ESG研究进展及其在“双碳”目标下的新机遇

Review on the Research Progress of ESG and Its New Opportunities under the National Pledge of Carbon Peaking and Carbon Neutralization

中文关键词:  ESG  多利益相关方  信息公开  "双碳"目标  DPSIR

英文关键词:ESG  multi-stakeholder  information disclosure  carbon peaking and neutralization  DPSIR

中文摘要:

      环境、社会和治理（ESG）是一种由资本市场发展形成的融合多利益相关方诉求的新理念，目的是推动企业提升社会责任和实现可持续发展。推进ESG理念在中国发展，对国家扩大对外开放、增强企业国际竞争力以及实现“双碳”目标具有重大意义。本研究通过综述2019年3月—2022年3月以来国内外以ESG为主题的文献，分析ESG实践特点和发展新动向。研究发现，ESG三要素在金融投资、企业或银行财务表现、企业价值、企业社会责任绩效以及可持续发展能力方面会产生多样化影响。本文建立了一个包含ESG多利益相关方、第三方机构以及ESG代表性指南政策法规的运行体系框架，形象化地凝练了ESG的内涵和实践重点；结合理论研究，运用驱动力、压力、状态影响及响应（DPSIR）分析框架揭示了ESG理念在我国“双碳”目标下的发展方向。最后，建议从三方面推进ESG理念：以工业园区为载体推动企业整体性开展ESG实践创新；推进A股企业扩大ESG实践示范试点，引领中小企业整体提升；引导投资者积极参与ESG投资，推进企业提升现代化环境治理能力。

英文摘要:

      ESG (environmental, social and governance) is a new concept formed by the development of the capital market that integrates multi-stakeholder demands and aims to promote corporate social responsibility and achieve sustainable development. Promoting the development of ESG concept in China is of great significance for the country to broaden its opening to the global market, strengthen the international competitiveness of its corporates, and achieve the carbon peaking and carbon neutralization goals. In this study, we assess the features of ESG practice and the new trend in development, by reviewing major literature published between March 2019 and March 2022. The key findings are as followed. The three ESG elements have diverse effects in five areas:financial investment, financial performance, corporate value, corporate social response, and sustainability. On this basis, we established an operational system framework that includes ESG multi-stakeholder, third-party institutions, and ESG representative guidelines, policies, and regulations to visualize and condense the connotation and practice focus of ESG. With prior theoretical research, this study employs the DPSIR analytical framework to examine the ESG development path in light of national goals of carbon peaking and neutralization. Lastly, we suggest the following three policy recommendations:using industrial parks as a channel to promote ESG practice innovation in firms; encouraging A-share listed enterprises to expand ESG demonstration pilots and leading to the overall improvement of ESG information disclosure in other firms; and guiding the investors to actively participate in ESG investing to facilitate enterprises in enhancing modern environmental governance.