摘 要
随着全球可持续发展理念的深入，企业环境、社会及治理（ESG）表现逐渐成为衡量其长期价值的重要指标，其对企业融资成本的影响机制也成为学术界和实务界的关注焦点。本研究旨在探讨ESG表现如何通过信息透明度、风险感知和利益相关者信任等中介变量影响企业的融资成本，并揭示不同融资渠道下的异质性效应。基于2015年至2022年间中国A股上市公司的面板数据，采用固定效应模型与工具变量法控制内生性问题，同时引入行业与地区差异分析以增强结论的稳健性。研究发现，较高的ESG评分能够显著降低企业的融资成本，其中环境维度主要通过缓解信息不对称发挥作用，社会维度则通过提升利益相关者信任降低外部融资溢价，而治理维度在减少系统性风险方面效果尤为突出。此外，这一关系在金融发展水平较高地区以及重污染行业中更为显著。本研究的创新点在于从多维度视角剖析ESG表现的作用机制，并结合中国资本市场特征提出差异化政策建议，为完善企业ESG信息披露体系和优化融资结构提供了理论支持与实践指导。
关键词：ESG表现；融资成本；信息透明度；利益相关者信任；风险感知
Abstract
As the global sustainable development concept continues to deepen, a company's environmental, social, and governance (ESG) performance has gradually become an important indicator for measuring its long-term value, and the mechanism by which ESG performance affects corporate financing costs has become a focal point of both academic research and practical application. This study aims to explore how ESG performance influences corporate financing costs through mediating variables such as information transparency, risk perception, and stakeholder trust, while revealing the heterogeneous effects under different financing channels. Based on panel data from Chinese A-share listed companies between 2015 and 2022, this research employs a fixed-effects model and instrumental variable methods to control for endogeneity issues, and incorporates industry and regional difference analyses to enhance the robustness of the conclusions. The findings indicate that higher ESG scores can significantly reduce corporate financing costs, with the environmental dimension primarily functioning by alleviating information asymmetry, the social dimension reducing external financing premiums through enhancing stakeholder trust, and the governance dimension demonstrating particularly prominent effects in mitigating systemic risks. Moreover, this relationship is more pronounced in regions with higher levels of financial development and in heavily polluting industries. The innovation of this study lies in its multi-dimensional analysis of the mechanisms through which ESG performance operates, combined with differentiated policy recommendations tailored to the characteristics of China's capital market, thereby providing theoretical support and practical guidance for improving corporate ESG disclosure systems and optimizing financing structures.
Keywords: Esg Performance; Financing Cost; Information Transparency; Stakeholder Trust; Risk Perception
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国内外研究现状综述 1
1.4本文研究方法与创新点 2
2ESG表现对企业融资成本的理论基础 2
2.1ESG概念与衡量体系解析 2
2.2融资成本的构成与影响因素分析 3
2.3ESG与融资成本的理论关联机制 3
2.4利益相关者理论在ESG中的应用 4
2.5风险管理视角下的ESG作用 4
3ESG表现对企业融资成本的影响路径分析 5
3.1ESG对企业信用评级的作用机制 5
3.2ESG对债务融资成本的具体影响 6
3.3ESG与股权融资成本的关系探讨 6
3.4市场信息透明度在ESG中的中介效应 7
3.5投资者偏好对ESG融资成本影响的实证 7
4实证研究：ESG表现与企业融资成本的关系 8
4.1样本选择与数据来源说明 8
4.2模型构建与变量定义 8
4.3实证结果分析与讨论 9
4.4不同行业下ESG表现的异质性分析 9
4.5政策环境对ESG融资成本影响的调节作用 10
结论 11
参考文献 12
致 谢 13
