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<p>Against the backdrop of the vigorous development of global ESG investment, the differences in ESG assessments of the same enterprise by different rating agencies have become a key factor affecting cross-border financing costs. However, it remains unclear whether inconsistent ESG ratings make foreign investors charge firms more for capital, and through which risk channels this happens. To address this problem, this study builds a dual-mediation framework using Chinese cross-border listed firms and examines two channels: debt default risk and stock price crash risk. The contribution is to define ESG rating divergence as a cross-border risk premium, test the two channels in one framework, and show that institutional distance strengthens this association. The findings suggest that clearer ESG disclosure and more compatible rating standards may help reduce unnecessary financing premiums in cross-border capital markets.</p>

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The impact of ESG rating divergence on cross-border financing costs: a dual mediation effect test from the perspective of global governance

  • 期刊论文

  • 发表日期：

    2026年7月8日

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  • Jinghui Xi

摘要

Against the backdrop of the vigorous development of global ESG investment, the differences in ESG assessments of the same enterprise by different rating agencies have become a key factor affecting cross-border financing costs. However, it remains unclear whether inconsistent ESG ratings make foreign investors charge firms more for capital, and through which risk channels this happens. To address this problem, this study builds a dual-mediation framework using Chinese cross-border listed firms and examines two channels: debt default risk and stock price crash risk. The contribution is to define ESG rating divergence as a cross-border risk premium, test the two channels in one framework, and show that institutional distance strengthens this association. The findings suggest that clearer ESG disclosure and more compatible rating standards may help reduce unnecessary financing premiums in cross-border capital markets.