The divergence of environmental,social,and governance(ESG)ratings indicates differ-ent perspectives on a company's sustainable development,which may affect the company's decision of trade credit.Using a sample of A-share listed companies in China from 2015 to 2021,this article empirically tests the relationship between the divergence of the ESG ratings and the provision of trade credit.The article finds that the divergence of the ESG ratings significantly reduces the company's provision of trade credit.The divergence of the ESG ratings increases the company's fi-nancing constraints and profit volatility,reduces the stability of the company's supply chain,and reduces the company's ability and willingness to provide trade credit.The effect is influenced by the company's ESG individual attributes,conditions of operating cash flow,and social trust level.In addition,the effect has an asymmetric impact on upstream suppliers and downstream custom-ers.This article enriches the relevant literature on the economic consequences of the divergence of the ESG ratings and has referential value for standardizing the ESG rating criteria and promoting the stability of a company's supply chain.
关键词
ESG评级分歧/商业信用供给/供给能力/供给意愿
Key words
Divergence of the ESG ratings/Provision of trade credit/Provisional ability/Provision-al willingness
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