The Impact of ESG Information Disclosure on Corporate Financing Costs and Its Optimization Research

Yun Wang; Shiwei Song; Xinyue Hu; Xufeng Zhang

doi:10.47297/wspdecWSP2515-797323.20250912

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The Impact of ESG Information Disclosure on Corporate Financing Costs and Its Optimization Research

Volume 9, Issue 12

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The Impact of ESG Information Disclosure on Corporate Financing Costs and Its Optimization Research
The Impact of ESG Information Disclosure on Corporate Financing Costs and Its Optimization Research
Liaoning University of International Business and Economics, Dalian, Liaoning, 116000, China
Vol. 9, Issue 12, Pages: 110-114(2025)
Published：30 December 2025
DOI：10.47297/wspdecWSP2515-797323.20250912
Accepted：

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Wang Yun,Song Shiwei,Hu Xinyue,et al.The Impact of ESG Information Disclosure on Corporate Financing Costs and Its Optimization Research[J].Development Economics of China,2025,09(12):110-114.
DOI：

Wang Yun,Song Shiwei,Hu Xinyue,et al.The Impact of ESG Information Disclosure on Corporate Financing Costs and Its Optimization Research[J].Development Economics of China,2025,09(12):110-114. DOI： 10.47297/wspdecWSP2515-797323.20250912.

摘要

Abstract

With the integration of sustainable development into global economic and social development

ESG information disclosure has become a key channel for enterprises to convey non-financial information. Using 2019 - 2023 panel data of Chinese A-share listed companies

this paper empirically studies the impact of ESG information disclosure quality on corporate financing costs (equity and debt) and explores the moderating effect of property right nature and the mediating effect of information asymmetry. The empirical results are as follows: (1) Improving ESG information disclosure quality can significantly reduce both corporate equity and debt financing costs

and this conclusion holds after robustness tests; (2) Heterogeneity analysis shows that the effect of reducing financing costs by ESG information disclosure is more obvious in non - state - owned enterprises than in state - owned enterprises; (3) Mechanism tests confirm that ESG information disclosure alleviates information asymmetry between enterprises and investors/creditors

thus lowering corporate financing costs

and information asymmetry plays a partial mediating role. This study enrichIt researches the economic consequences of ESG information disclosure in emerging capital markets

and provides practical references for enterprises to optimize financing strategies

investors and creditors to improve decision - making systems

and regulatory authorities to perfect the ESG information disclosure system.

关键词

Keywords

references

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