中国大型发电上市公司ESG评价体系开发与分值研究

如今,世界各地上市公司正将利润最大化这一短期目标转向环境、社会及管治(ESG)可持续发展这一长期目标,更加清楚地认识到ESG已经构成了企业风险的重要来源之一,并可能影响公司的财务绩效。本文基于状态、压力、响应与层次分析(PSR-AHP)指标分类与权重配比方法构建中国大型发电上市公司ESG评级体系,并应用该评价体系对中国大型发电上市公司ESG绩效进行研究。结果发现,其ESG综合得分波动性大,在研究期最后两年走势不甚理想,其中社会绩效得分及其趋势表现优于环境及管治绩效;在环境及社会绩效方面,响应性指标表现优于压力性指标,而状态性指标走势较为稳定。最后,本文从披露深度及质量、第三方介入、奖惩及强制性披露措施等方面给出政策建议。

Research on the Development and Score of ESG Evaluation System for Large-sacle Listed Power Companies in China

Today, listed companies around the world are shifting their short-term goal of profit maximization to the long-term sustainable development goals of the Environment, Society and Governance (ESG), and have more clearly realized that ESG has already formed an important source of corporate risks, which may affect the financial performance of the company. This paper builds an ESG rating system for China''s large-scale listed power companies based on PSR-AHP index classification and weight ratios, and applies this evaluation system to the ESG performance of China''s large-scale listed power generation companies. The results show that the ESG score is highly volatile, and the trend is not ideal in the last two years of the study period. The social performance score and its trend performance are better than the environmental and governance performance; in terms of environmental and social performance, responsiveness indicators outperform stressful indicators, while state-based indicators are more stable. Finally, this article gives policy recommendations on aspects such as disclosure depth and quality, third-party intervention, reward and punishment, and mandatory disclosure measures.