近年ESG評級成為永續投資整合流程與風險評估的重要考量因子，然而各機構間存在ESG評級差異之情況成為重要議題，評級不一致性成為未來衡量投資風險之重要考量，本研究使用三家評級機構MSCI明晟（MSCI）、標普（S&P Global）、路孚特（Refinitiv）之ESG評級資料，計算ESG平均評級與評級不一致性，樣本涵蓋2013年至2022年美國市場發行CDS企業，在考量評級不一致性情況下，探討ESG評級對CDS利差之影響。
本研究首先參考Avramov et al. (2022)於ESG評級不一致性之建構與檢驗方式，並依照Barth et al. (2022)提出之ESG風險緩解效應模型進行實證分析，延伸探討評級不一致性交互作用與間接效果之影響。本研究發現以下三點結論：（一）考量評級不一致性情況下，ESG評級更能捕捉風險緩解效應。（二）評級不一致性居中，且ESG評級表現佳之企業，風險緩解效應顯著。（三）ESG評級透過直接與間接渠道降低風險預期，評級不一致性間接效果渠道使市場風險預期上升。
本文研究結論顯示，評級不一致性是影響企業風險市場預期的重要因素，考量評級差異對CDS利差的影響，能更有效地衡量市場如何解讀企業ESG評級中隱含風險。本研究發現，評級不一致性居中的企業具備顯著之非線性風險緩解效應，這為ESG評級不一致性議題提供了與現存文獻不同的見解。

In recent years, ESG ratings have become crucial factors in integrating sustainable investment processes and risk assessments. However, the disagreement in ESG ratings across different agencies present a challenge. Rating uncertainty has become an essential consideration for investment risk evaluations. This study analyzes ESG data from MSCI, S&P Global, and Refinitiv to calculate average ESG ratings and rating uncertainty. The sample includes U.S. market CDS-issuing firms from 2013 to 2022. This study investigates the impact of ESG ratings on CDS spreads with ESG rating uncertainty consideration.
This research references the construction methods of ESG rating uncertainty by Avramov et al. (2022) and employs the ESG risk mitigation model proposed by Barth et al. (2022) for empirical analysis. It further explores the effects of interaction and indirect effects of rating uncertainty. The study presents three main conclusions: (1) Considering rating uncertainty, average ESG ratings more effectively capture risk mitigation effects. (2) Companies with moderate level of rating uncertainty and high ESG performance exhibit significant risk mitigation effects. (3) ESG ratings reduce risk expectations through direct and indirect channels, whereas the indirect effects of rating uncertainty increase market expectations of credit risk.
The findings indicate that rating uncertainty is a critical factor influencing market expectations of credit risk. Considering the impact of rating uncertainty on CDS spreads provides a better measure of how the market interprets the risks implied in ESG ratings. This study reveals that companies with a moderate level of rating uncertainty show a significant non-linear effect on risk reduction, providing insights that differ from existing literature on ESG rating uncertainty.

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