“双碳”背景下我国绿色证券市场ESG责任投资原则构建论  

Construction of ESG Investing Principles in Chinese Green Securities Market under the Background of Carbon Peaking and Carbon Neutrality Goals

作　　者：季立刚[1,2] 张天行 Ji Ligang;Zhang Tianxing

机构地区：[1]复旦大学法学院 [2]复旦大学中国金融法治研究院

出　　处：《财经法学》2022年第4期3-20,共18页Law and Economy

基　　金：2019年度国家人权教育与培训基地重大项目“人权保障与金融秩序治理研究”(19JJD820010)的阶段性成果。

摘　　要：ESG责任投资原则以现代公司治理、可持续发展及经济负外部性理论为基石,促使投资价值评估从以利润回报指标为核心向融合环境、社会和公司治理多维价值与多维指标体系转化,并以信息披露、量化评估、投资策略指引等为主要实施路径。在国际、区域、国别层面,虽ESG责任投资拥有不同模式、不同特点,但其遵循共同的理念和原则,其标准体系及治理框架亦日渐成熟。我国绿色证券市场ESG责任投资原则的实施较晚,但其关注经济、社会、环境可持续发展等价值取向已被广泛认同。结合域外实践进程,并基于我国绿色证券市场的发展需要,应将ESG责任投资理念与原则更深地融入绿色证券市场建设中,通过努力培育绿色证券市场投资主体、优化绿色金融资源配置、完善上市公司ESG治理,构建完善的绿色证券市场ESG责任投资原则、制度,从而释放我国绿色证券市场发展的巨大新活力。The principles of ESG investing based on the theory of modern corporate governance,sustainable development and negative externalities,promotes the way of valuing an investment from focusing on financial indicators to integrating environment,society and corporate governance,and takes information disclosure,quantitative evaluation andinvestment strategies guidance as a main approach.At the international,regional and national level,ESG investing has different patterns and characteristics,but it follows common concepts and principles,and its standard system and governance framework increasingly mature.China s green securities market had a late start in ESG investing,but its value orientation of focusing on sustainable development of economy,society and environment has been widely recognized.Combined with the process of extraterritorial practice and based on the demand of China s green securities market development,the concept and principles of ESG investing should be more deeply integrated into the construction of green securities market.Through nurturing investors of green securities market,optimizing the allocation of green financial resources,improving the ESG governance of listed companies,we can build a well-established principle and system of ESG investing in green securities market,and then unleash the vitality of the development of China s green securities market.

关 键 词：ESG责任投资 绿色证券 企业社会责任 信息披露 

分 类 号：F832.51[经济管理—金融学] X196[环境科学与工程—环境科学]