The Impact of ESG Performance on the Financing Cost of Listed Companies: An Empirical Analysis Based on Chinese A-Share Listed Companies
ESGパフォーマンスが上場企業の資金調達コストに与える影響：中国A株上場企業に基づく実証分析 (AI 翻訳)
Tongyu Zhou
🤖 gxceed AI 要約
日本語
2019〜2023年の中国A株上場企業データを用いて、ESG評価が資金調達コストに与える影響を実証分析。高いESG評価は負債・総資金調達コストを低減し、特に企業統治の効果が顕著。一方、環境投資の増加は短期的に負債コストを上昇させる可能性を示唆。
English
Using data from Chinese A-share listed companies from 2019 to 2023, this study empirically analyzes the impact of ESG performance on financing costs. Higher ESG ratings reduce both debt and total financing costs, with corporate governance being the most effective dimension. However, increased green spending may temporarily raise debt costs.
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
中国市場の実証結果は、日本企業が中国子会社のESG戦略を評価する際や、日本国内でのESGと資本コストの関係を考察する参考になる。特にSSBJ開示基準の議論において、ESG情報の質と資本市場への影響を裏付けるエビデンスとして有用。
In the global GX context
This Chinese empirical study adds to the global evidence that ESG performance reduces financing costs, supporting the business case for sustainability. It aligns with ISSB and TCFD frameworks by demonstrating materiality of ESG factors for cost of capital, and offers insights for standard-setters on the economic consequences of disclosure.
👥 読者別の含意
🔬研究者:Provides empirical methodology for examining ESG–financing cost relationship using Chinese data, useful for cross-country comparisons.
🏢実務担当者:Highlights that improved ESG ratings, especially governance, can lower financing costs; relevant for corporate ESG strategy and investor relations.
🏛政策担当者:Supports the argument for standardized ESG disclosure by showing its financial impact, aiding regulators in designing effective disclosure rules.
📄 Abstract（原文）
With sustainability taking hold in the world of capital markets, Environmental, Social and Governance (ESG) is becoming more important when it comes to getting funded by companies. This paper tests how does ESG affects Financing cost of A- shares Listed Company from 2019 – 2023 on information Asymmetry, signaling transmission &Stakeholders theory using Chinese company. As per the above results, higher ESG rating can reduce both the debt financing cost and total financing cost which confirms for the financial; advantage of good ESG. Checking out the sub – dimensions, it's obvious. Corporate Governance is most effective in reducing financing costs as it is negative in all models. Social performance can reduce the cost of borrowing money. But it will raise the cost of borrowing for the time being because more green spending means less cash flow. And robustness check's back those results: This paper gives companies a way for the ESG investment, it can help banks decide on credits pricing along with regulators attempting at some kind of standardisation about the ESG disclosure.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2754-1169/2026.33599first seen 2026-07-01 05:52:44
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