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As the importance of Environmental, Social, and Governance (ESG) factors continues to rise, significant attention has been drawn to the inconsistencies in ESG ratings. These discrepancies among different rating agencies can lead to substantial information asymmetry, impacting corporate debt financing costs. This chapter investigates the effects of ESG rating divergence on debt financing cost, utilizing data from Chinese firms between 2015 and 2021. By establishing a causal relationship, the chapter reveals how rating disparities exacerbate debt financing costs, particularly highlighting the unique dynamics faced by state-owned and large enterprises.

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ESG Rating Divergence and Corporate Debt Financing Cost: Based on Chinese ESG Rating Agency Data

  • 章节

  • 发表日期：

    2025年

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  • Liang Liang,
  • Tao Ding,
  • Ruipeng Tan,
  • Malin Song

摘要

As the importance of Environmental, Social, and Governance (ESG) factors continues to rise, significant attention has been drawn to the inconsistencies in ESG ratings. These discrepancies among different rating agencies can lead to substantial information asymmetry, impacting corporate debt financing costs. This chapter investigates the effects of ESG rating divergence on debt financing cost, utilizing data from Chinese firms between 2015 and 2021. By establishing a causal relationship, the chapter reveals how rating disparities exacerbate debt financing costs, particularly highlighting the unique dynamics faced by state-owned and large enterprises.