新能源企业ESG实质性披露动因及经济后果——以阳光电源为例

Substantive ESG Disclosure in New Energy Enterprises: Drivers and Economic Consequences—A Case Study of Sungrow

摘要: 伴随全球绿色贸易规制趋严和“双碳”目标持续推进，新能源企业的ESG披露正由满足合规要求逐步转向服务企业长期规划与经营管理。然而，现有研究对高质量ESG披露的内在驱动因素及其经济后果仍缺乏细致的案例证据。文章选取阳光电源2021~2025年的ESG实践作为纵向案例，综合运用国内ESG评级、企业可持续发展报告和年度财务数据，从披露连续性、信息量化程度、碳管理体系建设及第三方评价等方面识别其实质性ESG披露特征。研究发现，在外部监管与市场准入要求之外，企业持续提升ESG披露质量还可能源于拓展海外市场、积累碳管理能力、改善融资条件以及强化供应链管理等内部经营需求。从经济后果看，高质量披露在短期内会增加碳核算、信息系统建设和第三方鉴证等投入，但从长期来看，其可以改善经营绩效、拓展海外市场、优化融资结构、降低资本成本、构筑长期技术壁垒，为企业长期价值创造提供支持。研究从企业内部经营逻辑出发，丰富了新能源企业实质性ESG披露动因与经济后果的案例研究，并为新能源企业应对绿色贸易规则提供了实践启示。

Abstract: With the tightening of global green trade regulations and the ongoing advancement of the “dual carbon” goals, ESG disclosure by new energy companies is gradually shifting from merely meeting compliance requirements to serving long-term corporate planning and operational management. However, existing research still lacks detailed case evidence on the intrinsic drivers of high-quality ESG disclosure and its economic consequences. This paper selects Sungrow Power Supply’s ESG practices from 2021 to 2025 as a longitudinal case, utilizing international ESG ratings, corporate sustainability reports, and annual financial data to identify substantive ESG disclosure characteristics in terms of disclosure continuity, information quantification, carbon management system development, and third-party evaluation. The study finds that, beyond external regulatory and market access requirements, continuous improvement in ESG disclosure quality may also stem from internal operational needs such as expanding overseas markets, accumulating carbon management capabilities, improving financing conditions, and strengthening supply chain management. Regarding economic consequences, high-quality disclosure may increase expenditures on carbon accounting, information system development, and third-party verification in the short term. However, in the long term, it can improve operational performance, expand overseas markets, optimize financing structure, reduce capital costs, and build long-term technological barriers, supporting long-term value creation for the company. By starting from the internal operational logic of enterprises, this paper enriches case studies on the intrinsic drivers and economic consequences of substantive ESG disclosure in new energy companies and provides practical insights for new energy firms in responding to green trade rules.