全面注册制背景下ESG信息披露模式研究
Research on ESG Information Disclosure Models under the Comprehensive Registration-Based System

在注册制背景下，信息披露的地位凸显。信息披露的重点在于重大信息的披露。全面注册制有利于建成一个更加有效成熟的证券市场，更有利于长期价值投资理念的建立，而ESG作为连接企业、监管机构、企业服务机构及投资人的桥梁，正是可持续发展和长期价值投资的理念之一。在全面注册制下，目前的监管实践、公司治理范式的变化、投资理念的改变以及公司可持续发展的要求都需要企业披露信息不再局限于财务信息，而是将ESG纳入企业信息披露的内容之一，我国应逐步推行ESG强制性信息披露，从而助力企业实现商业价值和社会价值的良性循环。
Under the registration-based system, the importance of information disclosure has become increasingly prominent. The focus of information disclosure lies in the disclosure of material information. The comprehensive registration-based system is conducive to the establishment of a more efficient and mature securities market and is more conducive to the formation of the concept of long-term value investment. As a bridge connecting enterprises, regulatory authorities, corporate service providers, and investors, ESG represents one of the concepts of sustainable development and long-term value investment. Under the comprehensive registration-based system, current regulatory practices, changes in corporate governance paradigms, shifts in investment concepts, and the requirements for sustainable corporate development all necessitate that enterprises’ information disclosure should no longer be confined to financial information but should include ESG as part of their information disclosure. China should gradually implement mandatory ESG information disclosure, thus facilitating enterprises to achieve a virtuous cycle of commercial and social values.