金融业ESG信息披露的法典化路径与跨部门监管协同研究

Research on the Codification Path of ESG Information Disclosure and Cross-Departmental Regulatory Coordination in the Financial Industry

摘要: 随着全球可持续发展理念的深化，ESG信息披露已成为企业非财务绩效评估的核心要素，在金融市场监管与企业实践中的重要性持续凸显。当前我国金融业ESG信息披露面临标准口径不一、强制性与规范性不足、跨部门监管权责分散且协作机制缺失等问题，导致披露信息质量参差不齐，难以有效支撑绿色金融体系建设与资本市场稳健运行。文章以金融行业为核心研究范畴，基于生态环境部与证监会的监管协作视角，综合运用规范分析、比较研究与实证研究方法，依托委托代理理论、交易成本理论与网络治理理论搭建分析框架，系统探讨金融业ESG披露规则的体系化整合路径与跨部门协同监管机制。研究通过对沪深两市金融、能源、科技行业上市公司ESG报告的量化内容分析验证信息质量差异，结合多主体半结构化访谈提炼监管协同的现实痛点，最终提出“部门规章统一–区域行业试点–高位阶法典化”的三阶段渐进实施路线。文章旨在为完善我国ESG披露制度体系提供理论支撑与实践参考，推动金融机构可持续发展与金融体系风险防范的有机结合，增强资本市场服务实体经济绿色转型的能力。

Abstract: With the deepening of the global concept of sustainable development, ESG information disclosure has become a core element of corporate non-financial performance evaluation, and its importance in financial market regulation and corporate practice has been increasingly prominent. At present, China’s ESG information disclosure in the financial industry faces problems such as inconsistent standards, insufficient mandatory requirements and standardization, fragmented cross-departmental regulatory powers and responsibilities, and the lack of coordination mechanisms. These problems lead to uneven quality of disclosed information, which makes it difficult to effectively support the development of the green financial system and the sound operation of the capital market. Focusing on the financial industry and from the perspective of regulatory collaboration between the Ministry of Ecology and Environment and the China Securities Regulatory Commission, this paper comprehensively adopts normative analysis, comparative research, and empirical research methods, and builds an analytical framework based on principal-agent theory, transaction cost theory, and network governance theory. It systematically explores the systematic integration path of ESG disclosure rules in the financial industry and the cross-departmental collaborative supervision mechanism. Through quantitative content analysis of ESG reports of listed companies in the financial, energy, and technology industries on the Shanghai and Shenzhen stock markets, this paper verifies the differences in information quality and extracts the practical pain points of regulatory collaboration combined with multi-stakeholder semi-structured interviews. Finally, it proposes a three-stage gradual implementation route of “unified departmental rules, regional and industrial pilots, high-level codification”. This paper aims to provide theoretical support and practical reference for improving China’s ESG disclosure system, promote the organic integration of the sustainable development of financial institutions and financial system risk prevention, and enhance the ability of the capital market to support the green transformation of the real economy.