选项A怎么理解cost of capital

NO.PZ2024010501000008

问题如下：

Which of the following statements is most accurate? The majority of studies suggest that:

选项：

a company with high ESG standards increases its cost of capital.

ESG performance and investment fund performance are positively correlated.

ESG performance and corporate financial performance are positively correlated.

解释：

C is correct. Most studies suggest that there is a positive correlation between ESG performance and corporate financial performance. Studies are mixed on the correlation of ESG performance and investment fund performance. Most studies indicate good ESG standards lower the cost of capital.

选项A怎么理解cost of capital

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1 个答案

净净_品职助教 · 2025年06月19日

嗨，爱思考的PZer你好：

cost of capital资本成本指的是公司为获得资金而需要付出的“代价”

ESG表现如何影响资本成本：

高 ESG 表现 → 更低的资本成本，原因有三：

风险较低，投资人更安心

投资人认为高 ESG 公司治理好、社会责任强、环境合规 → 风险小 → 要求的回报率（股权成本）低

更容易获得绿色融资、ESG 投资偏好

越来越多 ESG 投资者倾向投资高 ESG 公司，形成“资金偏好”，这些公司融资更便宜

债权人更愿意放贷、利率更低

银行或债券市场愿意给 ESG 风险小的公司更好的贷款条件或利率

A. a company with high ESG standards increases its cost of capital. 错误

这个选项意思是说 “ESG 越好，融资成本越高”，这与大量研究和现实情况正好相反。

有关资本成本的学习在第七章会深入学习

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