中国主流ESG评级的再评估

Reassessment of the Leading ESG Ratings in China

ESG在推动可持续发展战略中发挥重要作用,数据集成商对企业ESG相关信息的整合为投资者提供了可量化的参考,但不同的ESG评级机构对同一企业的评级结果存在分歧,这给使用者对公司信息的评判与投资决策带来困惑。文章聚焦覆盖中国A股上市公司的8家国内主流ESG评级机构,基于2009—2021年各大机构ESG评级数据与上市公司数据,运用质性研究与实证分析方法,从科学性、可靠性、透明性、相关性和预测性五大维度对其评级体系进行再评估。结果表明,国内部分主流ESG评级机构能够结合国际准则与中国国情,构建科学的ESG评价体系;各评级机构在数据源、方法论、评级信息披露透明度等方面存在较大差异,这导致评级结果在相关性以及对风险和收益的预测性等方面存在分歧。文章的研究为投资者在面对多样化的ESG评级机构信息下的辩证性决策提供了参考,也为推进兼顾国际化与本土化的中国ESG评级体系建设提供了启示。

The significance of ESG principles in corporate governance is becoming increasingly evident.However,the absence of unified ESG rating standards in China results in substantial divergence in ESG ratings for the same company among various domestic professional institutions.This inconsistency diminishes the scientific validity and precision of ESG rating outcomes,causing confusion for investors in assessing company information and making informed investment decisions.This paper focuses on eight domestic ESG rating agencies that cover China's A-share listed companies.Based on ESG rating data and listed company data from 2009 to 2021,qualitative research and empirical analysis methods are employed to reassess their rating systems across five dimensions:scientific validity,reliability,transparency,relevance,and predictability.The reassessment reveals that some domestic ESG rating agencies are able to establish a scientific ESG evaluation system by integrating international standards with China's unique conditions.Reliable data sources and methodologies,along with transparency in rating information disclosure,are identified as important factors leading to rating divergence among various institutions.Furthermore,relevance and predictability tests provide direct evidence for comparing these differences,showing an overall lower correlation of leading institutions'rating results and the need for improvement in some institutions'ability to forecast companies'future earnings and risks.The contributions of this paper are that:First,from a theoretical framework perspective,it establishes a more objective reassessment system,exploring the underlying reasons for the scientific construction of rating systems,data reliability,transparency of information disclosure,relevance of rating results,and predictability,offering practical insights for ESG investors and serves as a valuable reference for future research in this field.Second,it establishes a comprehensive and detailed ESG reassessing database,and delves into the evaluation criteria,operational processes,and operating mechanisms of ESG rating agencies,offering a fresh perspective for critical thinking among scholars and investors,and laying the groundwork for subsequent empirical analysis.This paper serves as a reference for investors,aiding them in making informed decisions when faced with diverse ESG rating agency information.It also offers insights for advancing the construction of Chinese ESG rating system that strikes a balance between internationalization and localizations.