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论文编号：	16175
作者编号：	2120243854
上传时间：	2026/6/16 21:23:31
中文题目：	ESG评级分歧对企业绩效的影响研究
英文题目：	Research on the Impact of ESG Rating Divergence on Corporate Performance
指导老师：	周建
中文关键字：	企业绩效，ESG，ESG评级分歧，融资约束，管理层短视
英文关键字：	Corporate performance, ESG, ESG rating divergence, Financing constraints, Managerial myopia
中文摘要：	全球科技及工业高速发展的背景下，绿色发展已成为共识，企业社会责任受到广泛重视，ESG概念自2004年提出后国际关注度持续攀升，企业和投资者纷纷关注ESG信息披露与管理，大量ESG评级机构应运而生。但是目前各机构没有统一评级标准，且企业披露ESG信息缺乏规范性，导致传向市场的ESG评级信息出现分歧，该分歧可能从信息不对称和信号传递两方面，扰乱市场认知、降低信息透明度、影响投资者判断且不利于股东行使监督权。而企业绩效是衡量企业经营成果的核心指标，在ESG普遍存在评级分歧的背景下，公司及市场广泛关注的企业绩效水平是否会受到ESG评级分歧的影响？其作用机制是什么？ 为探究上述问题，本文以2007-2023年中国A股上市公司为样本，采用双向固定效应进行分析，同时为消除绩效类型及时间的差异，本文分别用长期市场绩效TobinQ和短期会计绩效ROA代表企业绩效，考察ESG评级分歧的影响。结果表明：（1）ESG评级分歧对企业绩效存在显著负向影响，企业绩效会随ESG评级分歧程度的上升而下降，且该结论经过稳健性检验后依然成立。（2）机制检验发现，融资约束与管理者短视是ESG评级分歧影响企业绩效的两条核心传导路径，前者从外部资源层面，提高融资成本制约企业发展，后者从内部决策层面，诱发管理层短视行为，牺牲企业长期价值，进一步影响企业绩效。 考虑到上述影响可能因企业内外部环境不同而存在差异，本文进一步考察了在不同情境下，ESG评级分歧对企业绩效的边际影响。结果显示这一负向影响在环境规制严格的地区更为显著；分析师关注度的调节作用具有双重性，高关注度放大对长期绩效的负面影响，却缓解了对短期绩效的冲击；重污染行业企业的短期绩效负面影响更强，非重污染企业的长期绩效受影响更严重；国有企业的长期绩效受影响更大，非国有企业的短期绩效则对评级分歧更为敏感。 本文的研究丰富了ESG评级分歧经济后果与企业绩效影响因素的相关研究，并分别从外部资源获取与内部决策行为两条路径构建分析框架，探索ESG评级分歧的传导机制，同时，研究结论为监管部门、评级机构、企业和外部投资者如何优化并理性利用ESG评级信息提供了针对性的参考建议。
英文摘要：	Amidst the rapid development of the global technology industry, green development has become a consensus, and corporate social responsibility has received widespread attention. Since the concept of ESG was introduced in 2004, international attention has continued to rise, with companies and investors increasingly focusing on ESG information disclosure and management. This has led to the emergence of numerous ESG rating agencies. However, currently, these agencies lack unified rating standards, and corporate ESG information disclosure lacks standardization, resulting in divergent ESG rating information being transmitted to the market. From the perspectives of information asymmetry and signal transmission, this divergence disrupts market understanding, reduces information transparency, affects investor judgment, and can also damage corporate reputation and exacerbate financing constraints. As a core aspect of business operations, is corporate performance affected by ESG rating divergence? What is the mechanism of this effect? To explore these questions, this paper takes Chinese A-share listed companies from 2007 to 2023 as the research sample and employs two-way fixed effects for regression analysis. To account for differences arising from performance types, this paper uses long-term market performance (Tobin's Q) and short-term accounting performance (ROA) as proxies for corporate performance to examine the impact of ESG rating divergence on corporate performance and its mechanism. The research findings are as follows: (1) ESG rating divergence has a significant negative impact on corporate performance, with both short-term accounting performance (ROA) and long-term market performance (Tobin's Q) declining as the degree of ESG rating divergence increases. This conclusion remains valid after a series of robustness tests. (2) Mechanism testing reveals that financing constraints and managerial myopia are two core transmission paths through which ESG rating divergence affects corporate performance. The former, from the perspective of external resource acquisition, hinders corporate development by increasing financing costs and narrowing financing channels, while the latter, from the perspective of internal decision-making behavior, induces managerial myopia, sacrificing the company's ability to create long-term value. Considering that the above impacts may vary due to differences in the internal and external environments of companies, this paper further examines the marginal effects of ESG rating divergence on corporate performance under different contexts. The results show that this negative impact is more pronounced in regions with stricter environmental regulations; the moderating effect of analyst attention is dual, as high attention amplifies the negative impact on long-term market performance but mitigates the shock to short-term accounting performance; companies in heavily polluting industries experience a stronger negative impact of rating divergence on short-term accounting performance, while non-heavily polluting companies face a more significant shock to long-term market performance; state-owned enterprises are more affected by rating divergence in terms of long-term market performance, while non-state-owned enterprises are more sensitive to rating divergence in terms of short-term accounting performance. This study enriches the related research on the economic consequences of ESG rating divergence and the factors influencing corporate performance. It constructs an analytical framework from two paths—external resource acquisition and internal decision-making behavior—to explore the transmission mechanism of ESG rating divergence. At the same time, the research conclusions provide targeted recommendations for regulatory authorities, rating agencies, companies, and external investors on how to optimize and rationally utilize ESG rating information.
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