ESG的合法性基础  

The Legitimacy Basis of ESG

作　　者：姜付秀[1] 陈思 王骜然 Jiang Fuxiu;Chen Si;Wang Aoran

机构地区：[1]中国人民大学商学院,北京100872 [2]中央财经大学财政税务学院,北京102206 [3]对外经济贸易大学中国金融学院,北京100029

出　　处：《中山大学学报（社会科学版）》2024年第6期413-428,共16页Journal of Sun Yat-sen University(Social Science Edition)

基　　金：国家自然科学基金面上项目“多个大股东的价值:基于信息中介视角的研究”(72272144);国家自然科学基金青年项目“双重股权结构的经济后果:基于掏空与创新的权衡视角”(72102042)。

摘　　要：因顺应人类社会发展的必然趋势,ESG概念一经提出便风靡全球。然而,由于在理论上缺乏逻辑自洽且综合全面的ESG理论体系支撑,实践中缺乏公认的ESG绩效评价标准,以及ESG绩效与财务绩效存在一定冲突,学术界和实务界对ESG产生了一些困惑和争议,在一些国家甚至出现了反ESG风潮。为了给ESG的合法性提供一个充分解释,从而更好地推动ESG理论与实践发展,本文首先基于思想溯源探讨了ESG的本质;在此基础上,从企业目标历史演进和利益相关者价值贡献两个视角,对ESG的合法性进行了深入探讨。企业目标一直是实现利益相关者的利益诉求、利益相关者一直是企业价值的创造者,奠定了ESG的合法性基础。进一步地,本文讨论了ESG面临的现实挑战,以及ESG的中国特色。Aligned with the inevitable trend of human social development,the concept of ESG quickly gained worldwide popularity upon its introduction.However,due to a lack of a logically coherent and comprehensive theoretical ESG framework,the absence of universally recognized ESG performance evaluation standards,and conflicts between ESG performance and financial performance,both academia and industry have encountered confusion and debate regarding ESG.In some countries,there has even been a backlash against ESG.To provide a thorough explanation of ESG’s legitimacy and thus better promote the development of ESG theory and practice,this paper first explores the essence of ESG based on its ideological origins.On this basis,we examine the legitimacy of ESG from two perspectives:the historical evolution of corporate objectives and the value contributions of stakeholders.We argue that the corporate objectives have always been about fulfilling the interests of stakeholders,who are the creators of corporate value,thus establishing the legitimacy basis of ESG.Furthermore,the paper discusses the real challenges faced by ESG and its unique characteristics in the Chinese context.

关 键 词：ESG CSR 合法性基础 利益相关者 

分 类 号：F279.2[经济管理—企业管理] X322[经济管理—国民经济]