The Impact of Enterprise ESG Rating on Bond Credit Spread——From the Perspectives of Both Issuing Company and Bond Investors
This paper first constructs a credit spread determination model that includes ESG ratings for enterprises,dis-tinguishing between the corporate fundamental channel and the investor channel through which ESG ratings affect bond fi-nancing costs.Then,empirical testing is conducted using bond data issued by A-share listed companies from 2009 to 2022.It is found that the improvement of ESG ratings reduces bond credit spreads through both the corporate fundamental channel and the investor channel,with the latter having a stronger effect.Mechanism testing shows that the corporate fun-damental channel is reflected in reducing financial risks,while the investor channel is reflected in attracting investors with ESG preferences.Heterogeneity analysis shows that the corporate fundamental channel is more effective in economically underdeveloped areas and areas with high incidence of safety accidents,while the investor channel is more pronounced in non-state-owned enterprises and non-high-carbon enterprises.
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