As global concerns over climate change and sustainability grow, Environmental, Social, and Governance (ESG) factors have become critical in evaluating corporate practices. In China, the increasing adoption of ESG ratings by investors has highlighted discrepancies in these ratings, which may impact corporate risk. While extensive research exists on ESG performance, the effects of ESG rating disparities on corporate risk, particularly in Chinese enterprises, remain underexplored, especially the mediating role of financing constraints. Utilizing data from Chinese A-share listed companies from 2015 to 2022, this study examines the impact of Environmental, Social, and Governance (ESG) rating disparities on corporate risk, focusing on the mediating role of financing constraints. The findings indicate that discrepancies in ESG ratings significantly increase corporate risk, particularly in non-state-owned enterprises and heavily polluting industries, while having no significant impact on state-owned enterprises. Discrepancies in governance ratings exert the greatest impact on corporate risk, underscoring the critical role of corporate governance. Financing constraints further exacerbate the impact of rating discrepancies on corporate risk. These results provide new insights into enhancing the ESG rating system and mitigating corporate risk, offering a foundation for relevant policy-making.