《保险研究》20250209-《ESG信息披露对企业融资的影响实证分析》（武政勋）

［摘   要］在全球产业绿色转型背景及可持续发展理念下，探究环境、社会和公司治理(ESG)信息披露对企业融资的影响具有现实意义。本文将ESG信息披露视为一种制度安排或公共政策，研究ESG评级对企业短期融资、长期融资以及商业信用融资的影响。基于华证指数ESG评级数据，以2009～2021年A股上市公司为样本，本文研究发现，ESG信息披露水平对短期融资和信用融资具有负向影响，对长期融资具有正向影响，且企业规模、所有制类型、所处地区不同，ESG信息披露对企业融资的影响存在异质性。在研究基础上，本文对中国ESG评价体系的构建、投资者决策和行为等方面提出相应的政策建议。

［关键词］ESG信息披露；企业融资；A股上市公司

［作者简介］武政勋，中国工商银行(亚洲)资产托管部。

An Empirical Analysis of the Impact of ESG Information Disclosure on the Financing of Listed Enterprises

WU Zheng-xun

Abstract：Against the backdrop of global industrial green transformation and the concept of sustainable development,exploring the impact of environmental,social,and corporate governance (ESG) information disclosure on corporate financing has strong theoretical significance and practical value.This paper regards ESG information disclosure as an institutional arrangement or public policy and conducts a theoretical analysis from the perspective of the contract system.This paper studies the impact of ESG ratings on corporate short - term financing,long-term financing.Based on the ESG rating data of Huazheng Index,an empirical study was carried out with A-share listed companies from 2009 to 2021 as samples.The research results show that the level of ESG information disclosure has a negative impact on short-term financing and credit financing and a positive impact on long-term financing and there are heterogeneities in terms of enterprise size,ownership,and region.The robustness tests based on different data sources and one-period lag methods are basically consistent with the benchmark regression results.Finally,corresponding policy recommendations are put forward for the construction of China’s ESG evaluation system,investor decision-making,and behavior.

Key words：ESG information disclosure;corporate financing;A-share listed companies