我国基础设施建设投资规制中的ESG表现调查研究——基于文本分析方法

环境、社会和治理（ESG）能给基础设施建设投资规制带来新理念，但是我国现行政策和项目中的ESG表现情况尚不清楚，有必要开展调查研究。本研究以规制政策和项目报告为研究对象，采用文本分析方法，对我国基础设施建设投资规制中的ESG表现进行调查研究。研究发现：(1)规制政策和项目报告中均已有一定程度的有关ESG表现方面的内容，但三个维度之间存在丰富性和完备性等方面的差异；(2)环境影响规制政策最完备，社会影响规制涉及安全评估、职业健康预评价等议题，其他议题未在文本中提及，项目治理规制政策数量最多，展现了我国自主的投资项目治理体系；(3)项目报告中的环境影响责任目标和措施相对完善，社会影响责任目标和措施则因项目和所处情境而异，项目治理责任目标和措施更多体现合规性要求，缺乏项目管理人自主动机。本研究提供了基础设施建设投资规制中的ESG表现调查情况，为我国以公共投资为主导的基础设施领域引入国际流行投资理念提供了决策依据。

ESG Display Survey and Research of Infrastructure Construction and Investment Regulation—Based on Text Analysis Method

ESG (Environmental, Social, and Governance) principles can offer innovative perspectives to the realm of infrastructure construction and investment. However, the display of ESG in current policies and projects in China remains uncertain, consequently impacting the decision-making process surrounding the adoption of ESG tools in infrastructure construction and investment regulation. Therefore, there is a compelling need for comprehensive investigative research in this area. This paper aims to scrutinize the display of ESG within China’s infrastructure construction and investment regulation through the analysis of regulatory policies and project reports. The findings are as follows: Firstly, both regulatory policies and project reports exhibit consideration of ESG, albeit with variations in depth and comprehensiveness across the three dimensions. Secondly, environmental impact regulation policies demonstrate the highest level of completeness. Social impact regulation encompasses aspects such as safety assessment and occupational health pre-assessment, yet certain issues remain unaddressed, being subtly "hidden". Concurrently, project governance regulation policies show the greatest volume, signaling the establishment of a self-invested project governance system. Lastly, text analysis of project reports indicates relatively well-defined objectives and measures pertaining to environmental impact responsibility. Conversely, the objectives and measures concerning social impact responsibility display considerable disparities across different projects. Moreover, the objectives and measures associated with project governance responsibility primarily emphasize compliance requirements, lacking the autonomy motivation of project manager. In essence, this study presents an overview of ESG performance within infrastructure investment regulation, thereby serving as a foundational reference for the integration of globally endorsed investment concepts into the domain of infrastructure predominantly dominated by public investment in China.