Digital Disclosure of ESG Information, FinTech Supervision and Corporate Financing Costs
ESG情報のデジタル開示、FinTech監督と企業の資金調達コスト (AI 翻訳)
Lishi Zheng
🤖 gxceed AI 要約
日本語
本論文は、2018年から2023年の中国A株上場企業を対象に、ESGデジタル開示とFinTech監督が企業の資金調達コストに与える影響を実証分析した。固定効果モデルを用いた結果、高品質なESGデジタル開示は資金調達コストを有意に抑制し、FinTech監督の強化がその効果を増幅することが示された。この調整効果は非国有企業と汚染産業でより顕著である。
English
Using panel data of Chinese A-share listed firms from 2018 to 2023, this paper examines the impact of digital ESG disclosure and FinTech supervision on corporate financing costs. Results show that high-quality ESG digital disclosure significantly reduces financing costs, and strengthened FinTech supervision amplifies this effect, especially for non-state-owned and heavy-polluting firms.
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
中国のデータに基づくが、ESGデジタル開示が資金調達コスト低減に寄与するメカニズムは、日本企業がSSBJ対応や統合報告書におけるデジタル開示を進める際の参考になる。ただし、FinTech監督の役割は日本の文脈ではやや異なる。
In the global GX context
This paper provides empirical evidence that digital ESG disclosure lowers financing costs, reinforcing the business case for adopting digital disclosure practices under global frameworks like ISSB and CSRD. It also highlights the complementary role of financial technology regulation in enhancing disclosure benefits.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the financial implications of digital ESG disclosure and the moderating role of FinTech regulation.
🏢実務担当者:Supports the business case for investing in digital ESG disclosure systems to potentially lower financing costs.
🏛政策担当者:Highlights the potential of FinTech supervision to enhance the effectiveness of ESG disclosure in capital markets.
📄 Abstract（原文）
Against the background of digital transformation of corporate sustainable governance and financial regulatory upgrading, this paper takes Chinese A-share listed companies from 2018 to 2023 as the research sample to explore the impact of ESG digital disclosure and FinTech supervision on corporate financing costs. Based on information asymmetry theory and principal-agent theory, this paper sorts out the dual theoretical mechanism of ESG digital disclosure reducing financing costs and the moderating effect of FinTech supervision. Using panel data models, descriptive statistical analysis and fixed-effect regression tests, the empirical results show that high-quality ESG digital disclosure significantly inhibits corporate financing costs; strengthened FinTech supervision optimizes the information transmission environment of the capital market and further amplifies the cost-reduction effect of ESG digital disclosure. Heterogeneity analysis indicates that this moderating effect is more prominent in non-state-owned enterprises and heavy-polluting industries. This study provides empirical support for enterprises to accelerate digital ESG disclosure and regulators to improve FinTech supervision systems, and helps to reduce corporate financing constraints and optimize capital market resource allocation.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.54691/s6nvvr56first seen 2026-07-24 07:41:00
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