ESG评级分歧对企业出口绩效的影响研究

Research on the Impact of ESG Rating Divergence on Export Performance of Enterprises

本文基于我国A股上市公司2012~2022年微观数据,实证检验企业ESG评级分歧对出口绩效的影响及其内在机制。研究结果显示:企业ESG评级分歧通过缓解融资约束以及企业有效信息披露促进出口绩效的提升,这一结论在考虑内生性问题和一系列稳健性分析中依然成立。异质性检验结果显示,对于对外开放程度高的地区的企业而言,企业ESG评级分歧对其出口绩效的促进作用更显著。进一步分析发现,企业具有高ESG评级能够缓解企业ESG评级分歧对出口绩效的促进作用。本文结论对于构建更为完善的ESG评级框架具有重要现实意义。

This article is based on micro data of A-share listed companies in China from 2012 to 2022, and empirically tests the impact of ESG rating divergence on export performance and its underlying mechanism. The research results show that the divergence of ESG ratings among enterprises promotes export performance by alleviating financing constraints and effective information disclosure. This conclusion still holds true in considering endogeneity issues and a series of robustness analyses. The heterogeneity test results show that for enterprises in regions with high levels of openness to the outside world, differences in ESG ratings have a more significant promoting effect on their export performance. Further analysis reveals that companies with high ESG ratings can alleviate the promoting effect of differences in ESG ratings on export performance. The conclusion of this article is of great practical significance for building a more comprehensive ESG rating framework.