基于独立报告的上市公司ESG披露现状分析

Analysis of ESG Disclosure Status based on ESG Reports of A-share Listed Companies in Shanghai and Shenzhen

作为贯彻可持续发展理念的重要工具,ESG(环境、社会、治理)理念近年得到广泛普及。从分析ESG框架体系展开,研究来自沪深A股上市公司的546份独立披露的ESG报告内容,同时结合上市公司自身特征对企业ESG报告披露现状进行分析,分析发现目前ESG报告披露存在的问题:ESG内容可比性和一致性不足、“报喜不报忧”现象较为普遍、定量指标偏少、真实性不足、行业区分度不高等。为提高ESG报告披露质量,文章从微观与宏观两个层面提出建议。微观上,企业和第三方评级(评分)机构需要提高ESG报告的可信度和参考价值;宏观上,要加强ESG强制披露法规建设、立足我国国情以及建立和完善行业ESG披露指引,并结合理论与实际需要,从各利益相关者角度提出未来ESG披露研究可关注的内容。

As an important tool to implement the concept of sustainable development,the concept of ESG(Environmental,Social,Governance)has gained widespread popularity in recent years.Starting from the analysis of the ESG framework system,this paper studies the contents of 546 independently disclosed ESG reports from Shanghai and Shenzhen A-share listed companies,and analyzes the current situation of ESG report disclosure in combination with the characteristics of listed companies.The analysis finds that there are problems in the current ESG report disclosure,including:The comparability and consistency of ESG content are insufficient,the phenomenon of“reporting good news without reporting bad news”is more common,the quantitative indicators are less,the authenticity is insufficient,and the industry differentiation is not high.In order to improve the disclosure quality of ESG reports,this paper puts forward suggestions from both micro and macro levels.On the micro level,enterprises and third-party rating agencies need to improve the credibility and reference value of ESG reports.On the macro level,it is necessary to improve the construction of ESG mandatory disclosure laws and regulations,base on China’s national conditions,establish and improve the industry ESG disclosure guidelines,and combine the theory and practical needs,from the perspective of various stakeholders to put forward the future ESG disclosure research can be concerned about.