ESG投资偏好性别差异：特征、机制与政策启示

Gender Differences in ESG Investment Preferences: Characteristics, Mechanisms, and Policy Implications

摘要: ESG投资偏好的性别差异是投资者结构研究的重要维度，也是影响产品供需匹配的关键变量。女性投资组合的ESG评分显著高于男性，且这种差异在态度、行为和议题关注上呈现结构性特征。基于扩展的计划行为理论构建的整合框架分析发现，结构性差异源于社会角色期望与亲社会偏好对女性主观规范和投资行为态度的重塑，以及金融素养与信息处理能力差异、产品信息呈现方式偏差和制度约束等对其感知行为控制的削弱，进而阻滞投资意愿向行为的转化。因此，推动ESG市场性别包容性建设，不能停留于提高女性参与率，而应在产品设计、投资者教育、信息披露和分类标准与监管制度等方面进行系统性改进，以推动包括女性在内的更广泛投资者群体实质性参与ESG投资。

Abstract: Gender differences in ESG investment preferences constitute an important dimension of research on investor structure and a key variable affecting the matching of product supply with demand. Women’s investment portfolios exhibit significantly higher ESG scores than men’s, and this difference displays structural characteristics across attitudes, behaviors, and issue concerns. An analysis based on an integrated framework built on the extended Theory of Planned Behavior finds that these structural differences stem from two sources: social role expectations and prosocial preferences reshape women’s subjective norms and attitudes toward investment behavior, while gaps in financial literacy and information-processing capacity, biases in product-information presentation, and institutional constraints weaken their perceived behavioral control, thereby hindering the translation of investment intention into actual behavior. Therefore, promoting gender inclusiveness in the ESG market cannot stop at raising women’s participation rate; it requires systematic improvements in product design, investor education, information disclosure, taxonomy standards, and regulatory institutions, so as to encourage a broader range of investors, including women, to participate substantively in ESG investing.