ESG信息披露中的话语策略

Discursive Strategies in ESG Information Disclosure

随着可持续发展观念的不断普及,上市公司越发关注ESG信息披露,而对于其信息披露中话语与利益相关者行为的影响研究仍然不够充分。在现有研究的基础上,本文深入组织话语分析的层面,结合情境特征,引入对参与主体微观互动考察,针对上市公司ESG信息披露中的操纵性行为及其形成机制,提出了一个新的理论解释,并采用新的变量进行了实证检验,得到新的发现。研究结果显示:在当前制度环境下,ESG信息披露中可能存在一种现有研究尚未发现的制度脱钩行为,即上市公司会根据ESG披露时间接近的季度成长性表现,来调整披露文本的主客观程度,临期成长性表现越差,披露文本的主观性程度相较前一期提高越多;利益相关者压力越大,策略性越明显;这一表现为“临期效应”的脱钩源于管理层自利与短视;策略的实施会带来积极的市场反应。建议对这一策略的防范,除提高市场信息甄别能力外,可以通过优化上市公司内部治理结构,干预ESG披露决策的微观互动过程来解决。

With the increasing popularity of the concept of sustainable development,listed companies are paying more and more attention to ESG information disclosure,but the research on the influence of discourse and stakeholder behavior in their information disclosure is still insufficient.This paper delves into the organizational discourse analysis,combines situational characteristics,introduces the micro-interaction investigation of participating subjects,to propose a new theoretical explanation for manipulative behaviors and their mechanisms in the ESG information disclosures of listed companies.It also uses new variables for empirical testing and obtains new findings.The results show that under the current institutional environment,there may be an institutional decoupling behavior in ESG information disclosure that has not been discovered by existing research,that is,listed companies will adjust the degree of subjectivity and objectivity of the disclosure text according to the quarterly growth performance close to the ESG disclosure time.The worse the near-term growth performance,the more the degree of subjectivity of the disclosure text increases compared with the previous period;the greater the pressure from stakeholders,the more obvious the strategy;this decoupling manifested as the“near-term effect”stems from the self-interest and short-sightedness of management;the implementation of the strategy will bring about a positive market reaction.It is suggested that in addition to improving the ability to discern market information,the prevention of this strategy be solved by optimizing the internal governance structure of listed companies and intervening in the micro-interaction process of ESG disclosure decisions.