ESG评级分歧对企业新质生产力的影响研究基于企业生命周期视角
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中图分类号：F832.51；X322 文献标识码：A doi：10.3969/j.issn.1672-2272.202503002
Research on the Impact of ESG Rating Divergence on Firms’New Productivity：Based on the Perspective of Corporation Lifecycle
WangDehao，LiMengle，Zhao Ying，WangPengfei （School of International Business，Tianjin Foreign Studies University，Tianjin 3oo204，China）
Abstract：In the context of the development of the new era，actively cultivating and developing new quality productivity is the key to enhancing enterprise value，ESG rating divergence，as a reflection of the society's evaluation of corporate governance performance，has an important impact on the cultivation and development of new quality productivity.Taking China’'s A一share listed companies from 2015 to 2022 as a research sample，this paper examines the impact of ESG rating divergence on the new quality productivity of enterprises，explores the relationship between the two at diferent corporation lifecycles，and examines therole channels of ESG rating divergence on the new quality productivity of enterprises in different corporation lifecycles.The results show that ESG rating divergence has an inhibitory effect on the new quality productivity of enterprises，and this inhibitory efect is more obvious in the maturity stage of enterprises.From the perspective of the mechanism of ESG rating divergence affecting the new quality productivity of enterprises，in the growth stage of enterprises，ESG rating divergence mainly inhibits the development of new quality productivity of enterprises by increasing financing constraints，and in the maturity and decline stages of enterprises，ESG rating divergence mainly inhibits the development of new quality productivity of enterprises by reducing customer stability.The results of the heterogeneity test show that there is heterogeneity inthe the nature of enterprises and the external environment in the role of ESG rating divergence on the cultivation and development of new quality productivity.This study reveals the relationship between ESG rating and new quality productivityof enterprises at different lifecycle stages，providesatheoretical basis for enterprises to implement life cycle dynamic management strategies，and has important implications for improving the cultivation mechanism of new quality productivity.
Key Words：ESG Rating Divergence；New Quality Productivity；Corporation Lifecycle
0 引言
近年来，全球气候变化和资源环境约束不断加剧，依靠高资源消耗和环境破坏的传统生产力发展模式已无法有效满足可持续发展的要求，探索并构建新的生产力体系以驱动经济社会高质量发展成为时代赋予的重要课题。（剩余14819字）