Crack the Confusion of ESG Ratings in the Chinese Path to Modernisation:Divergent Representations,Causes of Variation and Governance Logic
The ESG rating,which is environmentally friendly and socially responsible,constitutes an important part of promoting the sustainable development of the real economy with the concept of Chinese path to modernization.However,many rating agencies pursue differences in ESG rating results or forms,presenting the phenomenon of ESG rating divergence.In particular,the divergence is more obvious among domestic rating agencies and non-specialist rating agencies.At the same time,the divergence has typical spatial and temporal characteristics,with significant differences between different times,regions,and industries.And these differences are related to the fact that ESG rating formation involves multiple subjects and dimensions.Combined with the five ESG rating links of standard setting,disclosure requirements,data disclosure,data collection,and scoring and rating,the reasons can be attributed to the concep-tual dimension,data dimension,and technical dimension.Based on this,the governance of ESG rating divergence should be based on the overall situation,which can utilize the information ecosystem theory to clarify the four governance elements of information person,information ontology,information technology and information environment,and follow the logic of ESG rating divergence governance un-der the guidance of humanism,interaction,system and balance.It provides theoretical support for enhancing the decision-making value of ESG ratings,realizing the organic combination of ESG rating system and Chinese context,and promoting the expansion and develop-ment of the Chinese path to modernisation.
Chinese path to modernizationESG rating divergenceinformation ecosystemgovernance logic
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