李光勤;边亚萱

基金项目(Foundation): 安徽省社会科学创新发展研究课题攻关项目“安徽加强以县城为重要载体的城镇化建设研究”（2025CXZ011）; 安徽财经大学校级重大科研项目“资本双循环赋能产业链供应链韧性的效应、机理与对策研究”（ACKYA24001）

摘要：

基于2009—2023年中国A股上市公司数据，发现ESG评级分歧会显著加剧企业绿色治理机会主义行为，ESG评级分歧通过媒体关注、降低企业信息透明度和企业声誉等路径加剧绿色治理机会主义行为；并且，在东中部地区企业、劳动和资本密集型企业，以及存在绿色投资者和分析师关注度较高的企业中，绿色治理机会主义表现得更为明显；同时，企业公司治理层面的评级分歧对企业绿色治理机会主义行为有显著影响。应统一ESG评级标准，提升企业信息透明度，实施差异化监管，完善公司治理评级体系，从严遏制企业绿色治理机会主义行为。

Abstract：

Based on data from Chinese A-share listed companies from 2009 to 2023, it was found that ESG rating divergence significantly exacerbates firms' green governance opportunistic behavior(GGOB). This occurs through pathways such as increased media attention, reduced corporate transparency, and diminished corporate reputation. Furthermore, green governance inertia is more pronounced among firms in eastern and central China, labor-and capitalintensive enterprises, and companies receiving heightened attention from green investors or analysts. Simultaneously, rating discrepancies at the corporate governance level exert a significant influence on firms' GGOB. ESG rating standards should be standardized, corporate transparency enhanced, differentiated regulation implemented, corporate governance rating systems improved, and speculative behavior by companies in the area of green governance strictly curbed.