水中捞月还是卓有成效:ESG评级与企业“漂绿”风险  

Fishing for the Moon in the Water or Being Effective:ESG Ratings and Corporate Green-WashinggRisk Fishing for the Moon in the Water or Being Effective:ESG Ratings and Corporate Green-Washingg Risk

作　　者：胥文帅 吴云朗 李明[2] 彭剑飞 Xu Wenshuai;Wu Yunlang;Li Ming;Peng Jianfei(School of Accounting,Shanghai University of Finance and Economics;School of Management and Economics,Wuhan University)

机构地区：[1]上海财经大学会计学院,200433 [2]武汉大学经济与管理学院,430072

出　　处：《经济评论》2025年第2期132-147,共16页Economic Review

基　　金：国家自然科学基金面上项目“外部冲击、金融内生性与系统性金融风险研究”(72173089);中央高校基本科研业务费专项资金上海财经大学研究生创新基金项目“气候变化风险与企业金融资产配置”(CXJJ-2023-307)的资助。

摘　　要：在企业ESG相关信息披露持续增长与漂绿行为时有发生的双重背景下,本文以商道融绿首次发布上市公司ESG评级作为外生冲击,考察ESG评级对企业漂绿风险的治理作用。研究结果显示,ESG评级能够抑制企业漂绿风险,上述效应在非重污染企业、公司治理水平较低企业以及评级机构忙碌程度较低时更为显著。机制检验发现,ESG评级通过触发企业评级管理需求、缓解委托代理冲突双管齐下地降低企业漂绿风险。经济后果检验表明,ESG评级存在显著的溢出效应,进一步缓解了企业同省份和同行业其他企业的漂绿风险。本文研究结论厘清了ESG评级影响企业漂绿风险的内在逻辑,为构建与完善ESG评级市场以缓解企业漂绿行为提供了微观支持。In the context of the increasing prevalence of corporate ESG disclosures alongside recurring instances of green-washing,this study examines the role of ESG ratings in mitigating green-washing risk.Specifically,we leverage the exogenous shock of the inaugural ESG ratings released by SynTao Green Finance for listed companies.The findings indicate that ESG ratings significantly reduce corporate green-washing risk,with the effect being more pronounced in non-heavy-polluting firms,firms with lower governance quality,and when rating agencies are less busy.Mechanism tests further reveal that ESG ratings mitigate green-washing risk by stimulating demand for rating management and addressing principal-agent conflicts.Furthermore,the study identifies substantial spillover effects,as ESG ratings reduce green-washing risk not only within the rated company but also among its peers within the same province and industry.These results elucidate the underlying mechanisms through which ESG ratings influence corporate green-washing behavior,providing empirical evidence and micro-level support for the development and refinement of the ESG rating market to curb green-washing practices.

关 键 词：ESG评级 漂绿风险 评级管理需求 公司治理 

分 类 号：F270.3[经济管理—企业管理]