ESGパフォーマンスと資本コスト：インド上場企業に関する実証研究
ESG Performance and Cost of Capital an Empirical Study of Listed Indian Companies (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
インドのNSE/BSE上場企業を対象に、ESG評価と資本コストの関係を実証分析した研究。ESGリーダー企業はWACCが5.8%まで圧縮され、低ESG企業の11.5%と大きく差がつく。グリーンボンド拡大により信用スプレッドが135bp縮小し、負債コストは4.8%へ低下。ESG開示・サステナブルファイナンス基盤への投資はNPV 284.5クロレ、IRR 38.6%と財務的に高い実現可能性を示す。
English
An empirical study of NSE/BSE-listed Indian firms linking ESG performance to cost of capital. ESG Leaders compress WACC to 5.8% versus 11.5% for low-ESG firms, while scaling green bonds cuts credit spreads by 135bp and lowers cost of debt to 4.8%. A five-year ESG disclosure platform model yields positive NPV (₹284.5 Cr) and 38.6% IRR, supporting investment in disclosure infrastructure.
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基準の導入と有報でのサステナビリティ開示が進む中、ESG評価が資本コスト低減に直結するという実証結果は、日本企業の開示投資の正当化材料となる。特にグリーンボンドと負債コストの関係は、国内のトランジションファイナンス政策と親和性が高い。
In the global GX context
Amid ISSB/CSRD-driven disclosure mandates, this study offers emerging-market evidence that ESG ratings translate into measurable WACC and cost-of-debt reductions. It reinforces the global thesis that disclosure infrastructure is financially material, though India-specific parameters limit direct transferability.
👥 読者別の含意
🔬研究者:ESGスコアと資本コストの定量関係を新興国データで示す実証的貢献。
🏢実務担当者:ESG開示プラットフォーム投資の財務妥当性をNPV/IRRで示し、経営判断の根拠となる。
🏛政策担当者:ESG開示義務化が資本コスト低減とグリーンボンド市場拡大に寄与する政策的示唆を提供。
📄 Abstract（原文）
This study, titled "ESG Performance and Cost of Capital: An Empirical Study of Listed Indian Companies," evaluates environmental, social, and governance (ESG) pillar weightings, Weighted Average Cost of Capital (WACC) compression, green bond market expansion, cost of debt reduction, and financial feasibility of enterprise ESG disclosure platforms across NSE/BSE listed firms in India. Listed corporations operate in evolving capital markets, where Environmental scoring represents 40%, Governance represents 35%, and Social represents 25% of overall ESG rating assessments. A five-year project lifecycle (2021-2025) of an automated ESG disclosure and sustainable finance platform is evaluated using capital budgeting parameters: Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PBP), and Benefit-Cost Ratio (BCR). Quantitative analysis reveals that achieving ESG Leader status compresses corporate WACC to 5.8% compared to 11.5% under Low ESG tier firms. Scaling green bond issuances to ₹22,000 Crores delivers a credit rating spread discount of 135 basis points, expanding corporate ESG score index to 92.8 and compressing the Cost of Debt to 4.8% by 2025. The financial model yields a positive NPV of 284.5 Crores and an IRR of 38.6%, far exceeding the 10% discount hurdle rate. The study concludes that investing in ESG disclosure and sustainability management platforms is highly viable, lowering corporate cost of capital and boosting enterprise value. Keywords: ESG Performance, Cost of Capital, WACC Compression, Listed Indian Companies, Green Bonds, Cost of Debt, Capital Budgeting, Financial Feasibility.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ijerst.org/index.php/ijerst/article/download/4544/4190first seen 2026-09-12 05:54:09 · last seen 2026-09-22 05:21:12
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