The Impact of ESG Performance on Corporate Financing Costs：Based on the Empirical Evidence of Listed Companies in China

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In recent years, with the increasing awareness of sustainable development, the ESG performance of enterprises has gradually attracted extensive attention from investors, and has a continuous impact on the long-term stable operation of enterprises. In the new stage of development,…

In recent years, with the increasing awareness of sustainable development, the ESG performance of enterprises has gradually attracted extensive attention from investors, and has a continuous impact on the long-term stable operation of enterprises. In the new stage of development, whether ESG performance can reduce the cost of corporate debt financing deserves further study. This paper takes domestic A-share listed non-financial companies with ESG ratings from 2011 to 2021 as samples to empirically study the impact of domestic corporate ESG performance on corporate debt financing costs. The empirical results show that: First, the improvement of ESG performance can effectively reduce the cost of corporate debt financing. Second, the moderating variable analysis shows that corporate transparency, CEO's academic background, and whether the company is in a recession period all have a positive moderating effect on the negative relationship between ESG performance and debt financing costs. However, the moderating effect of internal control and CEO's overseas study background on the relationship between ESG performance and debt financing cost is not significant. The innovation of this paper is that CEO characteristics (whether the CEO has overseas study background and academic background) are innovatively introduced as moderating variables, and further analysis is carried out to further analyze whether CEO characteristics play a moderating role in the relationship between ESG and debt financing costs.Key words: ESG, Corporate Debt Financing Costs, Internal Control , Corporate Transparency , CEO Characteristics
Date Created
2024
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城市创新力影响因素及其与房地产市场容量的关系研究

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经过改革开放后30多年的高速增长，我国已成为世界第二大经济体，迈入中等收入国家行列。从发达国家的发展历程看，它们之所以能跨越中等收入陷阱，迈入高收入国家行列，一个重要原因就是及时调整经济结构，不断推动经济转型升级。我国亦大力实施创新驱动发展战略，推动经济发展从劳动密集型向技术密集型转型升级，科技创新成为重中之重。2015年李克强总理在政府工作报告中提出“大众创业，万众创新”的理念，双创之风由此兴起。在此背景下，城市创新实力竞赛更为激烈，创新力强的城市房价预期也随之走高，新房市场容量明显扩大，引发社会热议。在刚刚过去的2020年，全国新房销售金额突破17.4万亿, GDP占比极高，众多从业者与研究者均担忧中国房地产市场在当前宏观经济环境下，新房销售金额已经接近上限，今后若干年，新房销售金额将持续下降，2020年12月31日，央行出台房地产贷款新政，对各个档次银行的房地产贷款占比做出限制，并首次限制个人按揭房贷占比，银行新设“两道红线”限制房地产贷款规模意在控制房地产行业的泡沫风险。老革命碰到新问题，作为房地产从业者，如何有效预防、化解政策不友好带来的负面影响，准确的把握不同城市的新房市场需求差异，在房企将来的拿地经营中越来越重要。对传统房企来说，城市创新力的发展水平是否应该纳入城市市场进入判断依据，成为一个现实问题。本文在构建房地产市场容量评估模型的基础上，新增考虑城市创新力因素，帮助完善房地产企业城市进入决策机制。本次研究主要围绕了城市创新力和新房容量两个方面，分析了城市创新力的影响因素以及城市创新力对于房地产市场容量的互相作用机理。在城市创新力方面，人均GDP，人口密度，年末总人口，地价和储蓄余额对于城市创新力具有显著正向影响，且解释度很高，这与之前的假设相符合，说明上述几个变量是主导城市创新力上升的解释变量。另一方面，虽然公路里程数同样具有显著性，但是在研究中发现公路里程数越高，城市创新力反而越低，这一关联与之前的假设相违背。 在创新力与房地产市场容量的作用研究中证明了创新力与房地产市场容量存在近似U形的关系，而非单纯的线性或者正向关系。对于部分创新力很高的城市比如上海，创新力的继续增加并不会导致房地产市场容量的增加。这一结果的原因可能是政府对于房地产市场进行管控，限制了市场容量的增长，从而导致创新力与市场容量关系的变化。另一方面，通过研究城市选择和年份选择对于房地产市场容量的影响，结果证明不同城市，或者不同年份，城市创新力与房地产市场存在不同的关系。相对来说，控制时间效应后，创新力越高的城市对于房地产市场容量的影响越低，而控制城市效应后，创新力对房地产市场的影响也随着年份的增加而降低。 本文的核心发现是城市创新力可以作为独立且有效的房地产市场容量解释指标。
Date Created
2022
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The Social and Spatial Distribution of Temperature-Related Health Impacts From Urban Heat Island Reduction Policies

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Cities are developing innovative strategies to combat climate change but there remains little knowledge of the winners and losers from climate-adaptive land use planning and design. We examine the distribution of health benefits associated with land use policies designed to…

Cities are developing innovative strategies to combat climate change but there remains little knowledge of the winners and losers from climate-adaptive land use planning and design. We examine the distribution of health benefits associated with land use policies designed to increase vegetation and surface reflectivity in three US metropolitan areas: Atlanta, GA, Philadelphia, PA, and Phoenix, AZ. Projections of population and land cover at the census tract scale were combined with climate models for the year 2050 at 4 km × 4 km resolution to produce future summer temperatures which were input into a comparative risk assessment framework for the temperature-mortality relationship. The findings suggest disparities in the effectiveness of urban heat management strategies by age, income, and race. We conclude that, to be most protective of human health, urban heat management must prioritize areas of greatest population vulnerability.

Date Created
2016-09-07
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