The Impact of ESG Performance on Corporate Financing Cost under Internal and External Supervision
Based on the panel data of Shanghai and Shenzhen A-share listed industrial enterprises from 2015 to 2020,this paper tests the impact of ESG performance on corporate financing cost,as well as the important complementary mechanism of internal control and media attention in this relationship.The research results show that corporate ESG performance and its three dimensions have a differentiated inhibitory effect on corporate financing costs.The financing cost of enterprises with better environmental and corporate governance performance will be significantly reduced.Internal control and media attention will magnify the inhibitory effect of ESG on enterprise financing costs.In other words,as the internal control"level"and media attention increase,the inhibitory effect of enterprise ESG performance and its three dimensions on financing cost are gradually strengthened.Among them,the strengthening effect of internal control in corporate governance is more obvious,and the strengthening effect of media attention on environmental responsibility is more prominent.
ESG performancefinancing costmedia attentioninternal control
NETL
NSTL
万方数据
