ESGパフォーマンス、サプライチェーンリスク、および企業資金調達コスト：中国の化粧品および消費財産業からの証拠
ESG Performance, Supply Chain Risk, and Corporate Financing Costs: Evidence from China's Cosmetics and Consumer Goods Industry (原題)
Jiajing Yu
🤖 gxceed AI 要約
日本語
中国の化粧品・消費財産業を対象に、ESGパフォーマンスが企業の資金調達コストに与える影響をサプライチェーンリスクの媒介効果を通じて分析。固定効果回帰と媒介モデルを用い、ESG向上が資金調達コストとサプライチェーンリスクを低減することを実証。特に化粧品サブ産業で媒介効果が顕著。
English
This study examines how ESG performance affects corporate financing costs through the intermediary role of supply chain risk, using panel data of Chinese A-share listed firms in the cosmetics and consumer goods industry from 2018-2023. Fixed effect and mediation models show that better ESG performance significantly reduces financing costs and supply chain risks, with the mediation effect strongest in the cosmetics sub-industry.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ対応やサプライチェーン全体のESG管理が課題となっている。本論文はESGと資金調達の媒介としてサプライチェーンリスクに着目する点で示唆に富むが、中国特有の政策・市場環境を考慮する必要がある。
In the global GX context
This paper adds to the global literature on ESG and corporate finance by empirically demonstrating the mediating role of supply chain risk. It offers insights for firms implementing ISSB standards or transition finance frameworks, highlighting the importance of supply chain ESG management for lowering financing costs.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the mediation effect of supply chain risk in the ESG-financing cost relationship, extending stakeholder and information asymmetry theories to supply-chain-intensive industries.
🏢実務担当者:Demonstrates that improving ESG performance can lower financing costs by reducing supply chain risks, actionable for corporate sustainability teams managing supply chain ESG.
🏛政策担当者:Suggests that policies promoting ESG disclosure and supply chain risk management could lower corporate financing costs, relevant for financial regulators.
📄 抄録（日本語訳）
信用政策收紧的背景下，企业融资成本已成为企业和金融机构共同关注的关键问题。本研究以中国化妆品及消费品行业为例，探讨环境、社会和治理（ESG）表现如何通过供应链风险的中介作用影响企业融资成本。利用2018年至2023年中国A股上市公司620个公司-年度面板数据，采用固定效应回归和中介效应模型对三个假设进行检验。实证结果表明：（1）ESG表现的提升显著降低企业融资成本；（2）ESG表现显著降低供应链风险；（3）供应链风险在融资成本与ESG表现之间的关系中起部分中介作用。异质性分析显示，由于化妆品子行业供应链结构复杂，中介效应在该行业中最为显著。这些发现整合了利益相关者理论与信息不对称理论，将可持续金融研究扩展到供应链密集型行业。
AI 翻訳（deepseek-v4-flash）。 正確を期す場合は下の原文を参照してください。
📄 Abstract（原文）
Under the background of tightening credit policies, the cost of enterprise financing has become a key issue of common concern for enterprises and financial institutions. Taking China's cosmetics and consumer goods industry as an example, this study explores how environmental, social and governance (ESG) performance affects enterprise financing costs through the intermediary role of supply chain risks. Three hypotheses are tested using fixed effect regression and intermediate effect models using 620 company-annual panel data of China's A-share listed businesses from 2018 to 2023. The empirical findings demonstrate the following: (1) ESG success dramatically lowers an organization's finance costs; (2) ESG performance significantly reduces supply chain risks; (3) The relationship between finance costs and ESG performance is influenced in part by supply chain risk. Heterogeneity analysis shows that due to the complex supply chain structure of the cosmetics sub-industry, the intermediary effect is most significant in this industry. These findings integrate the stakeholder theory and the information asymmetry theory to expand sustainable financial research to supply chain-intensive industries.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2754-1169/2026.35044first seen 2026-07-13 07:14:21 · last seen 2026-09-01 05:43:31
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