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Based on the concept of sustainable development, China has formulated a “dual carbon” strategic plan. Steel enterprises are in urgent need of a green and low-carbon transition, requiring substantial funding for technological upgrades and transformation. The “Reform Plan for the Legal Disclosure System of Environmental Information” implemented in 2021 explicitly mandates that high-pollution industries such as steel and cement must disclose their environmental information. Green finance policies impose numerous restrictions on steel enterprises, making it imperative to address the issues of difficult and expensive financing. Against this backdrop, this paper uses listed companies in China’s steel industry from 2014 to 2023 as a sample to empirically examine the impact of environmental information disclosure on debt financing. The study finds that environmental information disclosure is negatively correlated with corporate debt financing costs and positively correlated with the scale and structure of debt financing. Neither enterprise size nor nature can reduce debt financing costs. The publication of a standalone environmental report can enhance the impact of environmental information disclosure on debt financing costs. Further research reveals that the impact of environmental information disclosure on debt financing exhibits a dual time-node effect, with the time nodes corresponding to the year of the promulgation of the Environmental Protection Law and the year of the release of the Reform Plan for the Legal Disclosure System of Environmental Information. Finally, conclusions and policy recommendations are proposed.

In recent years, China’s green finance policies (GFP) have been successively introduced and continuously strengthened, and the effects have been widely observed. Using data from 2007 to 2021, this study employed a continuous double difference model to examine the impact of GFP on the digital transformation (DT) of heavily polluting enterprises (HPEs), as well as its underlying mechanisms. Our results show that GFP is a stumbling block rather than a catalyst that hinders the DT’s enthusiasm of HPEs, and it plays an inhibitory role by increasing financing costs and financing constraints. Further analysis suggests that the GFP effect on HPEs exhibits asymmetry across regions and executive characteristics. HPEs in reform and innovation regions and with highly educated executive teams can mitigate the stumbling block effect. Our research offers fresh perspectives for enterprises to handle policy shocks, devise future development strategies, and establish a policy foundation for the advancement of green finance.

Research background: The rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life. Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy. Methods: Taking China's A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression. Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation.

Relying on their low-cost comparative advantage, Chinese enterprises have rapidly integrated into the global industrial division of the labor system, entering the fast lane of development and becoming an important driving force behind China’s rapid economic growth. Furthermore, in recent years, this situation is changing. The cost of financing for Chinese companies has been rising yearly, a trend that has become increasingly evident, especially after the new crown epidemic. Investment growth in China’s capital markets has declined, the market has seen back-to-back years of decline, and competition has become more intense. It is imperative that enterprises need to strengthen their financial cost control management to enhance their competitiveness in the market by improving cost management. Cloud computing is a new model that relies on the Internet, with a certain amount of network storage space, scalability, and fast scaling. The development of cloud computing provides new ideas for target BPO cost management. With cloud computing, target BPO cost management becomes easier, making it a market-oriented cost control strategy for enterprises, especially those in a competitive market environment. Target BPO cost management can cover the whole process from financing to revenue through the decomposition and control of cost control objectives in various aspects. The ultimate effect is to improve the cost management level and enhance enterprise management’s efficiency. Based on the theories related to target BPO cost management at home and abroad, this paper takes 6201 listed companies in China as the object of research on cost control. The three hypotheses that financial BPO cost mitigates the company’s financial risk, financial BPO control reduces the company’s financial cost and improves the revenue of listed companies are verified by establishing a financial cost mediation effect model through nine variable control indicators. The research results show that the regression coefficient of BPO cost control construction on the revenue input of listed companies is 0.67, which obviously and effectively improves the company’s revenue ( ) 13.21%; the regression coefficient of BPO cost control on financial risk (Fi) is -0.55, which reduces the financial risk of listed companies by 25.6%; the research demonstrates the necessity and feasibility of applying target BPO financial cost management for listed companies The study demonstrated the necessity and feasibility of applying target BPO financial cost management to listed companies, guaranteed the implementation of the target BPO cost management method to the ground, put forward relevant safeguard measures and suggestions for possible problems in the current application of target cost management, fundamentally solved the problem of enterprise financial cost control, and at the same time provided a guiding reference for the application of target BPO cost management in SMEs.

