摘要
环境—社会责任—公司治理(ESG)反映了企业的可持续发展能力,成为新时代的趋势和商业规范,也成为学术研究的前沿问题之一。本文选取国内外资产评估领域涉及ESG的相关文献,从企业价值、评价体系、信息披露、ESG投资和ESG评估等方面对已有文献进行全面梳理和深入分析。在企业价值影响方面,ESG表现对企业价值的作用呈情境依赖性,并非绝对线性,且与数字化转型存在协同效应。ESG绩效评价存在显著争议,评价体系碎片化导致评级分歧,影响市场解读与资本配置,但其治理功能已逐步显现。信息披露层面虽与企业绩效正相关,但存在标准不统一且与实际需求脱节等问题,区块链等技术为其革新提供路径。ESG投资受内外因素驱动,呈现风险与收益的动态平衡,需警惕“漂绿”行为。评估维度从企业延伸至国家,方法上ESG因素逐步融入传统框架。中国ESG实践呈现“政策主导、国企引领、跨境协同”的特征,虽历经三阶段演进,但仍面临信息披露、行业实践等问题。本文最后基于研究现状剖析了当前研究的核心矛盾,并展望未来该领域可能的探索方向。
Environmental,Social and Governance(ESG)factors reflect a company’s capacity for sustainable development,emerging as both a contemporary trend and a standard of business conduct,whilst also becoming a frontier issue in academic research.This paper selects relevant literature concerning ESG within the field of asset valuation both domestically and internationally,undertaking a comprehensive review and in-depth analysis of existing studies across four dimensions:corporate value,evaluation systems,information disclosure,and ESG investment.Regarding corporate value impact,ESG performance influences enterprise value in a context-dependent manner rather than through absolute linearity,exhibiting synergistic effects with digital transformation.Significant controversy surrounds ESG performance evaluation,where fragmented assessment systems lead to rating discrepancies that affect market interpretation and capital allocation,though its governance functions are gradually emerging.While positively correlated with corporate performance,disclosure practices suffer from inconsistent standards and disconnect from practical needs,though technologies like blockchain offer pathways for innovation.ESG investment,driven by internal and external factors,exhibits a dynamic equilibrium between risk and return,necessitating vigilance against greenwashing.Evaluation dimensions have expanded from enterprises to nations,with ESG factors progressively integrated into traditional frameworks.China’s ESG practices exhibit characteristics of‘policy-led,state-owned enterprise-driven,and crossborder collaborative’development.Despite progressing through three distinct phases,challenges persist in information disclosure and industry implementation.This paper concludes by analyzing core contradictions within current research based on the existing body of work and outlines potential future directions for exploration in this field.
作者
郭晓日
秦婷婷
Guo Xiaori;Qin Tingting
出处
《中国资产评估》
2025年第11期4-13,共10页
Appraisal Journal of China
基金
中国资产评估协会重大研究课题“评估机构如何开展ESG业务研究”的阶段性研究成果。
关键词
ESG
企业价值
评价体系
信息披露
ESG
Enterprise value
Evaluation system
Information disclosure
