ESG information disclosure, industrial policy support, debt financing costs

This study uses the data of Chinese listed companies from 2011 to 2022 as a sample for empirical analysis. The results show that ESG information disclosure can significantly reduce the cost of corporate debt financing, and 15.48% of the utility is achieved by reducing the information asymmetry between enterprises and creditors. In addition, the debt costs of enterprises supported by non-industrial policies is more sensitive to ESG information disclosure. In the process of reducing debt costs supported by non-industrial policies, enterprises need to focus on ESG practice and improve the rating of ESG information disclosure.