Drawing on risk mitigation theory, this article examines whether the improvement of firms' social performance reduces debt financing costs (CDFs) in China, the world's largest emerging market. Employing both the ordinary least square (OLS) and the two-stage instrumental variable regression methods, we find that improved corporate social responsibility (CSR) reduces the CDF when firms' CSR investment is lower than an optimal level; however, this relationship is reversed after the CSR investment exceeds the optimal level. Firms with extremely low or extremely high CSR are subject to a higher CDF. The results also suggest that the optimal CSR level for small firms is higher than that for large firms. This study is the first to document a U-shaped relationship between CSR and CDF and also the first to investigate this relationship within an emerging market context.

This study delves into the intricate dynamics between environmental, social, and governance (ESG) ratings and corporate debt financing costs among China’s A-share listed companies from 2010 to 2021. Analyzing a substantial dataset unveils a tangible link where higher ESG ratings correlate with significantly lower debt financing costs. This relationship manifests more prominently in enterprises with lower pollution levels, state ownership, and those in China’s central and western regions, especially under heightened economic policy uncertainty. The findings elucidate that improved ESG ratings, reflective of robust sustainability practices, diminish corporate agency costs and enhance financial stability, thereby reducing debt financing expenses. This research extends the discourse in the knowledge economy by offering empirical evidence on how ESG integration can serve as a lever for financial efficiency and sustainability in business operations. By spotlighting the financial merits of embracing ESG criteria, the study offers profound insights for policymakers, investors, and corporations, encouraging the acceleration of ESG disclosure and assessment frameworks. In doing so, it supports the cultivation of high-caliber, environmentally friendly enterprises, aligning with the broader objectives of innovation, entrepreneurship, and societal welfare within the knowledge economy paradigm.

Purpose According to reputation theory, enterprises that adopt a proactive approach to corporate social responsibility (CSR) are known to actively invest in corporate innovation. However, this theory does not fully explain the mechanisms through which CSR influences corporate innovation, nor does it address how to effectively amplify CSR’s positive impact on innovation. To overcome these limitations, this research aims to incorporate the theories of innovation investment and dynamic capabilities. Innovation investment theory elucidates how CSR can attract additional financing, which can be directed toward innovation activities. Meanwhile, dynamic capabilities theory highlights how digital transformation in enterprises can enhance the positive effects of CSR on innovation, providing insights from both theoretical and empirical perspectives. Design/methodology/approach To demonstrate the mediating role of debt financing costs and the moderating role of enterprise digital transformation in the mechanism of CSR on corporate innovation, this research conducts fixes effects models by collecting 27,912 data points from 3,775A-share China-listed enterprises, ranging in period from 2010 to 2020. Empirical research once again proves that the theories of innovation investment and dynamic capabilities effectively compensates for the shortcomings of reputation theory. These three theories effectively explain that what is the effect of CSR on enterprise innovation? How does CSR influence corporate innovation? And through what mechanisms can CSR better enhance corporate innovation? Findings According to innovation investment theory, the cost of debt financing mediates the positive relationship between CSR and corporate innovation. This occurs because enterprises with robust CSR practices are more likely to secure external funding, thereby reducing their costs associated with external debt financing. Lower debt financing costs provide a stable source of funds for corporate innovation. Additionally, dynamic capability theory suggests that enterprise digital transformation moderates the positive relationship between CSR and corporate innovation. Building on these insights, it is recommended that enterprises, especially state-owned ones, should prioritize technological innovation to enhance their competitiveness. Research limitations/implications This research aims to address and narrow the knowledge gap regarding the relation between CSR and corporate innovation through theoretical and empirical analyses. With respect to the influence mechanism, this research solely based on innovation investment theory and dynamic capabilities theory, focuses on the influence mechanism of CSR on corporate innovation, with the debt financing costs as the mediating variable and digital transformation as the moderating variable. However, the influence mechanism turns out to be complicated and there is room for further exploring numerous mechanisms. For example, future research can focus on identifying additional channels through which CSR exerts an influence on corporate innovation based on TOE theoretical framework. Practical implications This research presents several strategies to enhance corporate innovation based on its conclusions: First, enterprises should promptly publish social responsibility reports to build a positive industry reputation. Moreover, by actively participating in CSR activities, they can strengthen their networks and enhance their industry standing. Second, the significant mediating role of debt financing costs should not be ignored. Enterprises are encouraged to seek diverse financing channels to reduce financial pressures, address financing challenges and facilitate the coordinated development of CSR and innovation. Third, enterprise digital transformation significantly affects the impact of CSR on innovation. Therefore, enterprises should advance digital transformation initiatives that incorporate technological innovation, organizational improvements and integration with supply chain partners. Finally, it has been noted that state-owned enterprises are often less responsive to technological innovation than their non-state counterparts. SOEs could redefine the scope and priorities of their social responsibilities to prevent excessive resource consumption that could hinder innovation. For instance, integrating some of their social responsibilities with innovation projects could promote both social and technological innovation objectives. Additionally, the government could ensure fair resource distribution among different types of enterprises and provide an equitable financing platform to mitigate financial challenges for both state-owned and non-state-owned enterprises. Originality/value Reputation theory does not fully elucidate the mechanisms by which CSR influences corporate innovation or how to effectively enhance CSR’s positive impact on innovation. This research integrates the theories of innovation investment and dynamic capabilities to address these gaps. According to innovation investment theory, debt financing costs mediate the positive relationship between CSR and corporate innovation. Meanwhile, dynamic capabilities theory posits that enterprise digital transformation moderates this positive relationship, further strengthening the impact of CSR on innovation.

