| 摘要: |
| 摘要：在可持续发展理念日益深入人心的背景下，ESG评级已成为投资者决策的关键依据之一，然而，不同评级机构对同一企业的ESG评级存在显著差异，削弱了ESG评级的可信度和有效性。以2015－2023年中国A股上市公司社会责任报告为研究样本，实证分析ESG报告文本可读性对ESG评级分歧的影响。研究发现，企业ESG报告的可读性越高，评级机构之间的分歧越小。机制检验表明，ESG报告可读性通过提升信息披露质量、抑制企业“漂绿”行为，从而有效降低ESG评级分歧。异质性分析显示，当企业机构投资者持股比例较高、所处行业竞争激烈以及按照GRI标准撰写ESG报告时，报告可读性对评级分歧的抑制作用更显著。相关探讨成果为完善非财务信息披露制度、提升ESG评级的有效性提供了有益的政策参考。 |
| 关键词: 关键词：ESG评级分歧；ESG报告可读性；信息披露质量；“漂绿”行为 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：国家社会科学基金项目“产业转移视角下西部地区碳减排压力与企业投融资”（24XGL019）。 |
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| Research on the Impact of ESG Report Readability on ESG Rating Divergence |
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LI Qin-yang,HE Xiao-wei
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(School of Economics and Management,Southwest University)
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| Abstract: |
| Abstract：Under the background of the concept of sustainable development becoming more and more popular，ESG rating has become one of the key basis for investors to make decisions.However，there are significant differences in ESG ratings of the same enterprise among different rating agencies，which weakens the credibility and effectiveness of ESG rating.Taking the social responsibility reports of A-share listed companies in China from 2015 to 2023 as a research sample，this paper empirically analyzes the impact of the readability of ESG report text on ESG rating divergence.The study found that the higher the readability of corporate ESG reports，the smaller the divergence between rating agencies.Mechanism test shows that the readability of ESG report can effectively reduce the divergence of ESG rating by improving the quality of information disclosure and restraining the “green drift” behavior of enterprises.Heterogeneity analysis shows that when the proportion of institutional investors in enterprises is high， the competition in the industry is fierce，and the ESG report is written according to the GRI standard，the report readability has a more significant inhibitory effect on the ESG rating divergence.This study provides a useful policy reference for improving the non-financial information disclosure system and improving the effectiveness of ESG rating. |
| Key words: Key words：ESG Rating Divergence; ESG Reports Readability; Quality of Information Disclosure; Greenwashing |
