技术与创新管理2025，Vol.46Issue(3)：306-316,11.DOI:10.14090/j.cnki.jscx.2025.0306
ESG评级分歧与企业真实盈余管理
ESG Rating Discrepancies and True Corporate Surplus Management
摘要
Abstract
With the continuous promotion of the concept of sustainable development,the importance and attention of ESG has become more and more significant,and the ESG rating results have become a hot topic.However,there are differences in the rating results of the same enterprise by different rating a-gencies.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2015 to 2022,the paper empirically investigates the impact of ESG rating divergence on corporate true surplus man-agement by combining the moderating effect model.It is found that there is a significant positive effect of ESG rating divergence on corporate true surplus management,and management power plays a posi-tive moderating role in the relationship between ESG rating divergence and corporate true surplus man-agement.Heterogeneity analyses indicate that the effect of ESG rating divergence on true surplus man-agement is more significant among firms with non-state ownership and high industry competition.The results of the mechanism test show that ESG rating divergence causes more negative news coverage and higher business risk,which in turn leads to an increase in firms' true surplus management.By conduc-ting a relevant study on the impact of ESG rating divergence and true corporate surplus management,the paper provides empirical evidence to promote the construction of ESG rating systems,optimize cor-porate internal governance,and promote reasonable concerns in the capital market.关键词
ESG评级分歧/真实盈余管理/管理层权力/媒体负面报道/经营风险Key words
ESG rating divergence/true surplus management/management power/negative media cov-erage/business risk分类
经济学引用本文复制引用
岳晓坤,王聪,李明敏..ESG评级分歧与企业真实盈余管理[J].技术与创新管理,2025,46(3):306-316,11.基金项目
教育部人文社会科学研究青年基金项目"混改国企非国有股东董事会权力超额配置的微观机制及经济后果研究"(22YJC630059) （22YJC630059）
