企业融资成本的影响路径分析 5
3.1ESG评分对企业信用评级的作用 5
3.2社会责任表现对债务成本的影响 5
3.3环境治理水平与股权融资成本的关系 6
3.4公司治理结构优化对综合融资成本的作用 6
3.5不同行业背景下ESG影响的差异性 7
4实证研究：ESG表现与企业融资成本的关系检验 7
4.1数据来源与样本选择标准 7
4.2变量定义与模型设定 8
4.3实证结果分析与讨论 8
4.4调节变量对ESG融资成本关系的影响 9
4.5研究发现与政策建议 9
结论 11
参考文献 12
致 谢 13
