2023年5月，金融系张琳副教授作为通讯作者的论文How does Corporate ESG Performance Affect Bond Credit Spreads: Empirical Evidence from China在International Review of Economics and Finance正式发表。International Review of Economics and Finance为ABS2期刊，北京工商大学认定的经济与商科ESI A3期刊。

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内容摘要

In recent years, as the concept of sustainable development has grown in popularity, ESG has attracted widespread interest from people of all backgrounds. This paper empirically investigates the impact of corporate ESG performance on bond credit spreads using a sample of 988 bonds issued by 443 A-share listed companies from the first quarter of 2009 to the fourth quarter of 2020. Results indicate that bond credit spreads are lower for listed companies with higher ESG performance. Good ESG performance decreases bond credit spreads by decreasing corporate financial risk, enhancing corporate transparency, and decreasing debt agency costs. The effect of ESG performance on bond credit spreads is more pronounced for non-state enterprises, enterprises in poor macroeconomic environments, and enterprises in regions with a higher degree of marketization. This study provides evidence for the positive economic consequences of ESG performance from the perspective of bond financing, with implications for firms to improve ESG performance and bond investors to optimize investment decisions.

近年来，随着可持续发展理念的深入人心，ESG引起了各界人士的广泛关注。本文以2009年第一季度至2020年第四季度443家A股上市公司发行的988只债券为样本，实证研究了企业ESG绩效对债券信用利差的影响。结果表明，ESG表现越好的上市公司的债券信用利差越低。良好的环境、社会和公司治理表现通过降低企业财务风险、提高企业透明度和降低债务代理成本来降低债券信用利差。对于非国有企业、面临的宏观经济环境较差的企业以及处于市场化程度较高地区的企业，环境、社会和公司治理绩效对债券信用利差的影响更为明显。本研究从债券融资的角度为环境、社会和公司治理绩效带来的积极经济后果提供了证据，对企业改善环境、社会和公司治理绩效以及债券投资者优化投资决策具有启示意义。

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作者简介

张琳，bat365在线平台金融系副教授。博士毕业于南开大学，长期致力于绿色金融领域研究。在《金融研究》《国际金融研究》《财贸经济》《南开经济研究》等CSSCI期刊发表论文20余篇，在Economic Analysis and Policy, International Review of Economics and Finance, Finance Research Letters等SSCI期刊发表论文。主持1项国家社会科学基金青年项目，1项北京社会科学基金青年项目。

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原文链接

https://doi.org/10.1016/j.iref.2023.01.024