ESG评级分歧与企业绿色创新  

ESG Rating Divergence and Corporate Green Innovation

作　　者：甄玉晗 孙文祥 Zhen Yuhan;Sun Wenxiang(Chinese Academy of Fiscal Sciences,Beijing 100142,China;School of Accounting,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]中国财政科学研究院,北京100142 [2]天津财经大学会计学院,天津300222

出　　处：《科技进步与对策》2025年第6期57-67,共11页Science & Technology Progress and Policy

摘　　要：以2009—2022年我国A股非金融上市公司为研究样本,实证检验ESG评级分歧对企业绿色创新的影响。结果发现,ESG评级分歧会显著抑制企业绿色创新。这一影响主要通过加大企业融资约束、降低企业人力资本质量、减少企业研发投入实现。异质性分析发现,行业竞争程度和企业所有权能够弱化ESG评级分歧对企业绿色创新的不利影响。将ESG评级分歧划分为3类样本后,发现在ESG评级分歧较大的样本中绿色创新水平明显下降,在ESG评级分歧较小且ESG评级较低的样本中绿色创新水平未受到显著影响,在ESG评级分歧较小且ESG评级较高的样本中绿色创新水平有所提升。结论既可为理解ESG评级分歧对企业绿色创新的影响机理提供证据,也可为利益相关者决策提供实践指导。Recognized as key to achieving high-quality economic growth,businesses are increasingly acknowledged for their potential to drive green innovation,a transition integral to embracing sustainable practices.Despite the critical importance of this shift,the dual externalities of environmental and technological factors often dissuade companies from actively engaging in green innovation practices.While existing research has thoroughly explored the influence of external policy mechanisms,such as environmental regulations,government subsidies,green credits,and carbon emissions trading on promoting green innovation,the role of market-driven factors,particularly ESG rating divergence,has been less addressed.ESG ratings,essential components of the green finance ecosystem,are designed to catalyze economic transformation and aid in achieving dual carbon targets.These ratings,derived from publicly disclosed ESG information and the unique assessment models of rating agencies,serve as a crucial benchmark for external stakeholders to assess a firm's ESG performance.However,variations in evaluation criteria and disclosure practices among different rating agencies can lead to significant discrepancies in ESG ratings.Such divergences can highlight the risks and uncertainties associated with a firm's ESG performance,potentially undermining its capacity and effectiveness in green innovation.This paper aims to explore the impact of ESG rating divergence on corporate green innovation,focusing on how these discrepancies may inhibit a firm's resources,such as financial,human,and technological assets,thereby affecting their ability to innovate sustainably.According to the resource-based view,achieving green innovation within a corporation necessitates significant investment in a variety of resources,including financial capital,human resources,technological resources,and knowledge resources.ESG rating divergence can act as a significant barrier to corporate green innovation.Discrepancies in these ratings amplify perceived risks and uncertai

关 键 词：ESG评级分歧 融资约束 人力资本质量 研发投入 绿色创新 

分 类 号：F273.1[经济管理—企业管理]