ESG Economics: It Is Capital Structure, Not Cost pdf baixar
por Moojin Park
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Descrição do livro
ESG is not morality. It is price. Most ESG books are compliance manuals or works of ideology. Neither answers the question a CFO asks first: what does this do to our cost of capital and our asset values? ESG Economics answers it. This is the foundational volume of the Green Leverage series - the theory keystone. It formalizes one causal chain, the "spine," by which an externality, once measured, internalized through regulation, markets, or a contract, and independently verified, lowers the cost of capital and lifts both borrowing capacity and asset value. When that chain runs, ESG becomes leverage, not cost; when it breaks, the same externality returns as a latent liability and a stranded asset. The book builds the finance from the ground up - externalities and the cost of capital, leverage, LTV, credit spread, stranded assets, and the instruments (green bonds, SLLs, SLBs, transition finance) that turn externalities into prices - then compresses it all into a single spine model. It tests that model against seven companies dissected with one seven-cell card: CDL x DBS, Enel, Hang Lung, Frasers Property, SK Geo Centric, Link REIT, and the KEPCO counter-example. Worked examples let a CFO re-run the arithmetic with their own numbers. For CFOs, analysts, investors, and ESG practitioners who want a spine of finance for the ESG conversation - conducted in basis points and present values, not slogans. Independent analysis based on public sources; not investment advice.
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