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56面对资本市场广泛存在的ESG信息摩擦，国有资本参股能否发挥信息治理效应，进而改善民营企业的ESG评级分歧？为了回答上述问题，本文选取沪深A股2009—2024年上市公司数据，实证检验国有资本参股对民营企业ESG评级分歧的影响及作用机制。研究发现：国有资本参股显著降低了民营企业ESG评级分歧。机制检验表明，国有资本参股通过提高企业信息含量和改善信息质量两个渠道，缩小了不同评级机构在信息获取能力和信息解读能力方面的差距，进而降低ESG评级分歧。进一步分析发现，国有资本参股对民营企业ESG评级分歧的抑制作用在中央国有资本参股、同行业国有资本参股、企业—机构地理距离较远、行业ESG敏感性较低的样本组中更为显著。此外，国有资本参股对于民营企业ESG评级分歧的降低作用能够进一步提高资本市场定价效率，并体现在降低股价同步性方面。本文丰富了ESG评级分歧的影响因素及国有资本参股的经济后果研究，为新时期进一步深化混合所有制改革，提升资本市场ESG投资领域定价效率提供一定借鉴参考。
国有资本参股能够改善资本市场信息摩擦吗？——来自ESG评级分歧视角的证据
摘要
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引用本文
王星月, 汪涛, 冯巧根. 国有资本参股能够改善资本市场信息摩擦吗？——来自ESG评级分歧视角的证据[J]. 外国经济与管理, 2026, 48(6): 96-112.
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