摘要
ESG评级作为指导企业战略决策的重要指标,评级结果的不一致对企业的投资决策会造成怎样的影响?本文选取2016~2022年沪深A股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效率的影响。研究发现:ESG评级分歧越大,企业绿色创新效率越低;债务资本成本在ESG评级分歧与绿色创新效率之间发挥了部分中介作用;在分析师关注度和治理水平较高的企业中,ESG评级分歧对绿色创新效率的负向影响被削弱。本文将现有研究从ESG表现延伸至ESG评级分歧领域,为完善ESG评级体系建设、提高企业绿色创新效率提供了参考与启示。
ESG rating is an important indicator to guide the strategic decision of enterprises.How will the inconsistency of rating results affect the investment decision of enterprises?In this paper,Shanghai and Shenzhen A-share listed companies from 2016 to 2022 are selected as research samples to empirically test the impact of ESG rating divergence on corporate green innovation efficiency.The results show that the greater the differences in ESG ratings,the lower the efficiency of green innovation.The cost of debt capital plays a partial mediating role between ESG rating divergence and green innovation efficiency.In firms with high analyst attention and governance,the negative impact of ESG ratings on green innovation efficiency is weakened.This paper extends the existing research from ESG performance to the field of ESG rating divergence,providing reference and inspiration for improving the construction of ESG rating system and improving the efficiency of enterprisesgreen innovation.
作者
李季鹏
李叶
Li Jipeng;Li Ye(School of Business Administration,Xinjiang University of Finance&Economics,Urumqi 830012,China)
出处
《工业技术经济》
北大核心
2024年第10期119-128,共10页
Journal of Industrial Technology and Economy
基金
国家社会科学一般项目“‘一带一路’背景下新疆区域品牌形象定位与全媒体传播研究”(项目编号:23BGL144)。
关键词
ESG评级分歧
债务资本成本
绿色创新效率
分析师关注度
公司治理水平
双碳
可持续发展
融资约束
ESG rating divergence
cost of debt capital
green innovation efficiency
analyst attention
corporate governance level
double carbon
sustainable development
financing constraints
