ESG评级差异对股价崩盘风险的影响

IF 10.2 1区经济学 Q1 BUSINESS, FINANCE International Review of Financial Analysis Pub Date : 2025-06-01 Epub Date: 2025-03-08 DOI:10.1016/j.irfa.2025.104081

Guanglin Sun , Zian Yan , Zejun Gong , Mengding Li

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引用次数: 0

摘要

本文主要利用权威ESG评级机构和中国a股上市公司的数据，考察ESG评级差异对股价崩盘风险的影响。结果表明，ESG评级差异增加了公司股价崩盘风险。研究还发现，ESG评级分化对股价崩盘风险的正向影响主要通过信息不对称和代理成本的路径实现。此外，异质性研究表明，ESG评级差异对股价崩盘风险的影响在ESG绩效越好、规模越大的公司中更为显著。本文不仅丰富了关于ESG评级差异经济后果的现有文献，而且为解决ESG评级差异问题提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The impact of ESG rating divergence on stock price crash risk

This paper mainly examines the impact of ESG rating divergence on stock price crash risk using data from authoritative ESG rating agencies and Chinese A-share listed companies. The results suggest that ESG rating divergence increases the company's stock price crash risk. It is also found that the positive effect of ESG rating divergence on stock price crash risk is mainly realized through the paths of information asymmetry and agency costs. Additionally, the heterogeneity research indicates that the impact of ESG rating divergence on stock price crash risk is more pronounced in companies with better ESG performance and larger sizes. This paper not only enriches the existing literature on the economic consequences of ESG rating divergence but also provides new insights for addressing ESG rating divergence.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.