ESG评级分歧综述及展望

A Review and Prospects of ESG Rating Divergence

摘要: 本文结合国内关于ESG评级分歧领域的研究成果，着眼于当下ESG评级分歧的形成原因、经济后果以及一些调节ESG评级分歧经济后果的调节因素。研究发现，评级机构在方法论层面的系统性差异是引发分歧的动因之一。同时，从市场效应维度考察ESG评级分歧的经济后果，学界存在噪音效应与信息效应的二元对立，前者强调评级分歧加剧信息不对称性，后者则突出其对市场信息挖掘的驱动作用。进一步地，从公司治理水平、监管环境强度及市场异质性特征等方面探讨了ESG评级分歧产生的经济后果的调节因素。基于ESG评级分歧的研究现状，建议后续研究进一步拓展研究样本、加强政策研究推动统一的ESG信息披露体系建设，最后建议相关研究可以关注利益相关者关切的企业ESG负面表现，进行ESG争议事件的论证，避免ESG评级分歧在负面信号传递上潜在的好坏相抵效应。

Abstract: This article integrates domestic research findings in the field of ESG rating discrepancies, focusing on the causes of ESG rating divergence, its economic consequences, and moderating factors that influence these consequences. The study reveals that systematic differences in methodologies among rating agencies constitute one of the primary drivers of divergence. When examining the economic consequences of ESG rating discrepancies from a market effect perspective, academia presents a dualistic opposition between the “noise effect” and “information effect”—the former emphasizes how rating divergence exacerbates information asymmetry, while the latter highlights its role in driving market information discovery. Furthermore, the paper explores moderating factors affecting the economic consequences of ESG rating divergence from perspectives including corporate governance quality, regulatory environment intensity, and market heterogeneity characteristics. Based on current research status, recommendations are proposed for future studies: expanding research samples, promoting standardized ESG information disclosure systems through enhanced policy research, and suggesting subsequent research focus on corporate ESG controversies that concern stakeholders. This approach would facilitate comprehensive analysis of ESG negative performance while avoiding potential offsetting effects in negative signal transmission caused by rating discrepancies.