Digital Disclosure of ESG Information, FinTech Supervision and Corporate Financing Costs

Lishi Zheng

doi:10.54691/s6nvvr56

Authors

Lishi Zheng Beihang University, Beijing, China

DOI:

https://doi.org/10.54691/s6nvvr56

Keywords:

ESG digital disclosure, FinTech supervision, corporate financing cost, information asymmetry, panel fixed effect model.

Abstract

Against the background of digital transformation of corporate sustainable governance and financial regulatory upgrading, this paper takes Chinese A-share listed companies from 2018 to 2023 as the research sample to explore the impact of ESG digital disclosure and FinTech supervision on corporate financing costs. Based on information asymmetry theory and principal-agent theory, this paper sorts out the dual theoretical mechanism of ESG digital disclosure reducing financing costs and the moderating effect of FinTech supervision. Using panel data models, descriptive statistical analysis and fixed-effect regression tests, the empirical results show that high-quality ESG digital disclosure significantly inhibits corporate financing costs; strengthened FinTech supervision optimizes the information transmission environment of the capital market and further amplifies the cost-reduction effect of ESG digital disclosure. Heterogeneity analysis indicates that this moderating effect is more prominent in non-state-owned enterprises and heavy-polluting industries. This study provides empirical support for enterprises to accelerate digital ESG disclosure and regulators to improve FinTech supervision systems, and helps to reduce corporate financing constraints and optimize capital market resource allocation.

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