The existence of ESG rating disagreement brings certain decision-making problems to creditors,but it will also prompt enterprises to "self-help".This "self-help" behavior may alleviate the information asymmetry between enterprises and creditors,enhance the development potential of enterprises,and thus reducing the cost of enterprise debt financing.This paper takes the panel data of A-share listed companies from 2009 to 2022 as a sample to explore the impact of ESG rating disagreement on debt financing costs and their mechanism.The study found that ESG rating disagreement sgnificantly reduced the cost of corporate debt financing,which was still established after a series of robustness tests and endogeneity treatments such as double clustering,subsample regression,PSM propensity score matching,quasi natural experiments,etc.Mechanism analysis shows that ESG rating disagreement reduce debt financing costs by forcing enterprises to improve the quality of ESG information disclosure,green innovation level and attract the attention of analysts.Heterogeneity analysis found that ESG rating disagreement have a more obvious effect on reducing the debt financing costs of high-polluting enterprises and enterprises with poor regional financial ecological environment.The economic consequences show that ESG rating disagreement have increased the market value of enterprises,resulting in higher market development capabilities for enterprises.This paper reveals the economic consequences of ESG rating disagreement from the perspective of debt financing costs,enriches the connotation of ESG rating disagreement,and is of great significance for the urgent need to unify ESG rating standards and how to unify them.