| ESG评级分歧与企业劳动收入份额 |
| ESG rating divergence and enterprise labor income share |
| 摘要点击 38 全文点击 0 投稿时间：2024-11-21 修订日期：2026-01-07 |
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| 中文关键词 ESG评级分歧;企业劳动收入份额;共同富裕;融资约束 |
| 英文关键词 ESG rating divergency; enterprise labor income share; common prosperity; financing constraints |
| 基金项目 国家自然科学基金项目(71672141）、2021国家社科基金后期资助项目（21FGLB006）和教育部人文社科基金项目（21YJA630082） |
| 投稿方向 ESG |
| 作者 | 单位 | 邮编 | | 郭钰菡 | 西安交通大学管理学院 | 710049 | | 齐保垒 | 西安交通大学管理学院 | | | 田高良* | 西安交通大学管理学院 | 710049 |
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| 中文摘要 |
| 随着ESG在公司治理中的作用不断增强, ESG评级分歧所带来的经济影响日益受到关注. 本文基于2010--2020年中国A股上市公司数据, 系统研究了ESG评级分歧对企业劳动收入份额的影响. 实证结果表明, ESG评级分歧显著降低了企业的劳动收入份额, 且结论在多种稳健性检验下保持一致. 机制分析发现, 评级分歧通过加剧企业融资约束和抑制创新投入降低劳动报酬占比. 异质性分析进一步表明, 该影响在金融发展水平较低、行业竞争强度较高及国有企业中更为显著. 研究结果揭示了评级分歧对企业内部收入分配结构的扭曲效应, 并据此提出政策建议: 应完善ESG评级标准体系、强化信息披露监管协同机制, 以缓解评级分歧对企业发展和共同富裕目标实现的不利影响, 推动实现可持续的经济增长. |
| 英文摘要 |
| The growing importance of ESG in corporate governance has raised concerns about the economic consequences of ESG rating divergence. This study investigates the effect of ESG rating divergence on corporate labor income share using panel data of A-share listed firms in China from 2010 to 2020. The empirical results show that ESG rating divergence significantly reduces labor income share, and the findings remain robust under various model specifications. Mechanism analysis suggests that the negative effect operates through increased financing constraints and reduced innovation investment. Further heterogeneity analysis indicates that the impact is more pronounced in firms with lower financial development, higher industry competition, and state ownership. These findings reveal the distortionary effect of rating divergence on internal income distribution and provide evidence for policy recommendations, including standardizing ESG rating methodologies and strengthening regulatory coordination on information disclosure, to mitigate the adverse effects of ESG inconsistency and promote sustainable economic development. |
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