ESG评级差异与企业盈利能力

ESG Rating Differences and Corporate Profitability

摘要: 随着ESG理念在我国广泛传播并不断发展，众多投资者在进行决策时将企业的ESG表现纳入决策之中。然而，各个评级机构针对企业给出的ESG评价存在差异，影响ESG评级数据使用者和企业。本文以2015~2022年我国沪深A股上市公司为研究样本，探究ESG评级差异对企业盈利能力的影响。研究发现，ESG评级差异与企业盈利能力有着显著的负相关关系，并且在一系列稳健性检验后仍然成立，机制检验发现外界公众环境关注度能够增强两者之间的关系，异质性分析发现ESG评级差异对国企和ESG表现好的企业的影响较小。最后，本文根据以上结论针对政府、投资者以及企业提出建议以供参考。

Abstract: As the ESG concept has been widely spread and continuously developed in China, many investors have included the ESG performance of enterprises in their decision-making. However, there are differences in ESG evaluations given by various rating agencies for enterprises, affecting ESG rating data users and enterprises. This paper takes China’s Shanghai and Shenzhen A-share listed companies from 2015 to 2022 as a research sample to explore the impact of ESG rating divergence on corporate profitability. It is found that ESG rating divergence has a significant negative correlation with corporate profitability and still hold after a series of robustness tests, the mechanism test finds that external public environmental concern can enhance the relationship between the two, and the heterogeneity analysis finds that ESG rating divergence have a smaller impact on SOEs and ESG-performing companies. Finally, based on the above conclusions, this paper provides recommendations for the government, investors and enterprises for reference.