Taking A-share listed firms in Shanghai and Shenzhen from 2011 to 2021 as samples,this research examines the impact and mechanism of ESG ratings uncertainty on green innovation.The results show that ESG ratings uncertainty leads to a symbolic increase in green innovation quantity and a substantial decline in green innovation quality,thus generating a green innovation"bubble".The mechanism test shows that ESG ratings uncertainty increases green innovation quantity through the"market pressure"channel of improving analyst attention,investor attention,and media attention,while inhibits green innovation quality through the"financing constraints"channel of increased finan-cing constraints,equity financing cost,and debt financing cost.Heterogeneity analysis finds that con-sidering internal information environment,in the firms with low accounting comparability and poor in-vestor relationship management,or in the enterprises with weak local environmental regulation and low public environmental concern from the aspect of external environmental regulation,ESG ratings uncertainty has a greater effect on improving green innovation quantity and inhibiting green innovation quality.
维普
万方数据