ESG评级分歧的成因:基于文献综述的视角

Researchonthe Causes of ESG Rating Divergence Fromthe Perspectiveof LiteratureReview

不同机构对企业ESG评级的差异削弱了评级结果对投资者的决策有用性,进而影响了资本市场的资源配置效率。研究发现,ESG评级机构测量指标和方法的异质性、评级所依据信息来源的多样性、评级者之间在组织化或可公度性方面的差异是造成ESG评级差异的主要原因;遵循GRI可持续发展报告指南编制的ESG报告、经会计师鉴证的ESG报告可降低ESG评级分歧。建议对ESG评级机构所采用的量化工具进行批判性的反思,同时加强关于ESG评级机构监管的研究。

Different ESG ratings of enterprises by different institutions weakens the usefulness of rating results for investors'decision-making,and in turn affects the efficiency of resource allocation in the capital market.ESG rating differences are the result of a combination of factors,including different standards and methods for determining ratings,diferent information sources as well as the differences in organization or commensurability among raters.The use of ESG reports prepared according to GRI sustainable development guidelines and certified by accountants can reduce ESG rating differences.It is suggested that quantitative tools adopted by ESG rating agencies should be reviewed with a critical eye while research on the supervision of ESG rating agencies should be strengthened.