過去十餘年，氣候變遷、社會責任與公司治理議題的熱度持續升溫，促使全球資本市場迅速將永續衡量指標導入投資決策流程。ESG 評級因此成為資產管理人設定風險權重與資產配置的重要依據，亦為企業用以彰顯長期價值與利害關係人溝通的核心語言。
本研究以 2014 年至 2021 年之美國上市公司為樣本，整合 MSCI、S&P Global 與 Refinitiv 三家評級機構所揭露之 ESG 分數，檢驗 ESG 整體評級水準及評級不一致性對本國投資人、外國投資人與機構投資人持股比例之影響。研究共取得 7,725 筆公司，並採多元線性迴歸，控制產業與年度固定效果，以及公司規模、Tobin’s Q、有形資產比率、ROA 與負債比等財務特徵，並以 White 穩健標準誤修正異質變異數。
實證結果顯示，較高的 ESG 整體評級能顯著吸引外國投資人與機構投資人，然對本國投資人持股比例則呈負相關；評級不一致性本身僅對機構投資人呈顯著正向關係，且在評級分歧程度較高時，ESG 高評級對機構投資人更具吸引力。研究結果揭示不同類型的投資者在永續資訊解讀上的差異，並顯示評級差異不僅未削弱機構投資人對 ESG 的需求，反而增強其對相關資訊之依賴。

Over the past decade, climate change, social responsibility, and corporate governance have gained importance in global capital markets, driving the use of ESG ratings in investment decisions. ESG ratings now serve as essential benchmarks for asset managers and communication tools for companies.
This study analyzes US-listed companies from 2014 to 2021, using ESG scores from MSCI, S&P Global, and Refinitiv to assess how overall ESG ratings and rating inconsistency affect domestic, foreign, and institutional ownership. The sample includes 7,725 firm-year observations, analyzed with multiple linear regression and controls for industry, year, and key financial characteristics. White’s robust standard errors address heteroskedasticity.
Results show that higher ESG ratings attract foreign and institutional investors but are negatively related to domestic investor ownership. Rating inconsistency positively affects only institutional investors. Moreover, greater rating divergence strengthens the appeal of high ESG ratings for institutional investors. The findings highlight differences in investor interpretation of ESG information and show that rating divergence boosts institutional demand for ESG data.

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