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论文编号：	16031
作者编号：	2120243827
上传时间：	2026/6/3 12:10:57
中文题目：	我国企业ESG表现对企业资本成本的影响
英文题目：	The Impact of ESG Performance on Corporate Capital Cost in Chinese Enterprises
指导老师：	张晓农
中文关键字：	ESG；权益资本成本；债务融资成本；PEG 模型
英文关键字：	ESG; cost of equity; cost of debt financing; PEG model
中文摘要：	我国深刻贯彻落实可持续发展的质量要求，习近平总书记在联合国大会提出我国2030 年前实现碳达峰，2060 年前实现碳中和的双碳目标，这使得 ESG 迅速发展成为一种主流议题，也催生了庞大且不断深化的ESG 研究需求。本文研究的是我国ESG 表现对企业权益资本成本以及债务融资成本的影响，以 Wind ESG 综合评分来衡量企业的 ESG 表现，以 2018—2025 年 A 股上市公司为研究样本，共得到了 7995 个观测数据，并以此为基础进行了多元回归分析、稳健性检验、异质性分析等等实证研究，最终研究结果表明， 良好的ESG 表现可以显著降低企业的权益资本成本和债务融资成本，这一负向作用在进行稳健性检验及控制内生性问题后仍然显著，进一步研究表明 ESG 的 E（环境）和 S（社会）维度均可以降低企业的资本成本，但是 G（治理）维度的这一负向作用并不显著。异质性分析结果表明，ESG 降低企业资本成本的这一作用均在小规模企业和非国有企业样本中更加显著，对权益资本成本的影响在行业竞争程度高的时候更加显著，对债务融资成本的影响在负债程度比较高的企业更加显著。中介效应检验结果表明 ESG 主要是通过降低企业财务风险来降低企业的权益资本成本，通过降低企业财务风险和缓解企业融资约束这两个渠道来降低企业的债务融资成本。基于以上研究结果提出如下政策建议：政府及监管机构应该完善 ESG 的披露标准，强化引导，企业应深化 ESG 的实践以降低经营风险，金融机构及投资者应优化投资决策机制，将 ESG 纳入核心的投资估值模型。
英文摘要：	China has thoroughly implemented the quality requirements of sustainable development. President Xi Jinping proposed the "dual carbon goals" at the United Nations General Assembly, aiming to achieve carbon peak by 2030 and carbon neutrality by 2060. This initiative has rapidly elevated ESG to a mainstream focus, generating substantial and continuously expanding research demand in the field. This study examines the impact of China's ESG performance on corporate equity capital costs and debt financing costs. Using the Wind ESG composite score as an ESG performance metric, we analyzed A-share listed companies from 2018 to 2025, obtaining 7,995 observation data points. Empirical analyses included multiple regression modeling, robustness testing, and heterogeneity analysis. The results demonstrate that strong ESG performance significantly reduces both equity capital costs and debt financing costs. This negative effect remains statistically significant after robustness testing and endogeneity control. Further analysis reveals that the environmental (E) and social (S) dimensions of ESG effectively lower capital costs, while the governance (G) dimension shows no significant negative impact. Heterogeneity analysis indicates that ESG's capital cost reduction effects are more pronounced in small-scale enterprises and non-state-owned firms. The influence on equity capital costs becomes more pronounced in highly competitive industries, while the effect on debt financing costs is more evident in companies with higher debt levels. The mediation effect analysis demonstrates that ESG primarily reduces corporate equity capital costs by mitigating financial risks, while lowering debt financing costs through two channels: reducing financial risks and alleviating corporate financing constraints. Based on these findings, the following policy recommendations are proposed: Governments and regulatory authorities should refine ESG disclosure standards and strengthen guidance mechanisms; enterprises should deepen ESG practices to reduce operational risks; financial institutions and investors should optimize investment decision-making frameworks by incorporating ESG metrics into core valuation models.
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