制造业企业ESG表现的融资成本效应OACHSSCD

Under the backdrop of the"Dual Carbon"goals and the pursuit of high quality economic de-velopment,the impact of corporate ESG performance on financing capabilities has become increasingly crucial.To examine the mechanisms and boundary conditions through which ESG performance influ-ences financing costs,this study employs a sample of A share manufacturing listed companies from the Shanghai and Shenzhen stock exchanges for the period 2013-2023.A comprehensive empirical analy-sis is conducted by using the two way fixed effects model,instrumental variable approach,mediation and moderation effect models,and the Hansen threshold model.The results showed that good ESG per-formance can significantly reduce the financing costs of enterprises,and this conclusion passed multiple robustness tests;Its mechanism of action is mainly reflected in the dual path of alleviating financing constraints and improving total factor productivity;Environmental regulations will positively regulate the financing costs of ESG,while digital transformation enhances this effect by increasing information trans-parency;Of particular importance is the existence of a single threshold effect on market competition in-tensity,where ESG has the strongest cost reducing effect in a moderately competitive environment and weakens when competition is too weak or too strong.Research has shown that the realization of ESG fi-nancing value is context dependent and non-linear,providing a basis for companies and regulatory au-thorities to optimize ESG practices.