The Effect of ESG Performance on the Cost of Equity Capital
ESGパフォーマンスが自己資本コストに与える影響 (AI 翻訳)
Jiayin Sun
🤖 gxceed AI 要約
日本語
本論文はESGパフォーマンスが自己資本コストに及ぼす影響を実証的に分析。リスクプレミアム低減、情報非対称性の緩和、投資家基盤拡大の3チャネルを通じて、優れたESG開示が資本コストを低下させることを示す。一方でESG効果は制度文脈や格付不一致などの調整要因に依存する。隆基緑能とSolyndraの比較分析から、ESG戦略の重要性を強調。
English
This paper empirically examines the effect of ESG performance on the cost of equity capital. It finds that ESG reduces cost of equity through lower risk premiums, reduced information asymmetry, and a larger investor base. The effect is moderated by institutional context, rating disagreement, and disclosure quality. A comparative case study of LONGi Green Energy and Solyndra illustrates the financial benefits of strong ESG strategy.
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
日本の企業にとって、ESG開示が資本コスト低減に直接結びつく可能性を示す点で重要。SSBJ基準や統合報告書の充実が投資家からの信頼獲得に寄与する根拠となる。
In the global GX context
This study reinforces the financial materiality of ESG performance, supporting global disclosure frameworks like ISSB and TCFD. It provides empirical evidence that high-quality ESG disclosure can lower the cost of capital, a key argument for mandatory climate disclosure regulations such as CSRD and SEC climate rules.
👥 読者別の含意
🔬研究者:Emphasizes the channels through which ESG affects cost of capital and moderating factors.
🏢実務担当者:Demonstrates that improving ESG disclosure can reduce financing costs; useful for investor relations strategy.
🏛政策担当者:Supports the case for standardized ESG disclosure requirements to enhance market efficiency.
📄 Abstract（原文）
This study empirically and rigorously reviews and analyzes the effect of Environmental, Social, and Governance (ESG) performance on the cost of equity capital. Based on broad evidence and comparison cases analysis, I will discuss its theoretical foundation, transmission process and context-based heterogeneity of the financial impact of ESG. The empirical results show that ESG performance reduces the cost of equity capital through the following three channels: lower risk premiums, lower information asymmetry, and a larger investor base. Greater financial transparency and investor confidence created by high-quality ESG disclosure result in greater financing efficiency and firm value. However, ESG is not an all-encompassing effect since it is moderated by institutional context, rating disagreement, persistence of disclosure, and quality of governance. Based on a comparative analysis of LONGi Green Energy and Solyndra, this paper concludes that the inclusion of ESG in corporate strategy and governance can potentially significantly reduce financing cost, and weak governance and poor disclosure increase equity risk. The research enhances the non-financial element of capital cost theory and has managerial and policy implications regarding how to enhance ESG disclosure schemes and capital market incentives.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.54254/2754-1169/2025.bl29815first seen 2026-07-18 05:08:44
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