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论文编号：	13133
作者编号：	2120202832
上传时间：	2022/6/6 20:42:25
中文题目：	企业ESG表现对股权融资成本的影响研究——来自沪深A股上市公司的经验证据
英文题目：	Research on the Impact of Enterprise ESG Performance on the Cost of Equity Capital: Empirical Evidence from Shanghai and Shenzhen A-share Listed Companies
指导老师：	王志红
中文关键字：	ESG 表现；股权融资成本；产权性质；分析师关注
英文关键字：	ESG Performance; Cost of Equity Capital; Property Right Nature; Analysts’ Attention
中文摘要：	近年来，如“大众尾气排放造假事件”、“獐子岛扇贝逃跑事件”和“瑞幸财务造假事件”等企业负面事件频发，凸显企业在ESG方面的重大缺陷。然而当下可持续发展备受推崇，ESG理念也得到了越来越多的关注并引发讨论，同时在当前中国政策环境中，国家大力推进生态文明建设，追求高质量发展，加之新冠疫情（COVID-19）的突然爆发给企业经营发展带来了众多不确定性因素，越来越多的投资者开始重视非财务指标，转从ESG的角度重新评估上市公司的价值，ESG已成为资本市场的关键词和热门话题。而企业的融资成本和能力与自身经营发展紧密联系，降低融资成本有利于企业实现可持续发展。因此，本文研究从ESG视角出发，在中国现实背景的基础上探讨ESG表现对股权融资成本的影响。 本文梳理了国内外 ESG 和股权融资成本相关领域的文献，了解目前基本的研究现状，并以此寻找新的研究视角，结合可持续发展理论、声誉理论、合法性理论、利益相关者理论等相关理论提出研究假设。本文选取我国2011-2020年期间沪、深A股上市公司的数据，首先实证分析企业ESG表现对股权融资成本的作用方向，研究结果表明ESG表现与股权融资成本显著负相关，即企业ESG表现越好，股权融资成本越低。在上述结论的基础上，本文进一步从不同股权类型、不同信息环境等方面探讨企业异质性对ESG表现与股权融资成本二者之间相关性的影响，具体从产权性质和分析师关注这两个角度切入，研究其产生的调节作用。研究结果表明，相比于国有企业，ESG表现对非国有企业的股权融资成本影响更明显；分析师关注会增强二者之间的负相关关系。 本文丰富了ESG表现与股权融资成本的关系研究，提供来自中国的经验证据，同时探讨了产权性质和分析师关注这两个调节变量对二者关系产生的影响，增加了研究深度。最后，本文的研究结论具有一定的现实意义，可以据此向企业、政府监管部门及投资者等提出相关建议。
英文摘要：	In recent years, negative events such as "Volkswagen Exhaust Emission Fraud", "Zhangzi Island Scallop Escape Event" and "Ruixing Financial Fraud Event" have occurred frequently, highlighting the major defects of enterprises in ESG. However, the concept of sustainable development has been highly respected. ESG has also attracted more and more attention and discussions. At the same time, in the current China's policy environment, the state vigorously promotes the construction of ecological civilization and pursues high quality development. In addition, the sudden outbreak of COVID-19 brings many uncertainties to the development of enterprises. More and more investors are paying attention to non-financial indicators. To re-evaluate the value of listed companies from the perspective of ESG, ESG has become a key word and hot topic in the capital market. The cost of capital and ability of enterprises are closely related to their own operation and development. Reducing the cost of capital is conducive to the sustainable development of enterprises. Therefore, from the perspective of ESG, this paper discusses the impact of ESG performance on the cost of equity capital on the basis of China's realistic background. This paper combs the literature in the field of ESG and cost of equity capital at home and abroad, understands the current basic research status, looks for a new research perspective, and puts forward research hypotheses in combination with relevant theories such as sustainable development theory, reputation theory, legitimacy theory and stakeholder theory. This paper selects the data of China's A-share listed companies in Shanghai and Shenzhen from 2011 to 2020. Firstly, it empirically analyzes the role direction of enterprise ESG performance on the cost of equity capital. The research results show that there is a significant negative correlation between ESG performance and cost of equity capital, that is, the better the enterprise ESG performance, the lower the cost of equity capital. Based on the above conclusions, this paper further discusses the impact of enterprise heterogeneity on the correlation between ESG performance and cost of equity capital from the aspects of different ownership types and different information environment, and studies its regulatory effect from the perspectives of property right nature and analysts' attention. The results show that compared with state-owned enterprises, ESG performance has a more obvious impact on the cost of equity capital of non-state-owned enterprises; Analysts' attention will enhance the negative correlation between the two. This paper enriches the research on the relationship between ESG performance and cost of equity capital, provides empirical evidence from China, and discusses the impact of the nature of property rights and analysts' attention on the relationship between them, which increases the research depth. Finally, the research conclusion of this paper has certain practical significance, which can put forward relevant suggestions to enterprises, government regulators and investors.
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