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Research on the Impact of ESG Rating on the Corporate Bonds: Analysis of Yield Spreads and Performance
http://hdl.handle.net/10911/0002000396
http://hdl.handle.net/10911/00020003965740cb66-9e6c-45d5-9c1d-208a2956b8cd
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
daigakuinkiyou0_46_01.pdf (600.6 KB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||||||
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| 公開日 | 2025-02-27 | |||||||||
| タイトル | ||||||||||
| タイトル | Research on the Impact of ESG Rating on the Corporate Bonds: Analysis of Yield Spreads and Performance | |||||||||
| 言語 | en | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | ESG Rating | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Listed Corporations | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Bond Spread | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Lagging Effects | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||||||
| 資源タイプ | departmental bulletin paper | |||||||||
| 著者 |
Lu, Tinghuan
× Lu, Tinghuan
× ルー, チンハン
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| 内容記述 | ||||||||||
| 内容記述タイプ | Abstract | |||||||||
| 内容記述 | The primary goal of most businesses is to generate profit, but there is increasing recognition that their responsibilities extend beyond profit-making to include environmental, social, and governance (ESG) factors. ESG investing has become a dominant trend, particularly in green bonds, and is expected to gain further prominence.Although there is substantial research on the relationship between ESG factors and corporate financial performance, the impact of ESG ratings on corporate bond spreads, especially in emerging markets, remains underexplored. This study investigates the connection between ESG ratings and corporate bond spreads, focusing on whether strong ESG performance can reduce financing costs in China's market.Analyzing data from firms listed on the China Stock Exchange from 2009 to 2020, the study examines the effects of ESG ratings on corporate bond spreads in both the current and lagged periods. The results indicate that higher ESG ratings significantly lower corporate bond spreads, with the effect intensifying over time, suggesting a lasting impact of ESG performance on financing costs.The study also observes that the influence of ESG ratings on bond spreads has grown in recent years, particularly following the 2018 inclusion of ESG factors in corporate governance codes by the China Securities Regulatory Commission. Moreover, the nature of the corporation—state-owned versus private—significantly affects bond spreads, with state-owned enterprises benefiting from lower spreads due to perceived creditworthiness.Lastly, while the money supply positively correlates with bond spreads, other macroeconomic factors like Shibor do not. Financial performance indicators, such as interest coverage ratio and return on assets (ROA), show no significant correlation with bond spreads. | |||||||||
| 言語 | en | |||||||||
| bibliographic_information |
創価大学大学院紀要 = The bulletin of the Graduate School, Soka University 号 46, p. 1-20, 発行日 2025-02 |
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| 出版者 | ||||||||||
| 出版者 | 創価大学大学院 | |||||||||
| item_3_source_id_8 | ||||||||||
| 収録物識別子タイプ | PISSN | |||||||||
| 収録物識別子 | 03883035 | |||||||||
| item_3_source_id_10 | ||||||||||
| 収録物識別子タイプ | NCID | |||||||||
| 収録物識別子 | AN00133894 | |||||||||
| 出版タイプ | ||||||||||
| 出版タイプ | VoR | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||||
| item_3_text_18 | ||||||||||
| 値 | 経済学研究科経済学専攻博士後期課程在学中 | |||||||||
