公司社会责任信息披露的软法构建研究

Research on the Construction of Soft Law for Corporate Social Responsibility Information Disclosure

2018年,证监会修订《上市公司治理准则》,确立了环境、社会、治理的ESG信息披露框架。在混合所有制改革、金融开放加速的背景下,中小投资者权益保护的内涵发生根本转变,企业社会责任利益相关方的话语权得到提升。优化营商环境,推进信用监管将市场自由的效率目标与公平竞争的秩序目标进一步推向融合。企业信息公开、上市公司信息披露、社会信用体系建设完善了社会责任信息交换的公共场域;ESG投资的交易成本降低,市场的强劲表现成为推进上市公司责任治理的实质性激励机制。以上元素共同构成了《上市公司治理准则》修订纳入ESG信息披露框架的制度语境。这一修订客观上打造了一个撬动责任软法推进的支点,通过将ESG框架导入上市公司治理,与新发展理念结合,在多元参与的公司治理结构和基于合规性的履责实践基础上,使得创新商业方法解决社会问题内化为上市公司的决策思维和责任基因,追求利润至上的"经济人"理性与追求影响力投资的"负责任"价值取向在ESG投资实践中有效融合。

In 2018,the China Securities Regulatory Commission revised Code of Corporate Governance for Listed Companies and established an ESG information disclosure framework. Under the background of the mixed ownership reform and the financial opening-up,the meaning of the small and medium-sized investors’ rights and interests is undergoing a fundamental change in China,and the discourse power of enterprise stakeholders has been enhanced. The goal of market efficiency and fair competition is further integrated with the practices of optimizing the business environment and promoting new credit-based regulatory mechanism. The enterprise disclosure and the establishment of social credit system have improved the public field of the Corporate Social Responsibility information exchange. ESG investment becomes a substantial incentive mechanism to promote the CSR performance of the listed companies. The revision of Code of Corporate Governance for Listed Companies objectively creates a fulcrum to promote the soft law of CSR. The economic rationality pursuing "profit first"and the CSR value orientation pursuing influence investment are effectively integrated in ESG investment practice.