摘要
践行ESG发展理念是企业高质量可持续发展的必然选择。基于我国2012—2022年沪深A股上市公司数据,实证检验ESG表现对企业股权资本成本的影响,研究发现:ESG表现对企业股权资本成本有显著的负向影响;ESG表现通过缓解委托代理成本和提高信息透明度降低企业股权资本成本;异质性分析表明,非国有企业、东部地区的企业以及低能耗企业的ESG表现对于股权资本成本的降低作用更为显著。此研究有助于理解企业通过提升ESG表现保护股东利益的内在逻辑,对推动我国企业ESG体系建设和高质量发展具有启示意义。
Practicing ESG development concept is an essential choice for high-quality and sustainable development of enterprises.Based on the data of China’s A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2012 to 2022,this paper empirically examines the impact of ESG performance on the cost of equity capital.The research reveals that ESG performance has a significant negative impact;ESG performance reduces the cost of equity capital by mitigating principal-agent costs and improving the information transparency;the heterogeneity analysis shows that ESG performance of non-state-owned enterprises,those in China’s eastern region,and low-energy-consumption enterprises bears a more significant effect.The study helps to understand the internal logic of enterprises to protect shareholders’interests by improving ESG performance,which is thus an important inspiration for promoting the construction of ESG system and high-quality development of enterprises in China.
作者
霍晓萍
赵芸培
HUO Xiao-ping;ZHAO Yun-pei(School of Economics and Management,Guangxi Normal University,Guilin 541004,China;Key Laboratory of Digital Empowerment to Boost Economy(Guangxi Normal University),Guilin 541004,China)
出处
《广西师范大学学报（哲学社会科学版）》
CSSCI
2024年第5期97-116,共20页
Journal of Guangxi Normal University(Philosophy and Social Sciences Edition)
基金
国家自然科学基金“异质股东资源协同与国企混改效率增进:模型测度、作用机理及治理路径研究”(72362003)
广西哲学社会科学规划基金“广西国有企业混合所有制改革效率测度及治理优化策略研究”(22BGL009)
广西哲学社会科学规划基金“混合所有制改革、股权结构特征与企业成长性”(20CGL001)。
关键词
ESG表现
股权资本成本
委托代理
信息透明度
ESG performance
cost of equity capital
principal-agent
information transparency
