Can Enterprise Digital Transformation Alleviate the Value Shock Caused by ESG Rating Divergence?

Abstract

Under the context of China’s "dual carbon" strategy and the development of the digital economy, ESG has become a key benchmark for measuring corporate sustainable development. However, divergences in ESG ratings increase information uncertainty and may depress corporate value. This paper uses Chinese A-share listed companies from 2015 to 2023 as a sample, employing regression and moderation effect analysis to examine the impact of ESG rating divergences on corporate value and the moderating role of digital transformation. The findings indicate that: (1) ESG rating divergences significantly reduce corporate value, reflecting a decline in market trust in the quality of ESG information; (2) digital transformation can significantly mitigate this negative effect, particularly in companies with a higher level of digitalization; (3) in non-state-owned enterprises and firms with concentrated leadership, the buffering effect of digital transformation is stronger, highlighting its function in optimizing information in contexts with weaker governance and lower transparency. This paper extends research on the mechanisms through which ESG rating divergences affect corporate value from the perspective of digital transformation and provides empirical evidence and reference for companies to optimize ESG information disclosure and digital strategy, as well as for government policies promoting integrated development.