技术与创新管理2025，Vol.46Issue(3)：351-362,12.DOI:10.14090/j.cnki.jscx.2025.0311
ESG评级分歧、经济政策不确定性与企业价值
ESG Rating Divergence,Economic Policy Uncertainty and Enterprise Value
摘要
Abstract
ESG ratings,as a key indicator of sustainable development,have gradually become an impor-tant reference for corporate strategic decision-making.However,the absence of a standardized rating system leads to substantial discrepancies in the ratings assigned by different agencies,which adversely affects corporate operations and future growth.This paper.Taking A-share listed companies as a sample from 2015 to 2022,empirically examined the effect of ESG rating discrepancies on corporate value and the moderating role of economic policy uncertainty.The findings show that ESG rating discrepancies have a significant negative effect on corporate value.The conclusion holds strong even after conducting a series of endogeneity and robustness tests.Moreover,economic policy uncertainty exacerbates the sup-pressive effect of ESG rating discrepancies on corporate value.Mechanism analysis reveals that the in-formation,financing,and trust effects of ESG rating discrepancies hinder corporate value growth.Specif-ically,rating discrepancies reduce corporate value by increasing information asymmetry,raising finan-cing constraints,and weakening investor confidence.Heterogeneity analysis indicates that the negative effect of ESG rating discrepancies on corporate value is more pronounced in non-state-owned enterpri-ses,industries with intense competition,and regions with a higher level of marketization.Based on these findings,suggestions are made for governments,investors,and companies to jointly promote the coordi-nated development of environmental,social,and governance factors so as to ensure steady progress to-ward sustainable development.关键词
工商管理/ESG评级分歧/经济政策不确定性/企业价值/可持续发展Key words
business administration/ESG rating divergence/economic policy uncertainty/enterprise value/sustainable development分类
经济学引用本文复制引用
李南南,郭淑娟..ESG评级分歧、经济政策不确定性与企业价值[J].技术与创新管理,2025,46(3):351-362,12.基金项目
教育部人文社会科学研究青年基金项目(22YJC630059) （22YJC630059）
山西省科学技术协会科技创新智库建设研究课题(KXKT202430) （KXKT202430）
山西省哲学社会科学规划课题(2024YB024) （2024YB024）
