Do sustainability-driven improvements in ESG performance reduce financing costs? Evidence from Chinese A-share listed companies

ESGパフォーマンスの持続可能性向上は資金調達コストを削減するか？中国A株上場企業からの証拠 (AI 翻訳)

Zhongbin Tong, N. H. Bajuri

Corporate Governance and Sustainability Review📚 査読済 / ジャーナル2026-01-09#ESGOrigin: CN

原典: https://doi.org/10.22495/cgsrv10i1p8

🤖 gxceed AI 要約

日本語

中国A株上場企業4704社を対象に2009-2023年のデータを用いて、ESGスコアの改善が資金調達コストに与える影響を分析。結果、ESGは総資金調達コストと負債コストを有意に低下させるが、株式コストへの影響は有意でない。政策提言としてESG開示の強化を中国政府に提案。

English

Analyzes the impact of ESG improvements on financing costs for 4,704 Chinese A-share listed firms from 2009-2023. Finds that ESG significantly reduces total financing cost and cost of debt, but not cost of equity. Recommends enhanced ESG disclosure policies for China.

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

日本企業でもESGと資金調達コストの関係は重要だが、本論文は中国市場に特化。日本ではSSBJ開示基準の動きがあり、同様の実証研究が参考になる。

In the global GX context

This paper provides empirical evidence from China on the ESG-financing cost link, relevant for global sustainable finance and disclosure frameworks like ISSB. It highlights the benefits of ESG disclosure for reducing capital costs.

👥 読者別の含意

🔬研究者:Useful for studying ESG-financing dynamics in emerging markets and for comparative analysis with Japan.

🏢実務担当者:Chinese firms can leverage ESG disclosure to potentially lower debt costs; similar logic may apply elsewhere.

🏛政策担当者:Provides evidence supporting mandatory ESG disclosure to reduce financing costs; relevant for Chinese regulators and other emerging economies.

📄 Abstract（原文）

The consideration of environmental, social, and governance (ESG) has become an integral part of the financing of companies. The ESG scores indicate sustainability, which is integral for maintaining the goodwill of the company and also showing long-term resilience in the financial markets. Hence, this ESG score allows for the alteration of the cost of financing for firms. This particular research analyses whether the improvements in ESG factors lead to a reduction in the financing cost of Chinese A-listed firms. The timeline of the study is between 2009 and 2023, and it is conducted across 4704 firms. A firm fixed effects model (FEM) with standard errors clustered by firm is considered for the analysis. The results show that ESG impacts total financing cost (TFC) negatively by -0.21 percent. Moreover, the cost of debt (COD) is also negatively impacted by -0.06 percent, and the cost of equity (COE) is impacted by -0.04 percent. Impact on TFC and COD is statistically significant. However, the same on COE is not significant. The debt-market result is consistent with signalling and information-asymmetry channels. This is because ESG reduces perceived default risk and improves creditor terms (Huang, 2022). Based on these findings, policy recommendations on ESG disclosure have been suggested to the Chinese government.

🔗 Provenance — このレコードを発見したソース

semanticscholar https://doi.org/10.22495/cgsrv10i1p8first seen 2026-05-15 18:11:24

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