ESG表现、企业风险承担与融资约束研究.docxVIP

ESG表现、企业风险承担与融资约束研究 摘要 本文发现企业增强自身在环境、社会责任和公司治理方面的表现不仅能够降低融资成本，而且会提高市场估值。从环境、社会责任和公司治理三个具体维度来看， 环境和公司治理因素对企业融资成本的影响更大，信息披露对于企业ESG表现同融资成本 之间关系的影响不容忽视。特别对于环境因素而言，信息披露质量的提高，能够显著降低负面环境事件对企业抗风险能力、融资约束成本的不利影响，且其对企业融资成本的影响在近年来有加强的趋势。在传导机制上，ESG对企业融资成本的降低作用可能是生态文明建设背景下监管政策、金融机构和投资人偏好共同作用的结果。 本文对ESG的定义、相关指标和评级指数作出了总结，并对国际金融机构在环境、社会以及治理上所进行的实践作出了总结分析，提出了ESG内涵和融资成本、绩效表现等指标的关系；通过分析研究我国ESG在各个领域的发展现状，以及我国ESG存在的一些问题，进而提出一些解决问题的方法，来帮助我国更好的对ESG进行完善。 关键词：ESG；公司治理；融资约束；风险；社会责任 abstract This paper finds that enhancing corporate performance in environmental, social responsibility and corporate governance can not only reduce financing costs, but also improve market valuation. From the three specific dimensions of environment, social responsibility and corporate governance, environment and corporate governance factors have a greater impact on the financing cost of enterprises. The impact of information disclosure on the relationship between ESG performance and financing cost can not be ignored. Especially for environmental factors, the improvement of the quality of information disclosure can significantly reduce the adverse impact of negative environmental events on the anti risk ability and financing constraint cost of enterprises, and its impact on the financing cost of enterprises tends to be strengthened in recent years. In terms of transmission mechanism, the effect of ESG on reducing the financing cost of enterprises may be the result of the joint effect of regulatory policies, financial institutions and investor preferences under the background of ecological civilization construction. In this paper, the definition of ESG related indicators and rating index are summarized, and the practice of international financial institutions in environmental, social and governance is summarized and analyzed, and the relationship between the connotation of ESG and the performance of financing cost and other indicators is proposed. By analyzing and studying the development status of ESG in various f