网络媒体关注会缓解企业ESG评级分歧吗？

赵静静1　王凯2　彭梦涵2

（1.河南财经政法大学；2.首都经济贸易大学）

内容提要：本文以2015—2022年中国沪深A股上市公司为研究样本，实证检验网络媒体关注对企业环境、社会、治理（ESG）评级分歧的影响。研究结果显示，网络媒体关注能够缓解企业ESG评级分歧。机制检验结果表明，网络媒体关注通过增加投资者关注度与分析师关注度实现对企业ESG评级分歧的缓解效果。异质性分析结果显示，这种缓解效果在高环境敏感度、低分析师预测准确性、低互联网发展水平以及高市场化程度的企业中更为明显。基于媒体报道的情绪特征发现，相比于正面和中性网络媒体报道，负面网络媒体报道更能缓解企业ESG评级分歧。本文的研究为深入理解网络媒体关注对企业ESG评级分歧的影响，发挥网络媒体这一非正式机制的治理作用，以及推进ESG评级体系建设提供了理论依据和实践指导。

关键词：网络媒体；媒体关注；企业ESG评级分歧；评级机构；公司治理

作者简介：赵静静，河南财经政法大学会计学院讲师，郑州，450046；王凯，首都经济贸易大学中国ESG研究院/工商管理学院教授、博士生导师，通信作者，北京，100070；彭梦涵，首都经济贸易大学工商管理学院硕士研究生。

基金项目：北京市属高等学校优秀青年人才培育计划项目“北京市上市公司ESG行为的财务绩效转化机制及优化路径研究”（BPHR202203163）；首都经济贸易大学学术创新团队“中国ESG生态体系构建机制研究团队”（XSCXTD202404）；首都经济贸易大学2024年研究生科技创新项目“媒体关注对企业ESG评级分歧的影响研究”（2024KJCX018）

引用格式：赵静静,王凯,彭梦涵.网络媒体关注会缓解企业ESG评级分歧吗?[J].经济与管理研究,2025,46(9):21-38.

Will Online Media Coverage Alleviate Corporate ESG Rating Divergence?

ZHAO Jingjing¹, WANG Kai², PENG Menghan²

(1. Henan University of Economics and Law, Zhengzhou 450046;

2. Capital University of Economics and Business, Beijing 100070)

Abstract: In the current era of accelerating environmental, social, and governance (ESG) development, the application of ESG rating in the financial market has increased dramatically. However, ESG ratings have become highly divergent among different rating agencies. Corporate ESG rating divergence prevents investors from effectively assessing true ESG performance, significantly impacting investment decisions. At the same time, with the rapid development of information technology, the media in the Internet era are playing a more critical role in governance. Therefore, exploring whether and how online media coverage, as an informal mechanism, can reduce corporate ESG rating divergence is of great significance in leveraging the governance role of online media, thereby reducing obstacles in investor decision-making and promoting ESG investment and corporate sustainable development.

This paper empirically examines the impact of online media coverage on corporate ESG rating divergence using Shanghai and Shenzhen A-share listed companies from 2015 to 2022 as the research sample. The findings are as follows. First, online media coverage helps alleviate the current divergence in corporate ESG ratings. This conclusion still holds after a series of robustness tests. Second, this mechanism operates mainly by increasing the attention of institutional investors and analysts. Third, the alleviating effect is more pronounced in firms characterized by higher environmental sensitivity, lower analyst forecast accuracy, lower levels of Internet development, and a higher degree of marketization. Finally, negative online media coverage restrains corporate ESG rating divergence more significantly than positive and neutral coverage. These conclusions expand the research boundaries on the microeconomic consequences of media coverage, explore the factors influencing corporate ESG rating divergence, and examine the internal mechanisms.

This paper presents concrete ideas for an in-depth understanding of the alleviating effect of online media coverage on corporate ESG rating divergence, providing some practical guidance for better utilizing the governance function of online media and effectively promoting the construction of the ESG rating system. First, the governance role of online media should be further leveraged to enhance public opinion guidance on the quality of corporate ESG information and improve the information environment, thereby continuously alleviating corporate ESG rating divergence. Second, the role of online media coverage in increasing the attention of outsiders should be emphasized further to enhance corporate information transparency and guide supervisory bodies to use practical information reported by the online media to strengthen investors’ supervision of enterprises and improve the quality of analysts’ earnings reports, and thus reduce corporate ESG rating divergence. Finally, companies need to enhance the governance role of online media to make it an important external force in mitigating corporate ESG rating divergence.

Keywords: online media; media coverage; corporate ESG rating divergence; rating agency; corporate governance

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