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1822与现有文献主要从事后角度探讨ESG绩效的经济后果不同，文章聚焦于ESG事前投资预期如何影响企业融资成本。文章借助2015年商道融绿首次发布ESG榜单这一具有“自然实验”性质的冲击，采用双重差分模型考察了这种软监管所引致的ESG事前投资预期对企业股权和债务融资成本的异化效应及其作用机制。研究表明，由于不同类型投资者的风险偏好和利益导向不同，第三方ESG榜单降低了上榜企业的股权融资成本，但提高了其债务融资成本。作用机制检验表明，ESG榜单通过减小长期股价风险和促进长期发展投资而降低企业的股权融资成本，但通过增加短期偿债风险和降低短期经营绩效而提高债务融资成本。进一步研究发现，风控能力较强和外部信息环境较好的企业不仅能享受ESG榜单冲击所带来的股权融资红利，还能规避债务融资成本方面的负面影响。同时，ESG榜单能够倒逼企业加快融资结构转型，扩大股权融资规模，减少对债务融资的依赖，并整体上改善上榜企业的融资困境。文章填补了ESG事前投资阶段的文献空白，也为ESG中国化实践初期如何协调股东与债权人的利益冲突提供了经验证据。
ESG榜单对企业融资成本冲击的异化效应
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刘柏, 卢家锐. ESG榜单对企业融资成本冲击的异化效应[J]. 财经研究, 2024, 50(4): 124-138.
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