ESG投资在中国资本市场可持续发展中的战略价值与实施路径

Strategic Value and Implementation Path of ESG Investment in the Sustainable Development of China's Capital Markets

随着全球气候变化加剧、社会不平等问题凸显以及公司治理风险频发,ESG投资已从单纯的道德投资发展成为推动全球可持续发展的重要金融工具。本研究系统考察了全球和中国ESG投资的发展现状、影响机制及未来趋势,深入分析了ESG投资对资本市场的影响,并提出了推动中国ESG投资发展的策略建议。研究发现,全球ESG投资规模持续扩大,投资策略日趋多元化。中国ESG投资虽起步较晚,但在“双碳”目标和高质量发展要求下呈现快速发展态势,形成了具有特色的发展路径。然而,中国ESG投资仍面临着信息披露标准不统一、评价体系不完善、专业人才短缺等多重挑战。深入研究发现,ESG投资通过多重渠道影响资本市场运行。ESG表现优异的企业往往获得更高的市场估值和更低的融资成本;ESG投资的发展推动了市场流动性提升,其长期导向特征有助于降低市场过度波动。特别是在风险管理方面,ESG投资展现出独特优势,能够帮助投资者更好地应对长期系统性风险。基于此,本文提出了完善ESG投资制度体系、构建中国特色评价体系、培育专业化投资机构、推动产品创新、加强国际合作等建议。

With the intensification of global climate change,the emergence of social inequality issues,and the frequent occurrence of corporate governance risks,ESG investment has evolved from a purely ethical investment into an important financial tool for promoting global sustainable development.This study systematically examines the current state of ESG investment development globally and in China,its impact mechanisms,and future trends.It provides an in-depth analysis of the effects of ESG investment on capital markets and proposes strategic recommendations for advancing ESG investment in China.The research finds that the scale of global ESG investment continues to expand,and investment strategies are becoming increasingly diversified.Although China's ESG investment started relatively late,it is showing rapid development under the"dual carbon"goals and the requirements for high-quality development,forming a distinctive development path.However,Chinese ESG investment still faces multiple challenges,including inconsistent information disclosure standards,an imperfect evaluation system,and a shortage of professional talent.In-depth research reveals that ESG investment influences the operation of capital markets through multiple channels.Companies with excellent ESG performance tend to achieve higher market valuations and lower financing costs;the development of ESG investment promotes market liquidity,and its long-term orientation helps reduce excessive market volatility.Particularly in risk management,ESG investment demonstrates unique advantages,enabling investors to better cope with long-term systemic risks.Based on this,the paper suggests enhancing the ESG investment institutional framework,constructing a distinctive Chinese evaluation system,nurturing specialized investment institutions,promoting product innovation,and strengthening international cooperation.