摘要
在“双碳”目标持续推进的背景下,企业通过绿色转型提升ESG表现已成为降低融资成本、实现可持续发展的重要路径。然而,由于评级标准不统一和信息不对称等因素,不同ESG评级机构对同一企业给出的评级结果往往存在显著分歧,其对企业融资行为的经济后果亟需系统检验。基于2018—2023年中国A股上市公司面板数据,本文从债务融资视角实证考察ESG评级分歧对企业债务融资成本的影响,并进一步分析其作用机制与调节效应。研究结果表明,ESG评级分歧显著推高了企业的债务融资成本,该结论在多种稳健性检验和内生性处理后依然成立。机制分析发现,ESG评级分歧通过加剧企业短期经营压力、降低现金流流动性,进而提高债务融资成本。进一步分析显示,机构投资者持股能够在总体上缓解ESG评级分歧带来的融资成本上升压力,但不同类型机构投资者的调节作用存在显著差异;同时,ESG评级分歧对国有企业和重污染行业企业债务融资成本的负向影响更为显著。研究结论表明,应通过提升企业信息披露质量、完善ESG评级标准体系以及发挥机构投资者治理功能,降低ESG评级分歧的不利影响,从而有效缓解企业债务融资约束。
Against the backdrop of China’s dual-carbon goals,firms increasingly rely on green transformation to improve ESG performance in order to reduce financing costs and achieve sustainable development.However,discrepancies among ESG ratings issued by different agencies—arising from non-unified standards and information asymmetry—have become widespread,and their economic consequences for corporate financing warrant systematic examination.Using panel data on Chinese A-share listed firms from 2018 to 2023,this study investigates the impact of ESG rating disagreement on corporate debt financing costs from a debt financing perspective,and further explores the underlying mechanisms and moderating effects.The results indicate that ESG rating disagreement significantly increases firms’debt financing costs,and this finding remains robust after a series of robustness checks and treatments for potential endogeneity.Mechanism analyses reveal that ESG rating disagreement raises debt financing costs by intensifying firms’short-term operating pressure and reducing cash flow liquidity.Further analyses show that institutional investor ownership can,on average,mitigate the increase in debt financing costs induced by ESG rating disagreement,although the moderating effects differ across types of institutional investors.In addition,the adverse impact of ESG rating disagreement is more pronounced for state-owned enterprises and firms in heavily polluting industries.These findings suggest that improving corporate information disclosure,promoting the standardization of ESG rating systems,and strengthening the governance role of institutional investors are crucial for alleviating the negative effects of ESG rating disagreement on corporate debt financing.
作者
杨军敏
左攀瑞
YANG Junmin;ZUO Panrui(School of Management,Shanghai University of International Business and Economics,Shanghai 201620,China)
出处
《商业研究》
北大核心
2026年第1期95-102,共8页
Commercial Research
基金
国家自然科学基金青年项目“投资策略异质性视角下的风险投资与我国定向增发定价研究”,项目编号:72202131。
关键词
ESG评级分歧
债务融资成本
机构投资者
信息不对称理论
ESG rating disagreement
debt financing costs
institutional investors
information asymmetry theory
