Abstract: ESG rating divergence, due to differences in scope, measurement, and weight assignments, disrupts the effective signaling of ESG performance, influencing corporate financing constraints. While extensive studies have explored the effects of ESG ratings on financing, systematic analysis of how ESG rating divergence impacts these constraints is scarce. By using data from the listed corporates between 2015 and 2022, this study examines the effects of ESG rating divergence on financing constraints. The findings show that: (1)ESG rating divergence exacerbates financing constraints, especially for non-state-owned corporates and those not held by ESG funds. (2)This impact occurs through channels such as corporate reputation, investor confidence, and greenwashing behavior, and is moderated by analyst attention, industry competition, and regional financial development. (3)The domestic ESG rating divergence demonstrates more diverse transmission channels, thereby exerting more extensive and intricate impact on corporate financing activities. These results highlight the need to standardize ESG rating practices to reduce noise and adverse selection risks, and ensure the healthy development of ESG rating systems.

Key words: ESG Rating Divergence, Corporate Financing Constraints, Transmission Channels, Heterogeneity

摘要： 作为重要的第三方信号传递机制,ESG评级结果会显著改变企业的融资环境,但ESG评级分歧会对ESG信号的有效传递形成干扰。本文基于2015—2022年上市企业数据,全面审视了内资机构间和内外资机构间的ESG评级分歧对企业融资约束的影响,结果发现:第一,ESG评级分歧会显著增强企业融资约束,且对非国有企业和未被ESG基金重仓持股的企业产生更强烈的冲击;第二,ESG评级分歧主要通过企业声誉、投资者信心和“漂绿”行为等渠道影响企业融资约束,且该影响会受到分析师关注度、行业竞争环境和区域金融发展水平等因素的制约;第三,两种类型的ESG评级分歧在传导渠道上存在显著差异,内资机构间的评级分歧具有更多元的传导渠道,对企业融资约束的影响更为广泛和复杂。由此,应重视ESG评级的信息传递效应,关注其伴生的噪声干扰和逆向选择风险,推动ESG评级程序的标准化并增强不同评级结果间的可比性,加速ESG评级业务的规范健康发展。

关键词: ESG评级分歧, 企业融资约束, 传导渠道, 异质性