多重ESG评级的信息生产效应——基于债务融资成本视角
Information Production Effects of Multiple ESG Ratings——From the Perspective of Debt Financing Cost
李凤羽 1翟欣悦2
作者信息
- 1. 东北财经大学金融科技学院
- 2. 东北财经大学金融学院(大连,116025)
- 折叠
摘要
本文基于信息生产理论分析多重ESG评级对债务融资成本的影响,实证检验企业多重ESG评级的信息生产效应.研究发现,多重ESG评级有利于降低企业的债务融资成本;在多重评级样本中,不一致的多重ESG评级更有利于降低企业的债务融资成本.在多重ESG评级样本中,评级均值、最大值和最小值对债务融资成本均有显著影响,说明企业的多个ESG评级均能提供有效信息;其中,评级均值的回归系数高于单一评级,说明相较于单一的评级,多重评级能向市场上提供更多的信息.
Abstract
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.
关键词
多重ESG评级/债务融资成本/评级分歧/信息披露Key words
multiple ESG rating/debt financing cost/rating divergence/information disclosure引用本文复制引用
基金项目
国家自然科学基金面上项目(72272028)
辽宁省教育厅项目(LJKMR20221566)
辽宁省社科规划基金项目(L20BJY031)
东北财经大学校级科研课题(PT-Y202232)
出版年
2024
NETL
NSTL
万方数据