证券法“重大性”标准适用于ESG信息披露的可行性研究  

Feasibility Study on Applying the"Materiality"Standard of Securities Law to ESG Information Disclosure

作　　者：何焰[1] 蒋琼 HE Yan;JIANG Qiong(School of Law,Zhongnan University of Economics and Law,Wuhan,430073,China)

机构地区：[1]中南财经政法大学法学院,湖北武汉430073

出　　处：《福建金融管理干部学院学报》2025年第1期11-20,30,共11页Journal of Fujian Institute of Financial Administrators

摘　　要：2024年4月12日,三大交易所发布《可持续发展报告指引》,揭开A股ESG信息强制披露的序幕。交易所指引引入“双重重要性”标准,与证券法的“重大性”标准存在差异。ESG信息披露是证券信息披露制度下的特殊披露类型,证券法的“重大性”标准作为证券信息披露通用的普适性标准,既为ESG信息披露的可实施性和可持续性提供了重要的法律基础和制度保障,又面临与ESG信息披露基本理念冲突、被交易所“双重重要性”架空、制约ESG信息披露民事责任构建等多重困境。破解困境有必要探索和优化证券法“重大性”标准适用于ESG的可行路径,强化ESG信息披露法理支撑,加强证券法与交易所规则的协同,补充ESG信息披露特殊民事责任规则,以证券法“重大性”标准为桥梁完善上市公司ESG信息披露制度体系。On April 12,2024,the three major stock exchanges issued the"Guidelines for Sustainable De-velopment Reports",initiating the mandatory disclosure of ESG information on A-share market.The"Double Materiality"standard introduced by the exchange guidelines is different from the"Materiality"standard in Securities Law.ESG information disclosure represents a specialized category of disclosure un-der the securities information disclosure system.As a universal standard of securities information disclo-sure,the"Materiality"standard of Securities Law provides critical legal and institutional foundations for the implementation and sustainability of ESG information disclosure,but it also faces challenges such as conflict with the foundational principles of ESG information disclosure,marginalization by the"Double Materiality"framework and constraints on the construction of civil liability mechanism for ESG information disclosure.In this regard,it is imperative to explore and optimize a path for applying the"Materiality"standard of Securities Law,take measures to strengthen the legal support for ESG informa-tion disclosure,strengthen the coordination between securities law and exchange rules,supplement the spe-cial civil liability rules of ESG information disclosure,and take the materiality standard of securities law as a bridge to improve the ESG information disclosure system of listed companies.

关 键 词：ESG信息披露 “重大性”标准 强制披露 信息披露民事责任 

分 类 号：D922.287[政治法律—经济法学]