证券市场导报Issue(6)：25-35,11.
数字技术为何扩大ESG评级分歧?
摘要
Abstract
The development of digital technology has transformed the way information is produced.Does it improve information transparency and enhance the consistency of judgments regarding corporate ESG performance,or does it provide technical tools for selective disclosure that widen ESG rating divergence?Using a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges,this study finds that digital technology significantly intensifies ESG rating divergence among firms.The first underlying mechanism is that digital technology has given rise to low-cost,broad-coverage online information release channels,enabling firms to strategically disclose curated positive information and aspirational commitments while concealing or downplaying negative events,controversial indicators,and material risks.The second mechanism is that digital technology increases the volume of ESG information disclosure,leading to compounded"information noise"and the dilution of valid information,which causes different rating agencies to develop interpretive biases and divergent judgments amid vast quantities of fragmented information.Heterogeneity analysis indicates that the effect of digital technology in intensifying ESG rating divergence is more pronounced for firms that are heavily polluting,have lower levels of digitalization,exhibit lower environmental concern,and receive less analyst attention.This paper provides empirical evidence—drawn from ESG rating divergence—for understanding the dual effects of digital technology,and offers a reference for leveraging digital technology to promote high-quality development and for improving corporate environmental information disclosure mechanisms.关键词
数字技术/ESG评级分歧/企业数字化转型/信息披露Key words
digital technology/ESG rating divergence/corporate digital transformation/information disclosure分类
管理科学引用本文复制引用
任柳杨,雷倩华,刘碧欣..数字技术为何扩大ESG评级分歧?[J].证券市场导报,2026,(6):25-35,11.基金项目
国家自然科学基金青年项目"企业绿色并购的行业溢出效应研究"(项目编号:72302061)、国家自然科学基金面上项目"城市发展对审计质量及其持续性的溢出效应研究"(项目编号:72072060) （项目编号:72302061）
