Can environmental, social, and governance rating divergence harm the green total factor productivity? Evidence from Chinese listed firms.
環境・社会・ガバナンス（ESG）格付けの不一致はグリーン全要素生産性を損なうか？中国上場企業からの証拠 (AI 翻訳)
Junlin He, Kok-Haur Ng, W. Lau, D. Allen, Wei-Theng Lau
🤖 gxceed AI 要約
日本語
本論文は、ESG格付けの不一致が中国企業のグリーン全要素生産性（GTFP）に与える影響を分析。2013～2022年のA株上場企業データを用いた実証分析の結果、ESG格付けの不一致はGTFPを有意に低下させることを発見。そのメカニズムとして、融資制約の増加が原因であることを特定した。また、市場の注目度や企業のイノベーション能力がこの負の効果を緩和すること、さらに産業や地域によって効果に不均一性があることも示された。これらの結果は、ESG格付けの標準化の必要性を裏付けている。
English
This paper examines the impact of ESG rating divergence on green total factor productivity (GTFP) for Chinese A-share listed firms from 2013 to 2022. The empirical results show a significant negative relationship, indicating that divergence increases financing constraints and reduces GTFP. Market attention and innovation capacity mitigate this effect. Heterogeneity exists across industries and regions. The findings highlight the need for standardized ESG rating disclosure.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でもESG格付け機関による評価のばらつきが投資家や企業の混乱を招いており、本論文の知見は、SSBJ（サステナビリティ基準委員会）による開示基準の策定や、企業のESG情報開示の質向上への示唆を与える。特に、格付け不一致が資金調達制約を強める点は、日本企業のESG関連融資やグリーンボンド発行にも当てはまり得る。
In the global GX context
Globally, ESG rating divergence is a recognized issue. This study provides causal evidence from China that such divergence harms green productivity by increasing financing constraints. It supports the need for regulatory efforts like ISSB standards and SEC climate disclosure to reduce inconsistency. The heterogeneity findings also inform global investors about varying impacts across sectors.
👥 読者別の含意
🔬研究者:Offers empirical evidence on the real effects of ESG rating divergence on firm-level green productivity, with transmission mechanisms and heterogeneity analysis.
🏢実務担当者:Highlights that inconsistent ESG ratings can increase financing constraints and hinder green performance; firms should engage with rating agencies and enhance disclosure quality.
🏛政策担当者:Supports the case for standardized ESG rating disclosure frameworks to improve reliability and reduce negative economic impacts.
📄 Abstract（原文）
In the context of global climate change and the growing emphasis on sustainable development, green total factor productivity (GTFP) is increasingly recognised as a critical indicator that integrates both economic efficiency and environmental performance. Meanwhile, environmental, social, and governance (ESG) ratings have become an important reference for investors and corporate decision-makers. However, there are notable inconsistencies in ESG scores across different rating agencies, due to divergent evaluation criteria. This paper explores the impact of ESG rating divergence on the GTFP of Chinese A-share listed firms for 2015 firms between 2013 and 2022. The empirical results reveal a significant negative relationship between ESG rating divergences and GTFP, indicating challenges to sustainable development. Transmission mechanism analysis suggests such divergences are conveyed through increased financing constraints. Nevertheless, market attention and a firm's innovation capacity can mitigate this negative impact. Furthermore, this relationship between ESG rating divergences and GTFP exhibits heterogeneity, as it is not observed for firms in primary industries, central, western regions, non-state-owned, non-high-technology sectors and polluting industries. These findings provide evidence for the necessity of standardised ESG rating disclosure to enhance the reliability of ESG assessments.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1016/j.jenvman.2026.129961first seen 2026-07-18 08:22:08
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