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论文编号：	13950
作者编号：	2120213286
上传时间：	2023/6/6 21:23:45
中文题目：	债券评级机构会考虑企业ESG表现吗？
英文题目：	Do bond rating agencies consider corporate ESG performance?
指导老师：	梅丹
中文关键字：	ESG表现；债券信用评级；信息披露；企业风险；融资成本
英文关键字：	ESG performance; bond credit rating; information disclosure; Corporate risk；financing cost
中文摘要：	伴随着“绿水青山就是金山银山”的可持续发展理念深入人心，ESG投资理念在我国逐步兴起。ESG投资理念即在投资过程中考虑企业在环境（Environment）、社会责任（Social）、公司治理（Governance）三个方面的表现，越来越多的研究也发现ESG表现一定程度上能够体现企业的可持续发展能力。从2007年起我国开始发行公司债，债券市场飞速发展，如今我国已成为全球第二大债券市场，债券市场在拓宽企业的融资渠道、降低企业融资成本等多个方面发挥着重要作用。债券评级机构是债券市场的重要参与者，通过对企业发行的债券进行评级为投资者提供决策支持，债券评级机构在评级过程中会综合考量多种因素，那债券评级机构在评级时是否会考虑企业ESG表现呢？因此，本文研究企业ESG表现是否会对债券信用评级产生影响，为降低投资者风险提供支持。 本文以上市公司2010-2020年期间发行的公司债为研究对象，首先探讨ESG表现以及环境、社会责任和公司治理三个方面对债券信用评级的影响，在此基础上研究企业ESG表现对债券信用评级的作用机制。此外，还进一步考虑不同产权性质、不同行业环境敏感性和不同生命周期阶段下企业ESG表现对债券信用评级影响的差异。 本文的研究发现如下：企业ESG表现与债券信用评级呈现正相关关系，企业ESG表现越好，债券信用评级越高；区分ESG不同组成部分来研究其与债券信用评级关系发现，环境和公司治理表现越好，债券信用评级越高，社会责任与债券信用评级之间不存在显著关系。信息披露和企业风险在企业ESG表现与债券信用评级关系中发挥部分中介作用，企业良好的ESG表现促进企业积极披露相关信息，缓解信息不对称，企业良好的ESG表现也有利于降低企业风险，提升还本付息能力，进而提高债券信用评级。异质性检验发现：在不同产权性质下，与非国有企业相比，国有企业ESG表现对债券信用评级正向影响更加显著；在不同环境敏感性行业中，低环境敏感性行业的企业ESG表现对债券信用评级正向影响更加显著；在不同企业生命周期阶段中，相比处于成熟期和衰退期阶段的企业，成长期企业的ESG表现与债券信用评级正相关关系更显著。
英文摘要：	The ESG investment concept has gradually emerged in China, along with the popularisation of the sustainable development concept of "lucid waters and lush mountains are invaluable assets", which means that the company's performance in terms of environment, social responsibility and corporate governance is taken into account in the investment process. More and more studies have found that ESG performance can, to a certain extent, reflect the sustainability of an enterprise. Since 2007, China has been issuing corporate bonds, and the bond market has grown rapidly. Today, China has become the second largest bond market in the world, and the bond market plays an important role in widening the financing channels of enterprises and reducing their financing costs. Bond rating agencies are important players in the bond market, providing investors with decision support by rating the bonds issued by enterprises. Therefore, this paper investigates whether corporate ESG performance has an impact on bond credit ratings to support the reduction of investor risk. This paper takes corporate bonds issued by listed companies during the period 2010-2020 as the research object, and firstly explores the impact of ESG performance and three aspects of environment, social responsibility and corporate governance on bond credit ratings, on the basis of which the mechanism of the role of corporate ESG performance on bond credit ratings is investigated. In addition, the differences in the impact of corporate ESG performance on bond credit ratings under different property rights nature, different industry environmental sensitivity and different life cycle stages are further considered. The findings of this paper are as follows: corporate ESG performance is positively correlated with bond credit ratings, the better the corporate ESG performance, the higher the bond credit ratings; the relationship between different parts of ESG and bond credit ratings is differentiated and found that the better the environmental and corporate governance performance, the higher the bond credit ratings, and there is no significant relationship between social responsibility and bond credit ratings. The relationship between ESG performance and bond credit rating is partly mediated by information disclosure and corporate risk. Good ESG performance promotes active disclosure of relevant information and alleviates information asymmetry, while good ESG performance also helps to reduce corporate risk and improve debt servicing capacity, which in turn improves bond credit ratings. The heterogeneity test found that: among different ownership properties, the positive impact of ESG performance on bond credit ratings was more significant for state-owned enterprises than for non-state-owned enterprises; among different environmentally sensitive industries, the positive impact of ESG performance on bond credit ratings was more significant for enterprises in low environmentally sensitive industries; among the different corporate life cycle stages, the ESG performance of growth stage companies has a more significant positive relationship with bond credit ratings than companies in the maturity and decline stages.
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