经济与管理研究2025，Vol.46Issue(9)：21-38,18.DOI:10.13502/j.cnki.issn1000-7636.2025.09.002
网络媒体关注会缓解企业ESG评级分歧吗?
Will Online Media Coverage Alleviate Corporate ESG Rating Divergence?
摘要
Abstract
In the current era of accelerating environmental,social,and governance(ESG)development,the application of ESG rating in the financial market has increased dramatically.However,ESG ratings have become highly divergent among different rating agencies.Corporate ESG rating divergence prevents investors from effectively assessing true ESG performance,significantly impacting investment decisions.At the same time,with the rapid development of information technology,the media in the Internet era are playing a more critical role in governance.Therefore,exploring whether and how online media coverage,as an informal mechanism,can reduce corporate ESG rating divergence is of great significance in leveraging the governance role of online media,thereby reducing obstacles in investor decision-making and promoting ESG investment and corporate sustainable development. This paper empirically examines the impact of online media coverage on corporate ESG rating divergence using Shanghai and Shenzhen A-share listed companies from 2015 to 2022 as the research sample.The findings are as follows.First,online media coverage helps alleviate the current divergence in corporate ESG ratings.This conclusion still holds after a series of robustness tests.Second,this mechanism operates mainly by increasing the attention of institutional investors and analysts.Third,the alleviating effect is more pronounced in firms characterized by higher environmental sensitivity,lower analyst forecast accuracy,lower levels of Internet development,and a higher degree of marketization.Finally,negative online media coverage restrains corporate ESG rating divergence more significantly than positive and neutral coverage.These conclusions expand the research boundaries on the microeconomic consequences of media coverage,explore the factors influencing corporate ESG rating divergence,and examine the internal mechanisms. This paper presents concrete ideas for an in-depth understanding of the alleviating effect of online media coverage on corporate ESG rating divergence,providing some practical guidance for better utilizing the governance function of online media and effectively promoting the construction of the ESG rating system.First,the governance role of online media should be further leveraged to enhance public opinion guidance on the quality of corporate ESG information and improve the information environment,thereby continuously alleviating corporate ESG rating divergence.Second,the role of online media coverage in increasing the attention of outsiders should be emphasized further to enhance corporate information transparency and guide supervisory bodies to use practical information reported by the online media to strengthen investors'supervision of enterprises and improve the quality of analysts'earnings reports,and thus reduce corporate ESG rating divergence.Finally,companies need to enhance the governance role of online media to make it an important external force in mitigating corporate ESG rating divergence.关键词
网络媒体/媒体关注/企业ESG评级分歧/评级机构/公司治理Key words
online media/media coverage/corporate ESG rating divergence/rating agency/corporate governance分类
管理科学引用本文复制引用
赵静静,王凯,彭梦涵..网络媒体关注会缓解企业ESG评级分歧吗?[J].经济与管理研究,2025,46(9):21-38,18.基金项目
北京市属高等学校优秀青年人才培育计划项目"北京市上市公司ESG行为的财务绩效转化机制及优化路径研究"(BPHR202203163) （BPHR202203163）
首都经济贸易大学学术创新团队"中国ESG生态体系构建机制研究团队"(XSCXTD202404) （XSCXTD202404）
首都经济贸易大学2024年研究生科技创新项目"媒体关注对企业ESG评级分歧的影响研究"(2024KJCX018) （2024KJCX018）
