This paper examines how ESG rating disagreement (Dis) affects corporate total factor productivity (TFP) in China based on data of A-share listed companies from 2015 to 2022. We find that Dis reduces TFP, especially in state-owned, non-capital-intensive, low-pollution and high-tech firms, green innovation strengthens the dampening effect of Dis on TFP, and that Dis lowers corporate TFP by increasing financing constraints and weakening human capital. Furthermore, XGBoost regression demonstrates that Dis plays a significant role in predicting TFP, with SHAP showing that the dampening effect of ESG rating disagreement on TFP is still pronounced in firms with large Dis values.

翻译：本文基于2015年至2022年中国A股上市公司数据，探讨ESG评级分歧（Dis）对企业全要素生产率（TFP）的影响。研究发现：Dis会降低企业TFP，这一效应在国有企业、非资本密集型、低污染以及高科技企业中尤为显著；绿色创新会强化Dis对TFP的抑制作用；Dis主要通过加剧融资约束和削弱人力资本两条路径降低企业TFP。进一步地，XGBoost回归表明Dis对TFP具有显著的预测作用，SHAP分析显示在Dis值较大的企业中，ESG评级分歧对TFP的抑制作用依然突出。