ESG rating and transformation upgrading of enterprises:An empirical test based on the heterogeneity of listed A-share enterprises  

作　　者：WEI Yu-xin LI Peng-yu LI Yan CHEN Xi-meng 

机构地区：[1]School of Management,Yunnan Normal University,Kunming 650092,CHINA [2]School of Law,Guizhou Normal University,Guiyang 550025,CHINA

出　　处：《Ecological Economy》2025年第1期48-65,共18页生态经济(英文版)

摘　　要：ESG(Environmental,Social,and Governance)performance has emerged as a central metric in assessing corporate sustainability.Utilizing ESG rating data for A-share listed companies on the Shanghai Stock Exchange spanning from 2019 to 2022,coupled with measures of corporate transformation and upgrading,this study introduces green innovation as a mediating variable to dissect the impact of ESG ratings on corporate transformation and upgrading.The key findings of this research are as follows:(1)ESG ratings positively influence corporate transformation and upgrading,a conclusion that retains robustness after a comprehensive series of tests and discussions on endogeneity.(2)Mechanism analysis reveals that ESG ratings foster corporate transformation and upgrading by enhancing corporate green innovation.(3)In comparison with other industries,the influence of ESG ratings on corporate transformation and upgrading is notably more pronounced among heavily polluting industries among listed companies in China.Additionally,ESG ratings exhibit a more significant promotional effect on non-state-owned enterprises compared to state-owned enterprises.Larger enterprises play a more substantial role in transformation and upgrading than small and medium-sized enterprises.The promotional effect of ESG ratings is more evident in enterprises with poor information disclosure quality.Furthermore,as media attention increases,so does the impact of ESG ratings on corporate transformation.This study offers valuable policy insights from the ESG rating perspective,aiming to propel corporate transformation and upgrading,thereby contributing to economic high-quality and sustainable development.

关 键 词：ESG rating enterprise transformation and upgrading heterogeneity analysis 

分 类 号：F832.51[经济管理—金融学]