Construction of ESG models and comparative analysis of ratings

This paper systematically reviews the evolution of Environmental, Social, and Governance (ESG) model construction and traces the development of ESG disclosure and supervision, highlighting regional differences. It further unpacks the core components of the three ESG dimensions and, on this basis, examines their nonlinear interactions. The paper argues that environment, society, and governance do not operate in isolation; rather, through a boundarybaselinemechanism closed loop, they jointly constitute the core framework for corporate sustainable development. Finally, the paper summarizes the opportunities and challenges facing ESG and points out that ESG is poised to become a powerful engine driving the next generation of global growth.