Финансирование ESG-трансформации на крупнейшем развивающемся рынке Китая. Обзор литературы

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В статье рассмотрены академические исследования ситуации с ESG в Китае с помощью систематического обзора литературы, в котором основное внимание уделяется характеру и интенсивности регулирующего руководства и политики. Несмотря на то что многие исследования отмечают положительное влияние китайской политики на эффективность компаний в области ESG и инвестиций, они, в первую очередь, сконцентрированы на экологических аспектах. Данный анализ рейтинговой системы Китая раскрывает взаимосвязь между ESG-рейтингами, эффективностью работы компании, расходами на финансирование, включая получение займов, и выпуском акций. Исследование расходов на финансирование путем выпуска акций непоследовательно и ограничено по сфере применения, что говорит о необходимости новых работ. Из факторов, оказывающих влияние на ESG, в последний год наблюдалось резкое увеличение количества исследований по теме перехода на цифровые технологии и эффективности в области ESG. В большинстве работ доказывают, что переход на цифровые технологии способствует росту эффективности в области ESG, а в некоторые из них указывается на то, что такой переход в положительном смысле смягчает влияния эффективности ESG на рост стоимости компании. В данном обзоре обсуждается рост ESG-инвестирования в Китае с особым вниманием к пенсионным фондам, коммерческим банкам и фондам ESG, а также предпочтениям инвесторов. Несмотря на растущую роль ESG в решениях об инвестировании существующие исследования в большинстве случаев носят теоретический характер, а это говорит о необходимости увеличения количества эмпирических и количественных работ. В нашей статье выявлены пробелы в исследованиях, посвященных ESG-инвестированию, включая нехватку всестороннего изучения влияния ESG на различные виды страхования и отрасли, а также необходимость разработки эффективных методов определения качества ESG. Настоящий обзор является одним из первых научных источников, в которых обобщают и объединяют различные исследования, а также отмечают направления будущих исследований по Китаю.

Об авторах

Я. Ву

HSE

Автор, ответственный за переписку.
Email: yavu@hse.ru

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