上市公司环境、社会和治理信息披露的软法实现与强化路径

摘要/Abstract

摘要： 上市公司的ESG信息披露中存在诸多具有指导和规范作用的软法。其由行业协会、国际组织与评级机构等非国家主体制定和实施,能够解决硬法在ESG披露中呈现的抽象、滞后与僵化问题,发挥补充与转化功能,回应现实需求。ESG披露软法不依靠国家强制力保障,而是通过影响融资的声誉机制、内部规则执行的市场定价、信号传递的外部效应及硬法的反向支撑来实现自身的规范效力。故对于完善中国ESG披露的软法之治,可从市场多方合力的角度加以探索。详言之,交易所应增强其权威性,促进监管竞争;重点国企应带头推动软法适用的网络效应;软法自身通过支持硬法、细化后果等方式硬化;机构与个人投资者、信息中介提升ESG参与度,从而强化披露软法的规范效果。

关键词: ESG, 信息披露, 软法, 证券市场, 上市公司

Abstract: There are many soft laws that can guide and regulate the ESG information disclosure of listed companies. It is formulated and implemented by non-state entities like industry associations, international organizations and rating agencies, which can solve the problems of abstraction, lagging behind and rigidity of hard laws in ESG disclosure, play the role of supplement and transformation, and respond to practical needs. The ESG soft law does not rely on the national force for protection, but realizes its normative force through the financing-affecting reputation mechanism, the market pricing implemented by internal rules, the external effect of signal transmission, and the reverse support of hard law. Therefore, the improvement of the soft law governance of China’s ESG disclosure can be explored from the perspective of the joint efforts of multiple parties in the market. In detail, the exchanges should enhance their authority and promote regulatory competition; the key state-owned enterprises should take the lead in promoting the network effect for which the soft law is applicable; the soft law should harden itself by supporting the hard law and refining the consequences; the institutional and individual investors and information intermediaries should improve the participation of ESG, so as to strengthen the normative effect of the soft law disclosure.

Key words: ESG, information disclosure, soft law, securities market, listed companies

中图分类号:

D922.291

莫志. 上市公司环境、社会和治理信息披露的软法实现与强化路径[J]. 江西财经大学学报, 2022, 0(2): 116-129.

MO Zhi. The Implementation and Strengthening Path of Soft Laws for ESG Information Disclosure of Listed Companies[J]. Journal of Jiangxi University of Finance and Economics, 2022, 0(2): 116-129.

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