中国金融学术研究网

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ESG Rating Divergence and Stock Price Delays: Evidence from China

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发布日期：2025年09月07日上次修订日期：2025年09月07日

Panpan Feng fppzzuli@163.com Zhengzhou University of Light Industry Jiangwu Pang 暂无 Zhengzhou University of Light Industry

摘要

This paper examines the impact of ESG rating divergence on stock price delays in the context of the Chinese capital market. We find that ESG rating divergence significantly increases the stock price delays. Mechanism analysis results suggest that ESG rating divergence affects stock price delays by reducing information transparency and firm internal control quality. Heterogeneous analysis results indicate that the impact of ESG rating divergence on stock price delays is more pronounced in high-tech firms and when investor sentiment is high.

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关键词：

ESG rating divergence stock price delays information transparency internal control

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