企業規模とMSCI ESG格付の相関に関する研究：世界自動車メーカーの実証的証拠

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:ESG格付と企業規模の非線形関係を自動車セクターで示した実証研究として、格付手法の批判的検討に有用。

🏢実務担当者:自社のESG格付が規模ではなく事業ポートフォリオに依存する可能性を踏まえ、開示戦略を見直す材料になる。

🏛政策担当者:炭素中立政策において、企業規模に応じた支援策や格付機関へのルール整備を検討する際の参考になる。

In the context of global low-carbon transition and universal standardized sustainable disclosure, ESG assessment has become a core indicator for measuring the environmental governance, social responsibility, and internal governance levels of listed manufacturers. The traditional industrial logic holds that higher revenues can provide sufficient funds for green transformation and welfare investment, thereby enhancing the MSCI ESG rating. However, existing studies lack targeted group comparisons between traditional fuel vehicle and new energy vehicle enterprises, resulting in inconsistent conclusions regarding the correlation between enterprise size and ESG performance. This paper takes 30 global leading listed automotive manufacturers as the research object, extracting raw data from the 2025 New Energy ESG Co-creation Database; using annual revenue (in units of millions of US dollars) as the proxy indicator for enterprise size, and dividing MSCI ratings into seven levels, converting them into continuous numerical scores from 1 to 7, and conducting empirical analysis through descriptive statistics, full sample Pearson correlation test, and industry heterogeneity grouping test. The Pearson correlation coefficient of the overall sample is -0.1340, indicating a weak negative correlation between the annual revenue of automotive manufacturers and the MSCI quantitative score. Subgroup data shows that the average revenue of new energy vehicle enterprises is much lower than that of traditional fuel vehicle enterprises, but their average ESG score is significantly higher; the hierarchical sample sorting verifies the nonlinear reverse rule: enterprises with AAA ratings have the smallest average operating scale, while enterprises with A ratings have the largest revenue scale. Further mechanism analysis indicates that the core production direction of the enterprise (fuel vehicle or new energy vehicle business) rather than the absolute revenue scale is the key factor affecting MSCI performance. Based on all the above empirical results, this paper proposes differentiated operational strategies for automotive manufacturers, provides targeted rule optimization suggestions for third-party rating agencies such as MSCI, and formulates supportive regulatory policies for the national carbon peak and carbon neutrality authorities.

• semanticscholar https://jaeps.ewapub.com/article/view/36541.pdffirst seen 2026-09-12 05:53:31 · last seen 2026-09-22 05:20:23