中国特色保险公司ESG投资体系

The Chinese Insurer's ESG investment System With Chinese Characteristics

当前国际ESG投资体系存在着采纳成本高、资本市场适应度低,以及ESG投资和财务收益目标短期冲突难以调和等问题。应明确基于中国国情的ESG投资体系特征,并在此基础上构建保险行业ESG投资体系。中国特色ESG投资体系,应符合中国的所有制特征,从全局角度评价企业的股东价值和社会价值创造;应符合中国的经济体制特征,顺应国家战略导向,实现有效市场与有为政府结合;应体现中国的时代特征,动态调整投资框架,以配合政策目标的阶段性侧重。基于以上要求及保险行业特征,本文提出了中国特色保险公司ESG投资体系,主要包括:战略实施体系、投资配置体系、产业布局策略体系、可持续金融标准遵从体系、社会影响体系和科技赋能体系。建议未来将中国特色保险公司ESG投资体系和中国特色估值体系建设紧密结合,形成激励相容的市场治理和政府监管,并保留市场主体对ESG投资框架的探索空间,推进保险公司人才队伍ESG通用能力建设,让保险公司ESG投资在可持续发展中发挥更大的促进作用。

The current international ESG investment framework faces challenges such as high adoption costs,low adaptability to capital markets,and short-term conflicts between ESG investment and financial return goals.It is essential to define the character-istics of an ESG investment system based on China's national conditions and,on this basis,construct an ESG investment system for the insurance industry.The ESG investment system of insurance companies with Chinese Characteristics should conform to the features of the ownership system in China and analyze the benefits created for shareholders and society from a broad perspective.It should also comply with the features of China's economic system and national strategic orientation to combine the efficient mar-ket with the proactive government.In addition,the ESG investment system with Chinese Characteristics should be dynamically ad-justed to keep up with the shifting policy priorities at various points in time,which reflects the characteristics of Chinese develop-ment stages.This paper proposes six systems for the establishment of insurance companies'ESG investment system with Chinese characteristics based on the aforementioned criteria and the characteristics of the insurance industry in China.These systems are strategy implementation system,investment allocation system,industrial distribution strategy system,sustainable financial standard compliance system,social influence system,and technology empowerment system.This paper also recommends that policymakers should encourage the integration between Chinese insurance companies'ESG investment system and the valuation system with Chinese characteristics to form an incentive-compatible and market-oriented governance and government supervision.Meanwhile,the paper believes it is crucial to set aside some space for further exploration on the building of the ESG investment framework for market participants and promote the talent teams'training of ESG general capacity to take good advantage of insurance compa-nies'ESG investment in the promotion of sustainable social development.