Information Production Effects of Multiple ESG Ratings——From the Perspective of Debt Financing Cost
Based on information production theory,this paper analyzes the possible impact of multiple ESG ratings on debt financing costs,and empirically tests the information production effect of multiple ESG ratings on enterprises.The results show that multiple ESG ratings can help reduce the debt financing cost of enterprises.In the multiple rating sample,inconsistent multiple ESG ratings are more conducive to reducing the debt financing cost of enterprises.In the sample of multiple ESG ratings,the average,maximum and minimum ratings all have a significant impact on debt financing costs,that is,multiple ESG ratings of an enterprise can provide effective information.The regression coefficient of rating mean is higher than that of a single rating,indicating that multiple ratings provide more information to the market than a single rating.
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