This article explores the relationship between environmental accounting message disclosure quality and financing costs in environmentally impactful industries. Utilizing a mixed-methods approach, it combines quantitative analysis of financial indicators with qualitative insights from industry experts. The findings indicate a significant correlation between high-quality environmental message disclosure and lower equity financing costs, suggesting that investors prioritize sustainability in their decisions. Companies that demonstrate greater environmental accountability enjoy improved access to capital. The article concludes that integrating robust environmental accounting practices and effective message disclosure is essential for fostering sustainable business practices, enhancing long-term financial viability, and promoting a culture of sustainability and resilience in the face of environmental challenges

In today’s complex economy, debt financing costs play a crucial role in shaping corporate competitiveness and are significantly shaped by stakeholder interests. This study focuses on the pharmaceutical manufacturing industry, exploring how Corporate Social Responsibility (CSR) affects the debt financing costs, with CSR further divided into strategic CSR and altruistic CSR. Drawing on the data of 286 pharmaceutical enterprises publicly traded on China’s A-share market during the 2010–2021 period, we construct a moderated-mediation framework to examine the complex mechanisms by which CSR affects debt financing costs. The findings show that stronger CSR efforts are linked to decreased debt financing costs. Financial performance acts as a mediator in this relationship, while media attention serves as a moderator. Specifically, strategic CSR initiatives, enterprises that are privately-owned, companies positioned in the eastern areas of China, and strong medical regulation witness a more significant reduction in financing costs. Furthermore, we find that compared to other industries, the fulfilment of social responsibility by pharmaceutical manufacturing enterprises plays a more crucial role in the sustainable development of the enterprise. This study examines the mechanisms through which pharmaceutical manufacturing firms reduce debt financing costs by fulfilling Corporate Social Responsibility (CSR), contributing to understanding of CSR’s economic value creation China’s emerging economy context. By incorporating firm-level and regional economic variations, the research addresses a gap in the existing literature and provides insights for pharmaceutical companies to optimize their financing strategies and attain sustainable economic development in emerging economies. First published online 16 March 2026

In the age of the digital economy, digital evolution has emerged as a central focus in academic research. The achievement is of paramount importance for augmenting their international investments. This research utilizes data from publicly listed manufacturing firms in China from 2010 to 2021 to examine the influence of enterprise digital evolution on outbound foreign investments. The research findings reveal that enterprise digital evolution has a significant positive impact on the outward foreign investments of enterprises and exhibits heterogeneity in terms of region, company size, and industry type. Mechanism tests reveal that the impact of enterprise digital evolution on outward foreign investments can be realized through four pathways: enhancing ESG performance, reducing debt financing costs (COD1) (representing the proportion of interest costs to the total of long and short-term debts), company age, and debt financing costs (COD2) (denoting the proportion of financial expenses to the total of long and short-term debts). In the context of digitization, enterprise digital evolution continues to hold positive significance for outward foreign investments, contributing to the enrichment of the theoretical research on the subject to a certain extent.