金融学院知识库

近年来绿色金融发展，结合国家“双碳”战略发展目标，责任投资理念逐渐盛行。企业在E（环境）、S（社会）G（公司治理）方面的信息披露作为非财务信息的核心，展现了企业的可持续发展潜力，成为投融资决策过程中重点考虑的因素之一。企业融资难题，特别是融资成本贵、过程难，是我国企业发展过程中长期关注的焦点，关于其解决途径的相关学术研究在不断更新，我国企业也日益重视披露ESG信息以赢得更多投资关注。与此同时，投资者在做投资项目决策时，也需在财务分析之外纳入非财务信息，以确保投资考量的全面性与合理性。由此可见，ESG信息披露与企业融资成本之间的关系显得尤为紧密，不容忽视。
基于此，本文结合相关理论及我国ESG信息披露现状，以2018—2022年沪深A股上市公司数据为研究样本，利用CSMAR数据库的企业财务数据、彭博社数据库的ESG评分数据及CNRDS中国研究数据服务平台的媒体报道数据，构建固定效应模型，探究企业ESG信息披露对其融资成本的影响。结果显示企业的ESG信息披露有利于降低企业融资成本，特别是有利于降低权益融资成本，媒体关注在其中起到了重要的中介作用。异质性分析发现，相较于国有企业，ESG信息披露对非国有企业的融资成本影响更大。
根据理论与实证分析所得出的结论，本文分别对企业、投资者、相关监管与政策制定部门及第三方媒体提出相关建议。企业应转变观念，认识到良好的ESG信息披露有助于可持续发展，提高ESG信息披露水平、加强与投资者的沟通，以降低融资成本。投资者应更重视企业ESG信息并将其纳入投资决策，特别是权益投资时，需综合考量ESG各方面表现，关注透明度和一致性，以降低风险和提高长期回报。监管和政策制定部门应加快完善ESG信息披露制度，提高公众对ESG的认识，鼓励资本市场支持ESG管理和披露的企业，并考虑国情制定差异化政策，强化国企改革力度、营造更为公平的融资环境。媒体作为独立第三方，应公正、客观地披露企业ESG信息，充分发挥其市场监督作用，同时需要推进媒体行业改革，增强其活力和话语权。在助推我国企业融资发展的进程中，希望政府、企业、媒体及投资者能形成合力，使上市公司ESG信息披露更加公开透明、确保更高水平的可持续发展能力，进而充分利用其在企业融资降本增效方面的影响，助力企业实现长期发展。

In recent years, with the development of green finance, combined with the national "double carbon" strategic development goals, the concept of responsible investment has gradually become popular.As the core of non-financial information, the disclosure of E (environmental), S (social), and G (corporate governance) information of enterprises not only shows the potential of sustainable development of enterprises but also serves as an important reference for investors to make decisions. It has become one of the key factors to be considered in the decision-making process of investment and financing. Corporate financing problems, especially the high financing cost and difficult process, are the focus of long-term attention in the process of promoting the development of enterprises in China. Relevant studies on the solutions are constantly updated. Chinese enterprises increasingly pay attention to the disclosure of ESG information to show the potential of sustainable development of enterprises, which has become an important reference basis for investors to make investment decisions and win more investment attention. At the same time, investors also need to include non-financial information in addition to financial and financial analysis when making investment project decisions to ensure that investment considerations are comprehensive and reasonable. It can be seen that the relationship between ESG information disclosure and corporate financing costs is particularly close and cannot be ignored.

Based on this, this paper combines relevant theories and the construction status of ESG information disclosure systems in China, takes the data of Shanghai and Shenzhen A-share listed companies from 2018 to 2022 as research samples, and uses ESG score data of Bloomberg database, media report data of CNRDS China Listed Companies financial news database, and corporate financial data of CSMAR database. A fixed-effect model is constructed to explore the impact of ESG information disclosure on financing costs. The results show that the disclosure of ESG information is conducive to reducing the financing cost of enterprises, especially the cost of equity financing, and media attention plays an important intermediary role. Heterogeneity analysis shows that ESG information disclosure has a greater impact on the financing costs of non-state-owned enterprises than that of state-owned enterprises.

According to the conclusion of theoretical mechanism transmission and empirical analysis, this paper puts forward relevant suggestions from enterprises, investors, relevant regulatory and policy-making departments, and third-party media respectively. Enterprises should improve the quality of ESG information disclosure to reduce financing costs and change their ideas to realize that good ESG information disclosure is conducive to sustainable development and improved earnings, improve information effectiveness, and build a communication bridge with investors. Investors should pay more attention to corporate ESG information, especially when investing in equity, they should consider all aspects of ESG performance, focus on transparency and consistency, and incorporate ESG factors into investment decisions to reduce risk and improve long-term returns. Regulatory and policy-making departments should speed up the construction of the ESG information disclosure system, promote the improvement of the system, encourage active disclosure, increase penalties, formulate differentiated policies considering national conditions, strengthen SOE reform, and create a fairer financing environment. Governments should encourage capital markets to support ESG-managed and disclosed enterprises and raise public awareness of ESG. As an independent third party, the media should disclose the ESG information of enterprises fairly and objectively, to enhance its market supervision role, promote the reform of the media industry, and enhance its vitality and voice. In the process of boosting the development of corporate financing in China, it is hoped that the government, enterprises, media, and investors can form a joint force to make the ESG information disclosure of listed companies more open and transparent, ensure a higher level of sustainable development ability, and then make full use of its impact on the cost reduction and efficiency of corporate financing to help enterprises achieve long-term development.