摘要：企业ESG表现日益受到关注，但ESG评级分歧可能干扰市场参与者的信号识别机制，进而影响其投资与决策行为，最终对企业组织韧性等风险抵御能力产生负面影响。本文利用2012－2023年A股上市公司的数据，突破企业ESG表现与组织韧性关系研究中“评分一致性”的隐含假设，探究ESG分歧对组织韧性的影响及其作用路径。研究发现ESG评级分歧显著削弱了企业的组织韧性，证实了ESG评级分歧的负面溢出效应。机制分析表明，ESG评级分歧通过增加市场对企业负面信号的关注，削弱企业资源获取能力及引发供应链关系不稳定，从而影响组织韧性。异质性分析表明，ESG评级分歧对企业的组织韧性的负面作用在供应链优势企业、低市场经济政策不确定性下的企业与非国有企业中更为突出。本文的研究为理解ESG评级分歧对组织韧性的影响提供了新见解，对企业及相关部门进一步推动ESG建设、优化应急治理体系具有一定的理论参考意义。
关键词：ESG评级分歧；组织韧性；资源基础理论；信号聚焦效应；供应链关系
How Does ESG Rating Divergence Undermine Organizational Resilience?
A Chain Mediation Model Based on Signal Attention and Resource Allocation
Zou Fang, Guo Feifei
Abstract: With the growing emphasis on corporate ESG, concerns have arisen regarding the implications of discrepancies among ESG ratings. Such inconsistencies may disrupt market participants’ signal interpretation mechanisms, thereby influencing their investment and decision-making behaviors, and ultimately undermining firms’ organizational resilience—a key dimension of corporate risk resistance capacity. Drawing on a sample of Chinese A-share listed firms from 2012 to 2023, this study challenges the implicit assumption of “rating consistency” in existing research on the relationship between ESG performance and organizational resilience. We investigate the impact of ESG rating discrepancies on organizational resilience and explore the underlying mechanisms. Our findings reveal that ESG rating divergence significantly weakens organizational resilience, confirming the existence of negative spillover effects associated with inconsistent ESG evaluations. Mechanism analysis suggests that ESG rating discrepancies impair organizational resilience by amplifying market attention to negative signals, weakening resource acquisition capabilities, and destabilizing supply chain relationships. Heterogeneity analysis further indicates that the adverse effects are more pronounced among firms with supply chain advantages, those operating under low macroeconomic policy uncertainty, and non-state-owned enterprises. This study contributes novel insights into how ESG rating inconsistency influences organizational resilience, offering theoretical implications for both firms and regulatory bodies in advancing ESG frameworks and optimizing emergency governance systems.
Keywords: ESG Rating Divergence; Organizational Resilience; Resource-Based Theory; Signal Focus Effect; Supply Chain Relationships
