ESG评级分歧的生成机理与治理方略  

Generating Mechanism and Governance Strategies of ESG Rating Discrepancies

作　　者：邱铌 Qiu Ni(Kenneth Wang School of Law,Suzhou University,Suzhou,Jiangsu,China)

机构地区：[1]苏州大学王健法学院

出　　处：《四川师范大学学报(社会科学版)》2025年第2期31-38,198,199,共10页Journal of Sichuan Normal University(Social Sciences Edition)

摘　　要：环境、社会和公司治理(ESG)评级分歧是指不同评级机构对同一公司的ESG表现有不同的评价结果,这会加剧资本市场信息不对称和资源配置的无序性,影响ESG投资市场和可持续金融的整体发展。评级过程缺乏标准化、利益冲突和透明度不足是造成ESG评级分歧的原因。机械地构建标准化评级过程,尽管能够消除评级分歧,但会破坏评级本应具有的“市场化”特征。因此,治理评级分歧应从规范信息披露、利益冲突及透明度入手,并加强对评级机构的监管。我国应完善上市公司ESG信息披露制度,对ESG评级机构设置准入限制,建立内控制度以妥善处理利益冲突,确保评级与数据的公开透明,并加强评级机构与其他市场主体的合作。ESG(Environmental,Social,and Governance)rating discrepancies refers to the fact that different rating agencies have various results on the ESG performance of the same company,which can exacerbate information asymmetry and disorderly resource allocation in the capital market,affecting the ESG investment market and the overall development of sustainable finance.Lack of standardization of the rating process,conflicts of interest,and low transparency are reasons for the rating discrepancies.However,a mechanical construction of standards for the rating process,while eliminating rating discrepancies,would undermine the“market based”nature of ratings.Therefore,the governance of rating discrepancies should start from the standardization of information disclosure,conflicts of interest and transparency,and the strengthening of the regulation of rating agencies.China should improve the ESG disclosure system for listed companies,set access restrictions for ESG rating agencies,establish an internal control system to deal with conflicts of interest properly,ensure the openness and transparency of ratings and data,and at the same time,strengthen the co operation between rating agencies and other market entities.

关 键 词：环境、社会和公司治理(ESG) 评级分歧 评级机构 

分 类 号：F83[经济管理—金融学]