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

摘要：

制造业企业长期面临“融资难、融资贵”的现实困境，这不仅限制了制造业产业规模的扩大，也阻碍了其向高端化、绿色化方向的转型升级。随着我国ESG信息披露制度的逐步完善，企业ESG表现对其权益融资成本的影响日益凸显。文章以2014—2023年沪深A股制造业上市公司为研究样本，实证检验ESG表现对企业权益融资成本的影响及其内在作用机制。研究结果表明：良好的ESG表现有助于降低企业权益融资成本，供应链集中度在其中发挥了部分中介作用；进一步分析发现，分析师关注度与融资约束分别在上述关系中发挥了正向调节作用与负向调节作用；同时，ESG表现降低企业权益融资成本的作用在营商环境水平较高的地区、数字化水平较高的企业及国有企业中更为显著。今后企业应将ESG理念深度融入治理架构与战略体系，通过降低经营风险与融资成本，有效增强可持续发展能力。

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