| 摘要: |
| 摘要：贯彻党的二十届四中全会关于“健全绿色低碳循环发展经济体系”和“完善生态文明制度体系”的部署，ESG评级已成为推动企业绿色转型的关键工具，但其评级分歧问题影响政策实施效能。立足于中国绿色金融市场发展实践，研究企业发行绿色债券对ESG评级分歧的影响效应及机制。研究发现：企业发行绿色债券会显著加剧ESG评级分歧。机制检验表明，绿色债券发行通过增加企业ESG信息披露数量、诱发企业“漂绿”行为，加剧评级机构判断分歧。异质性分析显示，该正向影响在重污染行业和高融资成本企业中更为显著，而符合GRI标准的企业可通过规范信息披露缓解这一效应。 |
| 关键词: 关键词：绿色债券；ESG评级分歧；信息披露；漂绿；交错双重差分模型 |
| 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 Green Bond Issuance on Corporate ESG Rating Disagreement |
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LI Qin-yang，WANG Yang
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(School of Economics and Management, Southwest University)
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| Abstract: |
| Abstract：With the deepening of the ESG concept, its ratings have become a crucial indicator for corporate assessment. However, disagreement among rating agencies, stemming from methodological and informational differences, is increasingly prominent. In this context, how green bond issuance affects corporate ESG rating disagreement emerges as a key issue with both theoretical and practical significance. This study employs a staggered difference-in-differences model using a sample of China’s A-share listed companies from 2015 to 2023 to investigate the relationship between green bond issuance and corporate ESG rating disagreement, along with the underlying pathways. The findings indicate that corporate green bond issuance significantly exacerbates ESG rating disagreement. Mechanism tests reveal that green bond issuance amplifies rating agency judgment divergence by increasing the volume of corporate ESG information disclosure and inducing corporate “greenwashing” behavior. Heterogeneity analysis shows that this positive effect is more pronounced in regions with heavily polluting industries, and companies with high financing costs, whereas companies adhering to GRI standards can mitigate this effect through standardized information disclosure. |
| Key words: Key words：Green Bonds；ESG Rating Disagreement；Information Disclosure；Greenwashing；Staggered Difference-in-differences Model |
