ESG的演進(jìn)路徑與未來發(fā)展

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關(guān)鍵字：ESG；資本市場；影響力投資；綠色金融中圖分類號：F832 文獻(xiàn)標(biāo)志碼：A

Abstract： ESG （Environmental， Social，and Governance） has become a critical factor shaping corporate strategies，capital flows，and policy development. Drawing on policy analysis， market evolution， and investment practices，this study identifies four stages of ESG development： compliance一driven， market—influenced，competitive advantage，and systemic integration.A closed—loop ecosystem model is proposed，centering on regulation，disclosure，rating， investment，and optimization. Results indicate a transition from market influence to competitive advantage，with investment logic shifting from negative screening to impact investing. ESG is expected to evolve into a key driver of longterm corporate value and global sustainable growth.

Keywords： ESG;capital markets; impact investing;green finance

1 ESG的起源和關(guān)鍵要素

1.1ESG理念的概念與發(fā)展背景

倫理投資和社會責(zé)任投資的實(shí)踐早已涉及環(huán)境和社會責(zé)任因素，但現(xiàn)代意義上的ESG（環(huán)境、社會與治理）概念正式提出是2004年（Halbrit-ter&Dorfleitner，2015）。（剩余7229字）