环境-社会责任-公司治理研究进展  

Research Progress on Environment-Social Responsibility-Corporate Governance

作　　者：李小荣 徐腾冲 LI Xiaorong;XU Tengchong(Central University of Finance and Economics,Beijing,China)

机构地区：[1]中央财经大学财政税务学院、中财-中证鹏元地方财政投融资研究所,102206

出　　处：《经济学动态》2022年第8期133-146,共14页Economic Perspectives

基　　金：国家自然科学基金面上项目(71972192,72272166);教育部霍英东教育基金会资助项目(161077)。

摘　　要：环境-社会责任-公司治理(ESG)反映了企业的可持续发展能力,为企业履行社会责任提供了持续的推动力,成为新时代的趋势和商业规范,也成为学术研究的前沿问题之一。本文选取国外金融领域涉及ESG的相关文献,遵循ESG体系流程,从ESG信息披露及评级、资本市场、公司金融三个方面对已有文献进行全面梳理和深入分析。在ESG信息披露及评级方面,现有研究主要从ESG信息披露的效果及其影响因素、ESG评级分歧、企业“清洗”角度进行分析。在资本市场方面,现有文献主要关注ESG对股票市场、债券和基金的影响。在公司金融方面,现有文献集中于研究ESG与经营财务活动、公司治理、风险、资本成本和企业绩效之间的关系。本文最后基于国外研究现状指出了当前研究的不足,并展望未来该领域可能的研究方向。Environment-Social Responsibility-Corporate Governance(ESG) reflects the sustainable development capabilities of enterprises and provides a continuous impetus for enterprises to fulfill their social responsibilities. The ESG has become a trend and business norm in the new era, and has also become one of the frontier issues of academic research. This paper selects relevant documents related to ESG in the foreign financial field, follows the ESG system process, and conducts a comprehensive review and in-depth analysis of the existing literature from three aspects: ESG information disclosure and rating, capital market, and corporate finance. In terms of ESG information disclosure and rating, existing research mainly analyzes the effects of ESG information disclosure and its influencing factors, ESG rating differences, and corporate “cleaning”. In terms of capital market, the existing literature mainly focuses on the impact of ESG on stock markets, bonds and funds. In corporate finance, existing literature focuses on the relationship between ESG and operational financial activities, corporate governance, risk, cost of capital and corporate performance. Based on the current situation of foreign research, this paper points out the shortcomings of current research, and looks forward to possible research directions in this field in the future.

关 键 词：ESG 信息披露 评级 资本市场 公司金融 

分 类 号：F271[经济管理—企业管理] F270[经济管理—国民经济] X322[环境科学与工程—环境工程]