Research On The Construction Of ESG Information Disclosure Quality Evaluation System For Listed Companies In The Transportation Equipment Industry

Good ESG information disclosure quality not only enhances a company’s reputation and credibility,attracts more investors and customers,but also enhances employee morale and loyalty,helping investors better evaluate the long-term value of the company.With the popularization of ESG investment,the number and influence of ESG rating agencies are also increasing.However,the chaos of ESG ratings is gradually becoming apparent: firstly,different rating agencies use different rating standards,which may lead to significant differences in the rating results of the same enterprise among different agencies,making it difficult for investors to determine the true ESG performance;Secondly,ESG rating agencies may be influenced by various commercial interests such as capital and corporate interests,leading to a loss of objectivity and impartiality in rating results;Finally,the internal rules of ESG rating agencies are not transparent enough,making it difficult for investors and other stakeholders to understand the specific details and standards in the rating process.In addition,internationally influential ESG rating agencies have less consideration for China’s unique national conditions and industry characteristics,and domestic ESG rating agencies lack a specialized evaluation system for the transportation equipment industry.The transportation equipment industry plays an important role in the green transformation,and the evaluation of the quality of ESG information disclosure is becoming increasingly important.This article refers to the internationally authoritative ESG compilation basis,fully considers the regulatory and stock exchange requirements for ESG information disclosure,as well as the characteristics of the transportation equipment industry,and draws on the good practices of influential ESG rating agencies both domestically and internationally,Targeted construction of an ESG information disclosure quality evaluation system for listed companies in the transportation equipment industry,and testing of the ESG information disclosure quality evaluation system constructed in this article using China Railway Signal & Communication Corporation Limited(referred to as " CRSC ")listed on The Stock Exchange of Hong Kong Ltd and the Shanghai Stock Exchange as an example.This article first analyzes the current status of ESG information disclosure and ESG rating of 277 listed companies in the transportation equipment industry in China;Secondly,based on the relevant industry institutional background of the "14th Five Year Plan" for green transportation development,the characteristics of the transportation equipment industry in terms of ESG were analyzed;Thirdly,the Delphi method method is used to select ESG related indicators,including 14 indicators from the environmental dimension,14 indicators from the social dimension,and 14 indicators from the corporate governance dimension.Considering the effective communication with stakeholders,this paper also selects 4 indicators from the disclosure mode dimension of ESG;Secondly,the specific weights of the four dimensions mentioned above are determined using the Analytic Hierarchy Process(AHP);Finally,the fuzzy comprehensive rating method is used to establish the membership degree of the evaluation results,ultimately forming the ESG information quality evaluation system for listed companies in China’s transportation equipment industry.Unlike rating agencies such as MSCI,FTSE Russell,Huazheng,Syn Tao Green Finance,and Rankins ESG Ratings in their ESG rating results for "CRSC",this article’s rating results show that the ESG information disclosure quality of "CRSC" is "excellent",but there is still significant room for improvement in certain specific indicators.The research in this article enriches the research literature in the field of ESG rating and has certain reference value for listed companies in the transportation equipment industry to improve the quality of ESG information disclosure.Due to the difficulty in obtaining specific ESG rating processes and detailed reports from different institutions and the limited literature available for reference,there are inevitably shortcomings in this study.