【作者】 张莉莉；

【导师】 郑若娟；

【作者基本信息】 厦门大学 ， 人口、资源与环境经济学， 2022， 硕士

【摘要】 碳中和、碳达峰目标的确立和新发展理念的提出对我国上市企业的可持续发展水平将提出了更高的要求。当前,环境、社会及治理(ESG)成为继企业社会责任(CSR)之后国际社会衡量企业可持续性水平的最新指标,也是以企业为基点贯彻新发展理念、实现高质量发展的有力抓手。在此背景下,本文围绕我国上市企业ESG信息披露的驱动因素展开研究,并结合新发展理念的本质要求,为我国探索出一条具有中国特色的ESG信息披露规范化之路提供行动依据。本文主要利用合法性理论、新制度主义理论及资源基础理论展开规范分析,并通过多元线性回归模型对我国上市企业样本进行了实证研究。研究发现:首先,在外部因素方面,我国上市企业ESG信息的披露质量显著受到强制压力、规范压力和模仿压力等因素的驱动作用,其中制度压力起到主导作用;在内部因素方面则受到了融资需求负向抑制和消费者远近度的正向激励,研究结论通过稳健性检验。其次,通过分位数回归发现,强制压力有助于补齐ESG信息的披露短板,规范、模仿压力则会加强披露的顶尖效应,经济性需求对低披露水平企业的影响最为显著。从所有制来看,制度压力对两种所有制企业的披露都起到了显著的正向影响,融资需求较大限制了民营企业披露质量的提升。最后,本文进一步拆分ESG要素,发现环境信息和社会责任信息是当前我国ESG披露工作的短板,而制度压力能够最有效地驱动这两方面信息的披露,与消费者直接接触显著增强了企业社会责任信息的披露动力。根据以上研究结论,本文结合新发展理念的基本内涵提出当前我国ESG披露工作的优化路径:(1)明确披露内容,突出新发展理念工作要求;(2)完善披露机制,以健全法律规范体系为重点,有序落实强制性披露机制;以多元激励引导为依托,全方位引导披露规范化;(3)强化披露监督,构建以政府为主导的多元协同监督机制。更多还原

【Abstract】 The establishment of carbon neutralization and carbon peak and the new development concept will put forward higher requirements for the sustainable development level of listed enterprises in China.At present,environment,social responsibility and corporate governance(ESG)has become the latest indicator for the international community to measure the level of corporate sustainability after corporate social responsibility(CSR),and it is also a powerful way to implement the new development concept and achieve high-quality development based on enterprises.In this context,this paper focuses on the driving factors of China’s listed companies’ESG information disclosure,and combines the essential requirements of the new development concept to provide action basis for China to explore a standardized road of ESG information disclosure with Chinese characteristics.This paper mainly uses legitimacy theory,new institutionalism theory and resource-based theory to conduct normative analysis,and empirically studies the sample of listed enterprises in China through multiple linear regression model.The results show that:first,in terms of external factors,the quality of ESG information disclosure of listed companies in China is significantly driven by mandatory pressure,normative pressure and imitation pressure,among which institutional pressure plays a leading role;In terms of internal factors,it is negatively inhibited by financing demand and positively stimulated by consumers’ near and far.The results of the study pass the robustness test.Secondly,through quantile regression,it is found that mandatory pressure helps to complement the shortcomings of ESG information disclosure,while normative and imitation pressure can strengthen the apex effect of disclosure,and economic demand has the most significant impact on enterprises with low disclosure level.From the perspective of ownership,institutional pressure has a significant positive impact on the disclosure of both types of ownership enterprises,and the large financing demand limits the improvement of the disclosure quality of private enterprises.Finally,this paper further separates ESG elements and finds that environmental information and social responsibility information are the shortcomings of ESG disclosure in China,and institutional pressure can most effectively drive the disclosure of these two aspects of information.Direct contact with consumers significantly enhances the motivation of corporate social responsibility information disclosure.Based on the above research conclusions,this paper proposes the optimization path of ESG disclosure in China based on the basic connotation of the new development concept:(1)clarify the disclosure content and highlight the work requirements of the new development concept;(2)Improve the disclosure mechanism,focusing on improving the legal norm system,and implement the mandatory disclosure mechanism in an orderly manner;Based on the guidance of multiple incentives,all-round guidance and standardization of disclosure;(3)Strengthen disclosure supervision and build a government-led diversified collaborative supervision mechanism.更多还原