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March 25, 2026SustainabilityOpen Access

How Do ESG Rating Discrepancies Affect Corporate Financing?—Evidence from Chinese Listed Firms

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Authors

JWJianmin WangRFRui FengLWLixiang Wang

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Overview

Investigates ESG rating influences on financing constraints for Chinese firms, suggesting implications for market practices.

Key Points

  • The research examines how discrepancies in ESG ratings affect corporate financing, particularly in the context of Chinese listed firms.
  • Evaluated ESG rating divergence data from five agencies
  • Focused on China’s A-share listed firms from 2018 to 2023
  • Analyzed effects of economic policy uncertainty on financing constraints
  • Conducted parallel intermediation tests for information asymmetry and debt costs
  • ESG rating divergence worsens financing constraints for businesses
  • Economic policy uncertainty amplifies the effects of ESG rating divergence
  • Non-state-owned, small, and low marketized firms experience greater impacts from discrepancies
  • Information asymmetry and debt capital costs are key transmission mechanisms

Cite This Study

Wang et al. (2026) studied this question.

synapsesocial.com/papers/69c37b41b34aaaeb1a67d8dchttps://doi.org/10.3390/su18063086
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Also Consider

Synapse has enriched 2 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Aggregate Confusion: The Divergence of ESG Ratings2022 · 3,173 citations
  2. 2Do ratings of firms converge? Implications for managers, investors and strategy researchers2015 · 1,182 citations