文献类型：期刊文献

中文题名：ESG评级分歧影响绿色协同创新吗?——兼论利益相关者关系的调节效应

英文题名：Does ESG Rating Divergence Affect Green Collaborative Innovation?——With a Discussion of the Moderating Effect of Stakeholder Relationships

作者：杨畅[1,2]

机构：[1]澳门科技大学商学院,中国澳门999078;[2]广东海洋大学经济学院,广东湛江524088

年份：2025

期号：7

起止页码：15

中文期刊名：金融发展研究

外文期刊名：Journal Of Financial Development Research

收录：北大核心2023、、北大核心

基金：教育部人文社会科学研究青年基金项目“工业机器人应用对制造业就业的影响:规模效应与极化效应”(23YJC790095);广东省教育厅普通高校青年创新人才类项目“粤港澳大湾区跨境资本流动与系统性金融风险防范研究”(2019WQNCX038)。

语种：中文

中文关键词：ESG评级分歧;绿色协同创新;利益相关者

外文关键词：Words:ESG rating discrepancies;green collaborative innovation;stakeholders

中文摘要：现有研究主要聚焦于ESG评级分歧对企业个体环境行为的影响,而未充分关注其对企业间环境协同行为的潜在影响。本文基于利益相关者视角,以2011—2023年沪深A股上市企业为研究样本,实证分析了ESG评级分歧对企业绿色协同创新的影响,以及关键的利益相关者(投资者、竞争对手和上下游企业)关系对这一影响的调节效应。研究发现,ESG评级分歧显著抑制了绿色协同创新,这一结论在经过系列内生性处理和稳健性检验后依然成立。调节效应检验结果显示,投资者互动、市场竞争与供应链金融均能够缓解这种抑制效应。异质性分析表明,对董事网络结构洞丰富、数字化转型程度高、非重污染行业与高科技行业的企业而言,ESG评级分歧对绿色协同创新的负面效应更不明显。研究结论为优化ESG评级管理与企业间环境协同治理提供重要的理论支持与现实依据。

外文摘要：Existing research has mainly focused on the impact of ESG rating discrepancies on the environmental behavior of individual companies,without paying sufficient attention to their potential impact on the environmental collaborative behavior between companies.This paper adopts a stakeholder perspective and uses listed companies on the Shanghai and Shenzhen A-share markets from 2011 to 2023 as the research sample to empirically analyze the impact of ESG rating discrepancies on corporate green collaborative innovation,as well as the moderating effect of key stakeholder relationships(investors,competitors,and upstream and downstream enterprises)on this impact.Research has found that significant discrepancies in ESG ratings significantly inhibit green collaborative innovation.This conclusion remains valid after a series of endogeneity treatments and robustness tests.The results of the moderating effect test show that investor interaction,market competition,and supply chain finance can all mitigate this inhibitory effect.Heterogeneity analysis indicates that for companies with rich structural holes in their director networks,high levels of digital transformation,and those in non-heavily polluting industries and high-tech industries,the negative effects of ESG rating discrepancies on green collaborative innovation are less pronounced.The research conclusions provide important theoretical support and practical basis for optimizing ESG rating management and inter-enterprise environmental governance.