The Impact of ESG Information Disclosure Quality on the Debt Financing Costs of China Companies

DOI

10.2991/978-94-6239-777-4_75How to use a DOI?

Keywords

ESG information disclosure; debt financing cost; information asymmetry; financing constraints; non-state-owned enterprises

Abstract

Based on data from A-share listed companies from 2014 to 2022, this paper empirically examines the impact of ESG disclosure quality on debt financing costs. The study finds that improving ESG disclosure quality significantly reduces debt financing costs, primarily by alleviating information asymmetry. Financing constraints amplify this effect, while high media attention mitigates it. After 2020, this effect intensified markedly and was more pronounced among non-state-owned enterprises. The findings provide empirical evidence for companies to optimize their ESG disclosures and for creditors to inform their decision-making.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Haoyu Wang
PY  - 2026
DA  - 2026/09/30
TI  - The Impact of ESG Information Disclosure Quality on the Debt Financing Costs of China Companies
BT  - Proceedings of the 2026 8th International Conference on Economic Management and Cultural Industry (ICEMCI 2026)
PB  - Atlantis Press
SP  - 728
EP  - 740
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-777-4_75
DO  - 10.2991/978-94-6239-777-4_75
ID  - Wang2026
ER  -