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

9卷第12期

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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
2025年9卷第12期页码：110-114
纸质出版：2025-12-30
DOI：10.47297/wspdecWSP2515-797323.20250912
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Yun Wang, Shiwei Song, Xinyue Hu & Xufeng Zhang. (2025). The Impact of ESG Information Disclosure on Corporate Financing Costs and Its Optimization Research. 发展经济学, 9(12), 110-114.

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.
Yun Wang, Shiwei Song, Xinyue Hu & Xufeng Zhang. (2025). The Impact of ESG Information Disclosure on Corporate Financing Costs and Its Optimization Research. 发展经济学, 9(12), 110-114. DOI： 10.47297/wspdecWSP2515-797323.20250912.

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.

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Keywords

references

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