ESG事件对企业债务成本有影响吗？来自中国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-18 DOI:10.1016/j.frl.2025.108459

Linqi Du, Na Lu

{"title":"ESG事件对企业债务成本有影响吗？来自中国的证据","authors":"Linqi Du, Na Lu","doi":"10.1016/j.frl.2025.108459","DOIUrl":null,"url":null,"abstract":"<div><div>We investigate the impact of ESG incidents on corporate cost of debt financing using RepRisk incident data matched with Chinese A-share listed firms from 2007–2022. Our results show that ESG incidents significantly increase debt costs by approximately 70 basis points. Mechanism analysis reveals that ESG incidents affect debt costs through four channels: increasing credit risk, damaging banking relationships, reducing information quality, and weakening operating performance. The effects are more pronounced for firms with weak ESG performance, state ownership, and non-polluting industry operations. ESG incidents also constrain debt financing capacity, particularly for long-term financing. ESG pillar analysis reveals that social and governance incidents primarily drive the increased debt costs. Our findings highlight the financial materiality of ESG risk management and provide novel insights for sustainable finance development in emerging markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108459"},"PeriodicalIF":6.9000,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Do ESG incidents matter for corporate cost of debt? Evidence from China\",\"authors\":\"Linqi Du, Na Lu\",\"doi\":\"10.1016/j.frl.2025.108459\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We investigate the impact of ESG incidents on corporate cost of debt financing using RepRisk incident data matched with Chinese A-share listed firms from 2007–2022. Our results show that ESG incidents significantly increase debt costs by approximately 70 basis points. Mechanism analysis reveals that ESG incidents affect debt costs through four channels: increasing credit risk, damaging banking relationships, reducing information quality, and weakening operating performance. The effects are more pronounced for firms with weak ESG performance, state ownership, and non-polluting industry operations. ESG incidents also constrain debt financing capacity, particularly for long-term financing. ESG pillar analysis reveals that social and governance incidents primarily drive the increased debt costs. Our findings highlight the financial materiality of ESG risk management and provide novel insights for sustainable finance development in emerging markets.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"86 \",\"pages\":\"Article 108459\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-09-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325017131\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325017131","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文利用2007-2022年中国a股上市公司的RepRisk事件数据，研究了ESG事件对企业债务融资成本的影响。我们的研究结果显示，ESG事件显著增加了约70个基点的债务成本。机制分析表明，ESG事件通过增加信用风险、破坏银行关系、降低信息质量和削弱经营绩效四个渠道影响债务成本。对于ESG表现不佳、国有企业和无污染行业的企业，这种影响更为明显。ESG事件也限制了债务融资能力，尤其是长期融资能力。ESG支柱分析显示，社会和治理事件是推动债务成本增加的主要因素。我们的研究结果强调了ESG风险管理的财务重要性，并为新兴市场的可持续金融发展提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Do ESG incidents matter for corporate cost of debt? Evidence from China

We investigate the impact of ESG incidents on corporate cost of debt financing using RepRisk incident data matched with Chinese A-share listed firms from 2007–2022. Our results show that ESG incidents significantly increase debt costs by approximately 70 basis points. Mechanism analysis reveals that ESG incidents affect debt costs through four channels: increasing credit risk, damaging banking relationships, reducing information quality, and weakening operating performance. The effects are more pronounced for firms with weak ESG performance, state ownership, and non-polluting industry operations. ESG incidents also constrain debt financing capacity, particularly for long-term financing. ESG pillar analysis reveals that social and governance incidents primarily drive the increased debt costs. Our findings highlight the financial materiality of ESG risk management and provide novel insights for sustainable finance development in emerging markets.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance