环境、社会和公司治理绩效与债务成本

IF 1.9 Q2 BUSINESS, FINANCE China Journal of Accounting Research Pub Date : 2024-09-21 DOI:10.1016/j.cjar.2024.100390
Yongdong Shi , Shijie Zheng , Pengsong Xiao , Hongxian Zhen , Tong Wu
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引用次数: 0

摘要

我们分析了中证指数有限公司(CSI)的环境、社会和治理(ESG)评分数据。(中证指数有限公司(CSI)的环境、社会和治理(ESG)评分数据,评估 ESG 表现对企业债务融资成本的影响。我们的研究结果表明,CSI 环境、社会和治理得分越高,债务融资成本越低。此外,地方环境执行力的提高也会增强 CSI ESG 分数对债务融资成本的影响。然而,随着内部控制质量和市场化程度的提高,这种影响会逐渐减弱。治理对降低债务融资成本的影响最大,其次是社会和环境因素。CSI ESG 分数越高,债务偿还能力越强,信息不对称程度越低,从而降低企业债务融资成本。经济后果分析证实,ESG 表现的改善会降低融资成本,从而显著提高全要素生产率和企业价值。CSI ESG 分数对银行贷款也有显著影响,但对公司债券融资没有影响。
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ESG performance and cost of debt
We analyze China Securities Index Co., Ltd. (CSI) environmental, social and governance (ESG) scoring data, which incorporate Chinese characteristics, to assess the impact of ESG performance on corporate debt financing costs. Our findings indicate that better CSI ESG scores are correlated with lower debt financing costs. Additionally, improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing costs. However, this effect diminishes with increased internal control quality and marketization. Governance has the greatest impact on reducing debt financing costs, followed by social and environmental factors. Superior CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information asymmetry. Economic consequence analysis confirms that lower financing costs, driven by improved ESG performance, significantly enhance total factor productivity and firm value. CSI ESG scores also significantly impact bank loans but not corporate bond financing.
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来源期刊
CiteScore
4.70
自引率
0.00%
发文量
295
审稿时长
15 weeks
期刊介绍: The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.
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