ESG表现与企业权益融资成本

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中图分类号：F275；F832.51 文献标志码：A 文章编号：1007-8576（2025）06-0057-12

DOI： 10.16716/j.cnki.65-1030/f.2025.06.010

Abstract：Manufacturingenterprises havelongbeen trappedinthechronicdilemmaof“dificultandcostlyfinancing”which notonlylimitstheexpansionofthemanufacturing industry’sscalebutalsohinders itstransformationandupgradingtoward high-endandgreendevelopment.WiththegradualimprovementofChina’sESG informationdisclosure system，the mpactof corporateESG performanceonequityfinancingcostshasbecome increasingly prominent.This paperuses A-sharelistedmanufacturingcompanies inShanghaiandShenzhenfrom2014to2O23astheresearchsample toempiricalyexaminetheimpactof ESG performance onequityfinancing costs anditsunderlying mechanisms.Theresearch resultsshowthatstrong ESG performance helpsreducecorporateequityfinancingcosts，withsupplychainconcentrationplayingapartialmediating roleinthis elationship.Furtheranalysisrevealsthatanalystttentionandfinancingconstraints positivelyandnegativelymoderatetheabove relationship，respectively.Aditionally，thereducing effectofESG performanceonequity financingcosts is morepronounced inregions withhgherlevelsofbusinessenvironment，enterpriseswithhigherdigitalizationlevels，andstateowedeterprises. Inthefuture，enterprisesshoulddeeplyintegrateESGprinciplesintotheir governance structuresand strategicsystems，effectively enhancing their sustainable development capabilities by reducing operational risks and financing costs.

Key Words：ESG performance;costofequity financing;supplychainconcentration;analystattention;financing constraints

一、问题的提出

ESG是环境（Environmental）、社会（Social）及治理（Govermance）的缩写，最早由联合国环境规划署于2004年提出，旨在通过整合环境保护、社会责任及公司治理等要素推动企业实现经济、社会和环境协调发展，从而提升企业的可持续发展能力与长期价值。（剩余14695字）