强制与自愿二元定位下《证券法》ESG信息披露制度的体系完善  

Systematic improvement of ESG disclosure system of securities law under the dual positioning of mandatory and voluntary

作　　者：李燕[1] 肖泽钰 LI Yan;XIAO Zeyu(College of Civil and Commercial Law,Southwest University of Political Science and Law,CHONGQing 401120,P.R.Ching)

机构地区：[1]西南政法大学民商法学院,重庆401120

出　　处：《重庆大学学报（社会科学版）》2024年第2期195-210,共16页Journal of Chongqing University(Social Science Edition)

基　　金：重庆市法学会第三期法学研究委托调研课题“金融法治护航乡村振兴问题研究”(CFH2022C02)。

摘　　要：如何提升ESG信息披露的数量与质量,是当下ESG信息披露制度完善的首要目标。现有研究主要基于ESG强制性信息披露可以弥补自愿性监管不足之逻辑,认为应加强ESG信息披露的强制性;却忽略了自愿性信息披露的价值,以及在为何加强、如加强强制性方面论证不足。首先,理论研究发现,自愿性信息披露具有强制性信息披露不可替代的优势,其灵活性更契合ESG信息披露的个性化特征,形成更有效的市场信息;另一方面,自愿性与强制性信息披露是不可割裂的,在制度功能、披露内容与制度构建上具有关联性、互补性。完善的ESG信息披露制度需要强制性与自愿性的二元结合。其次,ESG的功能定位直接影响监管模式的选择。监管部门如将ESG定位为促进公司长期价值的工具,即属于公司自治范畴,采用自愿立场;如将ESG定位为社会治理的手段,往往会提升ESG信息披露的强制性以达到社会治理的目标。据此,我国现阶段基于“双碳”治理的目标提升环境信息披露的强制性,保留其余信息披露的自愿性具有理论与实践正当性。再次,虽然二元监管模式定位合理,但是在具体制度建设中仍存在环境强制性信息披露监管不足、自愿性ESG信息披露激励不足的内生冲突。当前环境强制性信息披露仍然采用单一重要性原则,可能造成ESG信息披露供给不足以及难以应对“漂绿”现象;在法定环境信息披露事项上,也存在标准不一的问题。自愿性信息披露则存在激励不足的现象。上市公司可能因为ESG信息披露承担监管风险,但却无细则与免责事由指引如何避免。最后,在制度优化上,监管强化存在引进双重重要性原则以及增列强制性信息披露事由两条路径。但考虑到双重重要性原则所代表的社会公共利益与证券法投资者保护利益的根本性冲突,现阶段统一法定环境信息披露标准较为合适。另�How to improve the quantity and quality of ESG disclosure is the primary goal of improving the ESG disclosure system.Based on the logic that mandatory ESG disclosure can make up for the insufficiency of voluntary regulation,existing studies mainly argue that mandatory ESG disclosure should be strengthened;however,they ignore the value of voluntary disclosure and the insufficient arguments on why and how to strengthen mandatory disclosure.First of all,theoretical studies have found that voluntary disclosure has the irreplaceable advantage of mandatory disclosure,and its flexibility is more suitable for the personalized characteristics of ESG disclosure and the formation of more effective market information;on the other hand,voluntary and mandatory disclosure are inseparable,and they are related and complementary in terms of system function,disclosure content and system construction.Secondly,the functional positioning of ESG directly affects the choice of regulatory model.If regulators position ESG as a tool to promote long-term corporate value,it belongs to the category of corporate autonomy and adopts a voluntary stance;if they position ESG as a means of social governance,they tend to enhance the mandatory nature of ESG letter approvals in order to achieve the goal of social governance.Accordingly,at this stage of China's dual-carbon governance based on the goal of enhancing the mandatory environmental information disclosure,retaining the voluntary nature of the remaining information disclosure has theoretical and practical legitimacy.Again,although the positioning of the dual regulatory model is reasonable,there is still an endogenous conflict between insufficient regulation of mandatory environmental disclosure and insufficient incentives for voluntary ESG disclosure in the construction of the specific system.The current mandatory environmental disclosure still adopts a single materiality principle,which may result in insufficient supply of ESG disclosure as well as difficulty in coping with the phenomenon of g

关 键 词：ESG 强制性信息披露 自愿性信息披露 双重重要性原则 单一重要性原则 绿色金融 

分 类 号：D922.287[政治法律—经济法学] F272.5[政治法律—法学]