ESG评级分歧对上市公司绿色创新的影响及作用机制  

Impact and mechanisms of ESG rating divergence on listed companies'green innovation

作　　者：董聪 董秀成 蒋庆哲 田静伊[1] DONG Cong;DONG Xiucheng;JIANG Qingzhe;TIAN Jingyi(School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China;China Institute of Global Carbon Neutral Economy,University of International Business and Economics,Beijing 100029,China)

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京100029 [2]对外经济贸易大学中国国际碳中和经济研究院,北京100029

出　　处：《中国人口·资源与环境》2024年第8期103-113,共11页China Population,Resources and Environment

基　　金：国家社会科学基金重大研究专项项目(批准号:23VMG006);对外经济贸易大学中央高校基本科研业务费资助项目“低碳政策对制造业企业出口产品质量的影响机制和效果研究”(批准号:21YB06);“全面开放新格局与中国包容性增长:微观机制与宏观政策”(批准号:CXTD10-02)。

摘　　要：ESG评级分歧是ESG评级的衍生信息,研究其对公司可持续发展战略的影响,有助于更好地认识和促进中国ESG行业的发展。鉴于ESG评级分歧能够影响上市公司经营风险,且上市公司可以通过提高绿色创新水平来显著增强其可持续发展能力和平滑经营风险,该研究选取2010—2022年A股上市公司ESG评级数据,探讨了ESG评级分歧是否以及如何影响公司绿色创新。研究发现:①ESG评级分歧对上市公司绿色创新具有倒逼作用,该结论在经过多次稳健性检验和剔除“漂绿”嫌疑数据干扰后仍然成立。②ESG评级分歧主要通过影响上市公司获取资本市场提供的融资资源、消费者和供应商提供的市场竞争资源以及增加管理层绩效压力,激励上市公司提高绿色创新水平以应对潜在的经营风险。③外部媒体关注能够放大ESG评级分歧,促使上市公司积极采取绿色创新措施应对分歧带来的风险;上市公司的数字化基础有利于提高绿色创新能力,但是推进高水平数字化转型的过程,可能会在一定程度上降低上市公司采用绿色创新应对分歧带来经营风险的积极性。④在国有、重污染、市场信息环境较好、公司自身以及所在地政府对可持续发展重视程度较高的上市公司,ESG评级分歧促进上市公司进行绿色创新的作用更为显著。ESG rating divergence is the derivative information of ESG ratings,and research on its impact on companies'sustainable development strategies contributes to a better understanding and advancement of China's ESG industries.Considering that ESG rating divergence can impact the operational risks of listed companies and that these companies can significantly enhance their sustainable development capabilities and smooth their operational risks by improving their level of green innovation,this study examined ESG rating data of A-share listed companies from 2010 to 2022 to explore whether and how ESG rating divergence affected listed companies'green innovation.The findings were as follows:①ESG rating divergence had a reversed-force mechanism on green innovation of companies,and this conclusion still held after a series of robustness tests and the exclusion of data suspected of‘greenwashing.’②ESG rating divergence primarily influenced companies by affecting their access to financing resources provided by the capital market,competitive resources offered by consumers and suppliers,and by increasing the performance pressure on management,thereby motivating companies to elevate their green innovation to address potential operational risks.③External media attention could amplify ESG rating divergence,prompting listed companies to actively adopt green innovation measures to cope with the risks from divergence;however,the pursuit of advanced digital transformation could somewhat diminish the enthusiasm of companies to adopt green innovation strategies in response to risks posed by divergence.④The role of ESG rating divergence in promoting green innovation was particularly pronounced in state-owned companies,those in heavily polluting industries,and in companies operating in environments with robust market information and strong emphasis on sustainable development by both the company and local government.

关 键 词：ESG评级分歧 绿色创新 倒逼机制 漂绿 数字化转型 

分 类 号：X322[环境科学与工程—环境工程] F832.51[经济管理—金融学] F272.3