文章摘要
Qiu Muyuan,Yin Hong.An Analysis of Enterprises Financing Cost with ESG Performance under the Background of Ecological[J].The Journal of quantitative and technical economics,2019,(3):108-123
生态文明建设背景下企业ESG表现与融资成本
An Analysis of Enterprises Financing Cost with ESG Performance under the Background of Ecological
  
DOI：
中文关键词: 生态文明  ESG表现  融资成本
英文关键词: Ecological Civilization  ESG Performance  Financial Cost
基金项目:
Author NameAffiliation
Qiu Muyuan Urban Finance Research Institute,ICBC 
Yin Hong Urban Finance Research Institute,ICBC 
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中文摘要:
      研究目标：本文研究生态文明建设背景下企业可持续发展能力与融资成本之间的关系。研究方法：依据面板数据模型实证检验了企业的环境、社会责任和公司治理（ESG）表现对融资成本和融资能力的影响。研究发现：环境、社会责任和公司治理对企业的融资成本具有差异化影响。环境、公司治理表现较好企业的融资成本会显著降低，信息披露质量对上述关系有不可忽视的作用。近年来，环境表现对企业融资能力的作用在逐步增强。研究创新：对表征企业可持续发展能力的环境、社会责任和公司治理进行了细化区分，并采用动态面板模型提高了实证结果的稳健性。研究价值：深化了对生态文明建设背景下企业可持续发展能力与企业融资成本之间关系的理解。
英文摘要:
      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
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