Research on the Impact of Sun Paper's ESG Information Disclosure on Corporate Financing Costs
Jun Xu

University of Shanghai for Science and Technology，ShangHai，200093；

Abstract: With the advancement of new development concepts and the "dual carbon" goal, the importance of green development is increasing, and corporate ESG information disclosure is receiving more and more attention. Against the backdrop of increasing global risks, traditional financial information is no longer sufficient to meet investors' comprehensive needs for evaluating companies, and the role of non-financial information such as ESG is becoming increasingly crucial. Investors have become increasingly reliant on non-financial information and demand higher risk return, which has pushed up the cost of corporate financing and made alleviating financing constraints a hot topic in both academia and practice.

This article takes Sun Paper, a leading enterprise in the paper industry, as an example to explore the impact and mechanism of ESG information disclosure on its financing costs. By reviewing relevant literature and utilizing theories such as sustainable development, information asymmetry, agency delegation, and signal transmission, a theoretical analysis framework for the impact of ESG on financing costs is constructed. Starting from the industry background and company overview, the case section introduces the development process, content quality, and financing status of Sun Paper's ESG disclosure. Then, it analyzes the impact of ESG disclosure on debt financing, equity financing, and comprehensive financing costs from four paths: investor risk perception, financial risk, information risk, and agency risk.

Keywords: ESG disclosure; Debt financing cost; Equity financing cost; Comprehensive financing cost; Risk premium

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