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可持续发展背景下，研究企业环境、社会和治理（ESG）整体表现能否影响企业债务融资成本，具有重要实践意义。以中国2009—2021年全部A股上市公司为研究样本，实证检验ESG表现对企业债务融资成本的影响和作用路径。研究表明，良好的ESG表现能有效降低企业债务融资成本，且经过一系列内生性和稳健性检验后依然成立。路径检验发现，ESG表现通过提高分析师关注度和机构投资者关注度二个途径来降低企业债务融资成本。进一步研究发现，非国有企业、非高新技术企业、内部控制质量较高企业、市场竞争较高企业的ESG表现对企业债务融资成本的降低效果尤为明显。
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基本信息:
DOI：10.19622/j.cnki.cn36-1005/f.2023.02.005
中图分类号:F275;F832.51
引用信息:
[1]梅亚丽,张倩.ESG表现对企业债务融资成本的影响[J].金融与经济,2023,No.547(02):51-63.DOI:10.19622/j.cnki.cn36-1005/f.2023.02.005.
基金信息:
黑龙江省哲学社会科学研究规划项目“波特假说框架下黑龙江省制造业绿色转型升级的创新驱动机制与发展对策研究”（20JYB026）
2023-02-15
2023-02-15