ESG评级分歧对新质生产力的影响研究及作用机制OACHSSCD

s:Amid the standardization of ESG disclosure and the"dual-carbon"strategy driving China's transition to high-quality development,ESG rating divergence,as a common phenomenon in the assessment of corporate sustainability,needs to be clarified in terms of the mechanism of its effect on the new quality productive forces.New quality productive forces characterized by efficiency,quality,and sustainability in production processes,serves as a pivotal force for advancing high-quality economic growth.Utilizing data from A-share listed companies in China(2011-2023),this study investigates how ESG rating divergence affects new quality productive forces and its underlying mechanisms.The results demonstrate that ESG rating divergence significantly drives the development of new quality productive forces,and this conclusion still holds after several robustness tests.Mechanism analysis reveals that ESG rating divergence drives firms to develop new quality productive forces in response to it by increasing the pressure on executive compensation,the pressure on financing constraints,and the pressure on media attention.Heterogeneity analysis further indicates that the positive effect is more pronounced in firms with lower ESG ratings,higher executive shareholding ratios,and those located in cities with lower GDP per capita.This study provides empirical evidence for enterprises to optimize ESG practices and leverage rating divergence as both an internal and external catalyst for productivity transformation.It also offers practical insights for capital markets to rationally evaluate third-party ESG ratings and for policymakers to refine ESG governance frameworks.