ESG performance and corporate external financing in China: The role of rating disagreement

被引：38

作者：

Guo, Kun ^{[1
,2
]}

Bian, Yuan ^{[1
,2
]}

Zhang, Dayong ^{[3
]}

Ji, Qiang ^{[4
,5
]}

机构：

[1] Univ Chinese Acad Sci, Sch Econ & Management, Beijing, Peoples R China

[2] Chinese Acad Sci, Res Ctr Fictitious Econ & Data Sci, Beijing, Peoples R China

[3] Southwestern Univ Finance & Econ, Res Inst Econ & Management, Chengdu, Sichuan, Peoples R China

[4] Chinese Acad Sci, Inst Sci & Dev, Beijing, Peoples R China

[5] Univ Chinese Acad Sci, Sch Publ Policy & Management, Beijing 100049, Peoples R China

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2024年 / 69卷

基金：

中国国家自然科学基金;

关键词：

Debt financing; ESG; Information disclosure; Rating disagreement; SOCIAL-RESPONSIBILITY; TRADE CREDIT; EQUITY; COST; DISCLOSURE; RETURNS; DEBT;

D O I：

10.1016/j.ribaf.2024.102236

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Following the thriving literature on the impacts of ESG performance on corporate financing, this paper investigates corporate ESG performance and debt -financing using a sample of Chinese listed firms. We pay special attention to the influence of rating disagreements across different agencies. While the positive role of ESG performance on the cost and amount of corporate debt financing is revealed, clear heterogeneity is found. More importantly, we uncover the role of rating disagreement, and find that only firms with agreed high ESG rating can benefit through lost cost and larger amount debt -financing. The results confirm the needs for firms to improve information disclosure and pay special attention to ESG performance. Moreover, improving ESG rating quality and establishing a consistent and effective rating system deserve regulators' attention.

引用

页数：18

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