成都大学学报（社会科学版）Issue(3)：91-109,19.
企业ESG表现对股权融资成本的影响研究
A Study on the Impact of Corporate ESG Performance on Equity Financing Costs
摘要
Abstract
With the increasing global acceptance of the concept of sustainable development,ESG performance of companies has become the focus of widespread attention from all sectors of society.In this context,companies'proactive implementation of ESG practices can enhance their overall strength and reduce costs.In this paper the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 is selected to study the impact of corporate ESG performance on the cost of equity financing.The results show that ESG performance is conducive to reducing equity financing costs.This effect is more significant in large-scale companies,non-heavily polluted companies and the eastern region.Moreover,ESG performance can reduce equity financing costs by improving the comparability of accounting information,and market competition plays an inverted"U"-shaped moderating role in this relationship.This study enriches the economic consequences of ESG performance and has important practical significance for promoting companies to strengthen ESG management,reduce equity financing costs,and achieve sustainable development.关键词
ESG表现/股权融资成本/会计信息可比性/市场竞争Key words
ESG performance/equity financing costs/comparability of accounting information/market competition分类
环境科学引用本文复制引用
罗拥华,吴子晗,刘杰军..企业ESG表现对股权融资成本的影响研究[J].成都大学学报（社会科学版）,2025,(3):91-109,19.基金项目
湖南省社会科学成果评审委员会课题"同群效应下企业ESG表现对非效率投资的影响研究"(项目编号XSP24YBZ088). （项目编号XSP24YBZ088）
