技术与创新管理2026，Vol.47Issue(3)：264-275,12.DOI:10.14090/j.cnki.jscx.2026.0304
制造业企业ESG表现的融资成本效应
The Financing Cost Effect of ESG Performance in Manufacturing Enterprises:A Threshold Test Based on Market Competition
摘要
Abstract
Under the backdrop of the"Dual Carbon"goals and the pursuit of high quality economic de-velopment,the impact of corporate ESG performance on financing capabilities has become increasingly crucial.To examine the mechanisms and boundary conditions through which ESG performance influ-ences financing costs,this study employs a sample of A share manufacturing listed companies from the Shanghai and Shenzhen stock exchanges for the period 2013-2023.A comprehensive empirical analy-sis is conducted by using the two way fixed effects model,instrumental variable approach,mediation and moderation effect models,and the Hansen threshold model.The results showed that good ESG per-formance can significantly reduce the financing costs of enterprises,and this conclusion passed multiple robustness tests;Its mechanism of action is mainly reflected in the dual path of alleviating financing constraints and improving total factor productivity;Environmental regulations will positively regulate the financing costs of ESG,while digital transformation enhances this effect by increasing information trans-parency;Of particular importance is the existence of a single threshold effect on market competition in-tensity,where ESG has the strongest cost reducing effect in a moderately competitive environment and weakens when competition is too weak or too strong.Research has shown that the realization of ESG fi-nancing value is context dependent and non-linear,providing a basis for companies and regulatory au-thorities to optimize ESG practices.关键词
ESG表现/融资成本/市场竞争强度/门槛效应/数字化转型/全要素生产率Key words
ESG performance/financing costs/market competition intensity/threshold effect/digital transformation/total factor productivity分类
管理科学引用本文复制引用
杨惠贤,刘童..制造业企业ESG表现的融资成本效应[J].技术与创新管理,2026,47(3):264-275,12.基金项目
陕西省哲学社会科学重大理论与现实问题研究项目"陕西高端装备制造业创新升级的驱动机制研究"(2021ND0284) （2021ND0284）
