碳中和背景下ESG投资者行为及相关研究前沿:综述与扩展  

ESG Investor Behavior and Related Research Frontiers in the Context of Carbon Neutrality:Overview and Extension

作　　者：唐棣 金星晔 TANG Di;JIN Xingye(PBC School of Finance,Tsinghua University;School of Economics,Central University of Finance and Economics)

机构地区：[1]清华大学五道口金融学院,100083 [2]中央财经大学经济学院,100081

出　　处：《经济研究》2023年第9期190-208,共19页Economic Research Journal

基　　金：国家社会科学基金重大项目(22&ZD070,21ZDA032);北京高校卓越青年科学家计划项目(BJJWZYJH01201910034034);中央财经大学青年科研创新团队支持计划的阶段性成果。

摘　　要：本文提出一个基于行为主体的自律性和社群性特质来理解为什么投资者奉行ESG理念的新框架。本文认为,把投资者奉行ESG理念理解为一种社会偏好或亲社会行为的流行观点,无法理解ESG理念这一社会目标是如何生成的,也无法体现ESG的重要性,而且其具体的分析对象特征与ESG并不相符。针对社会偏好框架的局限性,本文提出投资者自身具有自律性和社群性的特质,决定了投资者经过自主反思,发现ESG是自身归属之所在,是自身的构成性目的,也是整个投资者群体的共同目的,从而奉行ESG理念。其中,自律性是指投资者具有自主反思、自主发现的特质;社群性是指投资者的自主理解包含着比单纯的个体更广泛的主体。本文基于2015—2020年联合国负责任投资组织(PRI)数据,给出了投资者自律性和社群性的度量,实证研究了投资者自律性和社群性属性对投资机构ESG水平的影响。实证发现,投资者的自律性和社群性对ESG水平有显著的正向影响。本文的政策意义在于,构建了一个辨识投资者的创新性框架,有助于深入理解投资者,从而在推进可持续发展、公正转型及碳达峰碳中和的进程中,政策的制定和市场规范的设置,需要更进一步激发投资者的固有特质,发挥投资者积极参与的激情和创造性,有效治理可持续发展、气候变化及公正转型提出的问题。This paper proposes a new framework for understanding why investors consider environmental,social,and governance(ESG)factors within their investment processes,based on two intrinsic characteristics of investors:selfdiscipline and their level of social engagement.The authors believe that there are limitations to the popular view of understanding investors'ESG considerations as a social preference,or rather a pro-social action.First,the pro-social view does not explain why investors set ESG considerations as a social goal for themselves in the first place.In addition,this view sees ESG considerations as an alternative to pursuing individual interests,which underestimates the importance and urgency of the evolving ESG risks.Finally,the social preference framework does not properly capture the full characteristics of ESG investing.ESG consideration is essentially an agreement between members of society to reach certain social goals regarding the allocation of resources.There are two key questions involved in this relation:the first one is how these social goals are formulated;the second one is how to understand the agreement reached between members of society.Established theories have proposed that members of society have the ability to organize and govern themselves autonomously,and have proposed that members of society have social preferences that can solve the dilemma of social cooperation.However,these theories hardly address the issue of motivation and fail to recognize the great importance and influence of social goals.In response to the limitations of existing theories,especially the social preference framework,this paper proposes that two intrinsic characteristics of investors,self-discipline and their level of social engagement,determine their behaviors regarding ESG considerations during investment processes.Self-discipline indicates that investors,either individuals or collective actors,can proactively monitor,assess,and adjust their investment actions to meet goals and targets.The level of social engageme

关 键 词：投资者 自律性 社群性 ESG 

分 类 号：F270[经济管理—企业管理] F275[经济管理—国民经济] X322[环境科学与工程—环境工程]