The Impact Of ESG Score On Corporate Debt Maturity

In recent years,with the global climate rising year by year,environmental pollution becoming more and more serious,large decrease of water resource and popular new energy concept phenomenon,our country has made a lot of efforts in the aspects of environment and resources.In the new development stage,the concept of sustainability and the concept of ESG(environment,social responsibility,internal corporate governance)appear in people’s vision,and are increasingly valued by enterprises,financial institutions and other relevant subjects.The impact of ESG performance on companies is an important subject studied by scholars at home and abroad.However,relevant literature mainly focuses on the impact of ESG performance on the characteristics of corporate board of directors,debt cost and other factors,while there are few literatures on ESG performance and corporate debt maturity.Therefore,this paper hopes to verify the relationship between ESG performance and corporate debt maturity in the context of the prevailing new development concept,and further study the moderating factors between the two.This paper adopts literature review,empirical test and multiple group regression comparative analysis methods to carry out in-depth research on the performance of ESG and corporate debt maturity.First,this paper reviews relevant literature on ESG and debt maturity,summarizes relevant theoretical basis,and deduces the main research hypothesis of this paper.Secondly,all kinds of influencing factors that will affect the empirical research results are sorted out according to the literature research related to debt maturity,as the control variables of this study.Then the corresponding index data were collected and standardized,and the data were substituted into the empirical research model.The empirical results proved the specific correlation between ESG performance and corporate debt maturity.After that,endogeneity analysis and robustness test were carried out to prove the reliability of the regression results.Finally,this paper uses the agency problem,information asymmetry and economic policy uncertainty to measure the sample data classification regression.Through a series of theoretical analysis and empirical tests,the following four conclusions are drawn:(1)There is a significant negative correlation between ESG score and corporate debt maturity.(2)Since the negative impact of ESG score on corporate debt maturity is due to agency problems caused by more ESG activities,companies with better governance can alleviate the negative correlation between ESG score and debt maturity.(3)Because information asymmetry exacerbates agency problems,a higher degree of information asymmetry exacerbates the negative correlation between ESG score and debt maturity.(4)Because economic policy uncertainty will aggravate the agency problem,the negative correlation between ESG score and debt maturity will be more significant when economic policy uncertainty is on the rise.