科研基地组织前沿文献研读交流会，蒋恒燕针对2025年发表于国际金融顶刊Journal of Finance的论文The Market for ESG Ratings作主题汇报。
本文构建了ESG评级机构的竞争模型。评级机构收集多个相互独立维度的信息并对外提供评级服务。各家机构分不同维度开展专业化评级，能够实现信息传递量和社会剩余的最大化，也可成为市场均衡结果。当投资者高度重视跨多个类别的ESG表现时，唯一结果是评级机构采取综合化策略——将精力分散到评估维度，最终导致评级信息含量降低。企业的漂绿行为会进一步使综合化评级成为唯一均衡。专业化评级会加剧评级分歧，这也意味着，不能简单用评级分歧程度来判断市场福利与效率好坏。
ABSTRACT
We present a model of competition between ESG raters who acquire information about multiple unrelated categories and sell ratings. Raters specializing in different categories maximizes the amount of information transmitted and surplus, and can be the equilibrium outcome. When investors place a high value on ESG performance across multiple categories, the unique equilibrium is for the raters to generalize – splitting their effort among the categories, resulting inless in formative ratings. Greenwashing by firms can make generalization the only equilibrium. We also demonstrate that specialization maximizes ratings disagreement and, thus, empirical measures of disagreement may be poor measures of surplus.
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