破解中国式现代化进程中的 ESG 评级之惑: 分歧表征、差异成因及治理逻辑

• 作者： 王垒,李宽,丁黎黎 ¹
• 作者单位：
  1.  中国海洋大学经济学院
• 发布时间：2025-02-10

摘要: 兼具环境友好、社会责任共担的 ESG 评级,构成了以中国式现代化理念推进实体经 济可持续发展的重要内容。 然而,很多评级机构的 ESG 评级结果或形式存在差异,呈现出 ESG 评级分歧现象,尤其在国内评级机构、非专职型评级机构之间分歧更加明显。 同时,该分歧具有 典型的时空特征,在不同的时间、地区、行业间具有显著差异。 这些差异的形成与 ESG 评级涉 及多主体、多维度有关,结合标准制定、披露要求、数据披露、数据采集、评分评级五个 ESG 评级 环节,可将差异形成的原因归结为理念维、数据维、技术维三个方面。 基于此,对于 ESG 评级分 歧的治理应从 ESG 全局出发,结合信息生态系统理论,明确信息人、信息本体、信息技术和信息 环境四个治理要素,遵循人本观、互动观、系统观和平衡观引领下的 ESG 评级分歧治理逻辑,为 提升 ESG 评级的决策价值、实现 ESG 评级体系与中国情境有机结合、推动中国式现代化的拓展 与发展提供理论支撑。

Abstract: The ESG rating, which is environmentally friendly and socially responsible, constitutes an important part of promoting the sustainable development of the real economy with the concept of Chinese path to modernization. However, many rating agencies pursue differences in ESG rating results or forms, presenting the phenomenon of ESG rating divergence. In particular, the divergence is more obvious among domestic rating agencies and non-specialist rating agencies. At the same time, the divergence has typical spatial and temporal characteristics, with significant differences between different times, regions, and industries. And these differences are related to the fact that ESG rating formation involves multiple subjects and dimensions. Combined with the five ESG rating links of standard setting, disclosure requirements, data disclosure, data collection, and scoring and rating, the reasons can be attributed to the conceptual dimension, data dimension, and technical dimension. Based on this, the governance of ESG rating divergence should be based on the overall situation, which can utilize the information ecosystem theory to clarify the four governance elements of information person, information ontology, information technology and information environment, and follow the logic of ESG rating divergence governance under the guidance of humanism, interaction, system and balance. It provides theoretical support for enhancing the decision-making value of ESG ratings, realizing the organic combination of ESG rating system and Chinese context, and promoting the expansion and development of the Chinese path to modernisation.

• 分类： 应用经济学 >> 金融学
• 稿件状态： 已被期刊录用
• 引用： PSSXiv:202502.00339 (或此版本 PSSXiv:202502.00339V1)
  DOI:10.12451/202502.00339
  CSTR:32012.36.PSSXiv202502.00339
• 推荐引用方式： 王垒,李宽,丁黎黎.破解中国式现代化进程中的 ESG 评级之惑: 分歧表征、差异成因及治理逻辑.哲学社会科学预印本平台:https://zsyyb.cn/abs/202502.00339.[PSSXiv:202502.00339V1] (点此复制)