企业所有权属性与中外ESG评级分歧  

Enterprise Ownership Attributes and Disagreements between Chinese and Foreign ESG Ratings

作　　者：马文杰[1,2] 余伯健 Ma Wenjie;Yu Bojian(School of Finance,Shanghai University of Finance and Economics,Shanghai 200433,China;Shanghai Institute of International Finance Center,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学金融学院,上海200433 [2]上海财经大学上海国际金融中心研究院,上海200433

出　　处：《财经研究》2023年第6期124-136,共13页Journal of Finance and Economics

基　　金：国家社会科学基金重点项目“中国碳市场与碳金融体系构建及其减排激励机制研究”(18AZD012)。

摘　　要：文章从企业所有权属性视角,对中外ESG评级机构的评级分歧特征及形成动因进行了实证分析。研究发现,与国外评级机构相比,国内评级机构针对国有企业的评级偏高,而针对非国有企业的评级偏低。这一评级分歧的非对称性主要源于中外ESG评级机构对企业承担的稳定经济、保障就业等“隐性”社会责任以及是否按照国际标准进行信息披露的评价存在差异。进一步研究发现,中外评级机构对我国企业的评级分歧显著抑制了国外投资者对企业的持股比例,且评级分歧的非对称性对国有企业的负面影响更加显著。而将“隐性”社会责任显性化并加强企业信息披露能够显著降低中外ESG评级机构对国有企业的评级分歧。文章的研究为中国推进信息披露规则的国际化,构建兼顾国际化与本土特色的ESG评价体系提供了有力证据。ESG rating agencies have brought huge confusion to investors due to their differences in rating standards and systems.In particular,China's state-owned enterprises and private enterprises are quite different in terms of information disclosure and social responsibility.What impact do these characteristics have on the disagreements between Chinese and foreign ESG ratings for domestic enterprises? What impact do these differences have on the internationalization of ESG investment in China? How to build an ESG rating system that not only takes into account internationalization but also reflects Chinese characteristics? These are questions worth studying.This paper makes an empirical study on the characteristics and causes of the disagreements between Chinese and foreign ESG ratings from the perspective of enterprise ownership attributes.It finds that compared with foreign rating agencies,domestic rating agencies have higher ratings for state-owned enterprises,but lower ratings for non-state-owned enterprises.ESG rating disagreements restrain the shareholding ratio of international investors in the enterprise,and the inhibitory effect is greater in state-owned enterprises.Further research finds that the reasons for the asymmetry of ESG rating disagreements:First,there is a significant difference in the recognition of domestic and foreign ESG rating agencies on the “implicit” social responsibility generally assumed by state-owned enterprises.For domestic ESG rating agencies,the “implicit” social responsibility is more involved in the ESG rating system;while for foreign ESG rating agencies,it is not highly recognized.Second,compared with domestic rating agencies,foreign ESG rating agencies pay more attention to whether enterprises disclose information in accordance with international rules.Through empirical analysis,this paper finds for the first time that there is a significant asymmetry between state-owned enterprises and non-state-owned enterprises in the disagreements between Chinese and foreign ESG ratings

关 键 词：ESG评级 评级分歧 隐性社会责任 信息披露 

分 类 号：F832[经济管理—金融学] F062.2