证券市场导报Issue(12)：68-77,10.
ESG报告可读性与ESG评级分歧
摘要
Abstract
With the growing adoption of sustainable development concepts,the ESG rating has become an important reference for investors'decision-making.However,there are significant divergences in ESG ratings assigned by different rating agencies to the same company,resulting in inadequate effectiveness of ESG ratings.Using the ESG reports of A-share listed companies from 2018 to 2022 as the research sample,this paper empirically examines the impact of ESG report readability on the divergence of ESG ratings and explores the underlying mechanisms from three perspectives,including the difficulty of information extraction,emotional interference,and signaling theory.The study finds that the greater the textual complexity of a firm's ESG report(i.e.,the poorer its readability),the greater the divergence of ESG ratings.The heterogeneity analysis supports the hypothesized mechanisms that the effect of ESG report readability on amplifying the divergence of ESG ratings is more pronounced for firms with higher internal control quality and when the ESG report length is shorter and lacks verification by third parties.This paper provides implications for standardizing non-financial information disclosure regulations and enhancing the effectiveness of ESG ratings.关键词
ESG评级分歧/ESG报告/文本可读性/非财务信息/信息披露Key words
divergence of ESG ratings/ESG report/text readability/non-financial information/information disclosure分类
管理科学引用本文复制引用
赵婧潞,林子昂,张超敏..ESG报告可读性与ESG评级分歧[J].证券市场导报,2024,(12):68-77,10.基金项目
中国博士后基金面上项目"'EM-EM'情境下中国企业海外市场机会构建研究:关键要素、驱动机制与内在机理"(2023M743856) （2023M743856）
