Deng Jialu, Lin Wenhe, Huang Jiuzhen, Cai Yunying, Wang Wenbao
College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou, China.
College of Construction Engineering, Fuzhou Polytechnic, Fuzhou, China.
PLoS One. 2025 Jun 2;20(6):e0323929. doi: 10.1371/journal.pone.0323929. eCollection 2025.
The task of reducing carbon emission intensity is difficult for manufacturing firms in China under the national goal of "carbon peaking and carbon neutrality". Numerous studies have confirmed the inhibitory impact of ESG performance on carbon emission intensity; nevertheless, the significance of ESG rating divergence as a derivative of ESG ratings has been neglected. Therefore, this study selects Chinese A-share listed manufacturing firms from 2011-2022 as a research sample and empirically examines the impact of ESG rating divergence on the carbon emission intensity of Chinese manufacturing firms via a higher-order fixed effects model. The study revealed that (1) ESG rating divergence creates disincentives for manufacturing firms to increase carbon emission intensity; (2) ESG rating divergence leads to an increase in corporate carbon emissions by inhibiting incentives for green innovation; and (3) mitigating financial constraints and enhancing digital transformation in enterprises diminishes the impact of ESG rating divergence on the carbon emissions of manufacturing firms. Furthermore, enterprise digital transformation can exert a moderating influence on both the initial and subsequent stages of the "ESG performance[Formula: see text]green innovation[Formula: see text]carbon emission intensity" pathway, predominantly in the initial phase. (4) The impact of ESG rating divergence on carbon emission intensity varies depending on the ownership, industry, geography, and level of competitiveness of manufacturing enterprises. The findings not only provide empirical evidence on the feasibility of expanding the standardization of ESG ratings within China's regulatory framework but also provide useful inspiration for Chinese firms to reduce their carbon emission intensity and achieve sustainable development.
在“碳达峰、碳中和”的国家目标下，中国制造业企业降低碳排放强度的任务艰巨。众多研究证实了企业社会责任（ESG）表现对碳排放强度的抑制作用；然而，作为ESG评级衍生物的ESG评级差异的重要性却被忽视了。因此，本研究选取2011 - 2022年中国A股上市制造业企业作为研究样本，通过高阶固定效应模型实证检验ESG评级差异对中国制造业企业碳排放强度的影响。研究发现：（1）ESG评级差异抑制了制造业企业提高碳排放强度的动机；（2）ESG评级差异通过抑制绿色创新动机导致企业碳排放增加；（3）缓解企业财务约束和加强企业数字化转型可减少ESG评级差异对制造业企业碳排放的影响。此外，企业数字化转型在“ESG绩效[公式：见正文]绿色创新[公式：见正文]碳排放强度”路径的初始阶段和后续阶段均能发挥调节作用，主要是在初始阶段。（4）ESG评级差异对碳排放强度的影响因制造业企业的所有权性质、行业、地理位置和竞争力水平而异。研究结果不仅为在中国监管框架内扩大ESG评级标准化的可行性提供了实证依据，也为中国企业降低碳排放强度、实现可持续发展提供了有益启示。
