关键词: ESG表现, 权益融资成本, 供应链集中度, 分析师关注度, 融资约束

Abstract:

Manufacturing enterprises have long been trapped in the chronic dilemma of “difficult and costly financing,” which not only limits the expansion of the manufacturing industry’s scale but also hinders its transformation and upgrading toward high-end and green development. With the gradual improvement of China’s ESG information disclosure system, the impact of corporate ESG performance on equity financing costs has become increasingly prominent. This paper uses A-share listed manufacturing companies in Shanghai and Shenzhen from 2014 to 2023 as the research sample to empirically examine the impact of ESG performance on equity financing costs and its underlying mechanisms. The research results show that strong ESG performance helps reduce corporate equity financing costs, with supply chain concentration playing a partial mediating role in this relationship. Further analysis reveals that analyst attention and financing constraints positively and negatively moderate the above relationship, respectively. Additionally, the reducing effect of ESG performance on equity financing costs is more pronounced in regions with higher levels of business environment, enterprises with higher digitalization levels, and state-owned enterprises. In the future, enterprises should deeply integrate ESG principles into their governance structures and strategic systems, effectively enhancing their sustainable development capabilities by reducing operational risks and financing costs.

Key words: ESG performance, cost of equity financing, supply chain concentration, analyst attention, financing constraints