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关于ESG评级差异和融资限制:来自中国的证据
Jiahua Zhao1, Minglin Wang1, Saisai Hong1
1School of Economics, Hangzhou Normal University, Hangzhou, Zhejiang, People's Republic of China.
Journal of environmental management
|June 15, 2025
概括
环境,社会和治理 (ESG) 评级的差异增加了企业融资的限制. 然而,透明的ESG披露和更高的公司利能力可以减轻这些影响,为投资者和决策者提供见解.
科学领域:
- 金融 金融 金融 金融 金融
- 公司治理 公司治理
- 可持续性研究 可持续性研究
背景情况:
- 越来越多的全球环境,社会和治理 (ESG) 风险需要商业战略考虑.
- 在制定企业战略时,ESG绩效越来越重要.
- 信息不对称和信号理论为理解ESG评级影响提供了一个框架.
研究的目的:
- 调查多个机构对企业融资约束的ESG评级差异对企业融资限制的影响.
- 分析分析师预测偏差的调解作用和ESG披露,利能力和评级范围的调节效应.
主要方法:
- 利用了中国A股上市公司 (2018-2022) 的样本.
- 开发并应用ESG评级分歧指数来测试理论假设.
- 进行了可靠性测试,以验证经验发现.
主要成果:
- 企业对ESG评级的分歧显著加剧了企业融资的限制.
- 这种恶化与分析师预测偏差的增加有关.
- 符合ESG披露,更高的ESG评级和更高的利能力可以减轻这些不利影响.
结论:
- 对企业融资来说,ESG评级的分歧是一个重大挑战.
- 透明的ESG披露和强的财务表现可以减轻融资约束.
- 调查结果为投资者,公司和政府提供了关于ESG信息和融资策略的可操作建议.
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