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本文从政治经济学视角探讨了中国式ESG的独特特征及内在逻辑。研究表明,与西方市场驱动的ESG模式不同,中国ESG实践呈现出显著的政府驱动特征,其核心在于以政府为核心的关系契约。政府通过政策制定和行政干预主导企业ESG行为,导致企业更多地表现为对政策的被动响应,而非基于市场机制的自发行动。在此框架下,本文总结得出中国ESG实践具有五大特征。进一步分析表明,政策不确定性、官员任期和谈判能力等政治经济学因素显著影响ESG效果。此外,ESG虽在“做大蛋糕”(提升企业收入)方面通过社会绩效(S)发挥一定作用,但在“分好蛋糕”(缩小内部收入差距)方面效果有限,反映出政府主导型ESG的局限性。本文为中国ESG的理论构建和政策优化提供了新视角,并指出未来需关注ESG在国际贸易中的战略竞争潜力及利益相关者谈判力失衡等问题。
Abstract：This paper explores the distinctive characteristics and underlying logic of China's ESG practices from a political economy perspective. Unlike the market-driven ESG,China's ESG practices exhibit a distinct regulation-driven frameworks. The government dominates corporate ESG behavior through policy directives and administrative interventions,leading enterprises to passively comply with policies. Within this framework, the study identifies five features of China's ESG practices. Further analysis demonstrates that the policy uncertainty, bureaucratic tenure and bargaining power significantly influence ESG outcomes.While ESG contributes to “ make the pie bigger”( enhancing firm-level revenues) through social performance(S), it shows limited effectiveness in “sharing the pie fairly”(reducing internal income disparities), highlighting the constraints of a government-dominated ESG approach. The findings provide a new perspective for ESG theoretical development and policy enhancement in China. It also points to the need for greater attention to the strategic role of ESG in international trade and to the imbalance of bargaining power among stakeholders.
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(1)与ESG类似的一个概念是企业社会责任(corporate social responsibility,CSR)。通常认为,两者差异不大。或者说,CSR间接地考虑了与环境和社会有关的治理(G),而ESG则明确地考虑了治理。
(1)资料来源:ESG之G维度的分析:2024年房地产行业上市公司:上[EB/OL].(2024-12-20)[2025-01-08].https://www.lzicredit.com/newsinfo/7877701.html?templateId=127605.
基本信息:
中图分类号:F270;F271;X322
引用信息:
[1]聂辉华.中国式ESG——一个政治经济学视角[J].当代会计评论,2025,2(02):1-11.
基金信息:
北京市高校卓越青年科学家项目“北京市建设全球营商环境标杆城市的机制体制创新以及扩散效应研究”(JWZQ20240202001)的资助
2025-06-30
2025-06-30
