金融市场化对ESG评级不确定性与企业创新关系的影响

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-07-23 DOI:10.1016/j.irfa.2025.104483

Deng-Kui Si , Fu-You Zhou , Xiao-Lin Li , Dongmin Kong

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引用次数: 0

摘要

本文以2009 - 2023年中国非金融类上市公司为研究对象，考察金融市场化对ESG评级不确定性与企业创新关系的影响。研究发现，ESG不确定性会抑制企业创新，而以利率市场化为特征的金融市场化则会减弱这种负面影响。对于融资约束程度较高、制度质量较高、资本密集型行业的企业，上述效应更为明显。研究发现，提高信贷筛选能力、投资者锚定效应和公司治理效率是金融市场化抑制ESG评级不确定性对企业创新影响的三个重要渠道。

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The effect of financial marketization on the nexus between ESG rating uncertainty and corporate innovation

This paper investigates the impact of financial marketization on the relationship between ESG rating uncertainty and corporate innovation using non-financial listed firms from 2009 to 2023 in China. We find that ESG uncertainty decreases corporate innovation, and the financial marketization characterized by interest rate marketization weakens the negative impact. The above effects are more pronounced for firms with higher financing constraints, higher institutional quality, and capital-intensive industries. We demonstrate that improving credit screening ability, investor anchoring effect, and corporate governance efficiency are three essential channels through which financial marketization restrains the impact of ESG rating uncertainty on corporate innovation.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.