Evaluation of ESG Ratings for Chinese Listed Companies From the Perspective of Stock Price Crash Risk

ESG investment strategy has attracted increasing attention from the financial market, and inconsistency of enterprise rating results different agencies gradually become focus regulators investors. In this article, listed companies with ratings in Shanghai Shenzhen A-shares 2016 to 2020 were selected as research samples. Combined difference-in-differences model ordinary least squares methods, rationality these was evaluated by examining difference impact three international agencies, such Bloomberg, Chinese Sino-securities, on stock price crash risk. The findings are follows: First, after incorporating FTSE Russell, MSCI, China Alliance Social Value Investment, risk enterprises is significantly reduced. Second, company's share will be lower when evaluation Bloomberg or MSCI better. Third, compared social indicators, investors pay more environmental performance decision making. Enterprises high scores have article play an enlightening role for improve its system, construct disclosure policy, market rating.