生态文明建设背景下企业ESG表现与融资成本分析

Abstract

Research Objectives: This paper is to study the relationship between sustainable development capability and financing cost under the background of ecological civilization construction. Research Methods: By using panel data model, this paper empirically examines the impact of corporate environmental, social responsibility and corporate governance (ESG) performance on financing cost and financing capabilities. Research Findings: This paper finds that environmental, social responsibility, and corporate governance have different effects on financing costs. The financing cost of enterprises with better environmental and corporate governance performance will be significantly reduced, and the quality of information disclosure also plays a role in the above relationship. Especially in recent years, the role of environmental performance in corporate financing capabilities has gradually increased. Research Innovations: A detailed distinction is made between the environment, social responsibility and corporate governance that characterize the sustainable development capability of the enterprise. The relationship between the three dimensions and the financing cost of the enterprise is analyzed separately, and the dynamic panel data model is used to improve the robustness of the results. Research Value: Deepen the understanding of the relationship between sustainable development capability and corporate financing cost under the background of ecological civilization construction.