ESG的演进路径与未来发展

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关键字：ESG；资本市场；影响力投资；绿色金融中图分类号：F832 文献标志码：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的起源和关键要素

1.1ESG理念的概念与发展背景

伦理投资和社会责任投资的实践早已涉及环境和社会责任因素，但现代意义上的ESG（环境、社会与治理）概念正式提出是2004年（Halbrit-ter&Dorfleitner，2015）。（剩余7229字）