ESG评级分歧对企业社会责任行为的影响:来自精准扶贫的证据  

The Impact of ESG Rating Divergence on Corporate Social Responsibility:Evidence from Targeted Poverty Alleviation

作　　者：宋献中[1,2] 李双怡 潘婧 SONG Xianzhong;LI Shuangyi;PAN Jing(Management School,Jinan University,Guangzhou 510632,China;Key Laboratory of Philosophy and Social Science in Guangdong Province,Jinan University,Guangzhou 510632,China;Business School,Henan University,Kaifeng 475004,China)

机构地区：[1]暨南大学管理学院,广东广州510632 [2]暨南大学人与自然生命共同体重点实验室,广东广州510632 [3]河南大学商学院,河南开封475004

出　　处：《西安交通大学学报(社会科学版)》2025年第1期39-52,共14页Journal of Xi'an Jiaotong University:Social Sciences

基　　金：国家自然科学基金重点项目(72132002)。

摘　　要：环境、社会和治理(environmental,social,and governance,ESG)评级是衡量企业社会责任表现的重要工具,但ESG评级分歧的存在可能对企业社会责任行为产生负面影响。基于精准扶贫视角,以2016—2021年沪深A股上市公司为样本,研究ESG评级分歧是否会抑制企业的社会责任行为。研究发现,ESG评级分歧显著降低了企业的精准扶贫投入。机制分析表明,企业声誉和管理者短视是ESG评级分歧影响企业精准扶贫行为的内在机制。进一步分析发现,ESG评级分歧主要降低了企业的造血式扶贫投入,而对输血式扶贫投入没有太大影响;外部压力较低、国有企业和首席执行官具有贫困经历的企业,其精准扶贫投入受到ESG评级分歧的负面影响更小。从精准扶贫角度研究发现,ESG评级分歧会削弱企业的社会责任行为并诱发机会主义行为,对中国现阶段ESG规范有序发展具有重要启示。With the popularity of the ESG(environmental,social,and governance)concept,the sustainable development ability of enterprises has become an important index to evaluate the quality of enterprises.Many third-party rating agencies have also developed their own ESG rating systems to comprehensively evaluate the sustainable development of enterprises,while the parties in capital market understand and judge the ESG performance of enterprises according to the ESG rating results,intending to select high-quality investment targets.However,the results of ESG ratings differ greatly among different rating agencies,which may have a negative impact on the subsequent behavior of enterprises.So far,there have been few studies on ESG rating divergence,and no studies have directly explored the impact of ESG rating divergence on enterprises’subsequent social responsibility behaviors.Based on the perspective of targeted poverty alleviation,this paper takes Shanghai-Shenzhen A-share listed companies from 2016 to 2021 as samples to study whether ESG rating divergence will inhibit corporate social responsibility behavior.The study finds that ESG rating divergence significantly reduces the investment of enterprises in targeted poverty alleviation.The mechanism analysis shows that corporate reputation and managers’myopia are the internal mechanisms of the negative correlation between ESG rating divergence and targeted poverty alleviation in enterprises.Further analysis shows that ESG rating divergence mainly reduces the investment in hematopoietic poverty alleviation,while there is no significant impact on the investment in blood-transfusion poverty alleviation.Moreover,enterprises with low external pressure,state-owned enterprises or with CEOs who have experienced poverty are less influenced by ESG rating divergence in targeted poverty alleviation investment.The contribution of this paper is mainly reflected in three aspects:first,from the perspective of research,it expands the literature related to ESG rating divergence.Unlike prev

关 键 词：ESG评级分歧 精准扶贫 企业社会责任 企业声誉 管理者短视 信息披露 机会主义行为 

分 类 号：X322[环境科学与工程—环境工程] F270[经济管理—企业管理]