社会责任投资信息披露法律制度研究

发布时间：2018-01-01 11:32

本文关键词：社会责任投资信息披露法律制度研究　出处：《湘潭大学》2013年硕士论文　论文类型：学位论文

【摘要】：社会责任投资是近些年在全球迅速发展起来的一种新型投资方式，其主要是指，投资者以可持续发展为目的，在进行投资决策的过程中，在考虑传统财务指标的同时，还需要考虑该投资行为给环境、社会和道德等方面带来的积极或消极的影响。通过投资筛选、股东倡导和社区投资三种形式，社会责任投资在欧美国家迅速兴起，数据显示，美国2010年社会责任资产总额达3.07万亿美元，欧洲可持续投资论坛发布的《欧洲责任投资研究（2012年）报告》统计，欧洲社会责任投资总额约11.7万亿欧元，中国也在2008年4月成立了第一只社会责任基金——兴业社会责任股票型证券投资基金。纵观整个社会责任投资的发展历程，以可持续发展观为指导、以欧美发达国家的金融创新和实践为实证的新型投资理念必将引领投资领域的新趋势，社会责任投资必将成为普遍的市场行为。然而，如何使得这一市场行为在传统的趋利市场里，在信息不对称和道德风险的潜在威胁下更具效率、更能保护投资者的利益，或者说使得投资机构在公共利益的背景下更具环境和社会治理的动机，成为了法律制度的当然使命。在现实中，一方面，国际上现行的金融监管制度和典型的信托制度却并不有利于降低社会责任投资的交易成本，另一方面，欧美国家在信息披露、金融激励、公共投资部门强制性规范等方面的制度创新并没有产生协同效应，社会责任投资过程中的信息不对称问题依然凸显，加之信息披露制度自身在防治逆向选择和道德风险等由信息不对称所带来的市场顽疾方面的制度优势，由此引发了对社会责任投资信息披露法律制度的深入探讨。由此，英国、法国、德国、澳大利亚等国家都相继对社会责任投资信息披露采取了立法措施，但是这些制度要么仅仅专注于社会责任投资策略的初始披露，而忽视了社会责任投资的实际履行，要么没有明确社会责任投资的标准，投资机构并不需对具体社会责任组合证券的挑选方法和构成方式作出说明，从而使得信息披露规则的指导性意义大打折扣。基于上述考量，以法律的经济分析为手段，主要提出以下几点完善意见：其一，在披露内容上，考虑到国际上企业社会责任标准已经饱经了实践的检验和自身的升级，具备较强的实用性，并有利于减少投资机构在重新确立社会责任投资标准的信息和管理成本，可以适用于社会责任投资的标准；其二，在披露方式上，考虑到长期投资文化与公共利益的冲突，设立专业化的社会责任投资论坛，并结合强制性和自愿性的信息披露制度，有利于契合当前的市场预期和市场效率。其三，考虑到社会责任投资对投资组合多样化的必然影响，披露专项社会责任投资账户将是可行的策略，另外，明确强制性信息披露的法律责任，，有利于社会责任投资的实际履行。
[Abstract]:Social responsibility investment is a new investment mode developed rapidly in the world in recent years. It mainly refers to investors in the process of investment decision-making in order to achieve sustainable development. While considering the traditional financial indicators, we also need to consider the positive or negative impact of the investment behavior on the environment, social and moral aspects. Through investment screening, shareholder advocacy and community investment three forms. Social responsibility investment is rising rapidly in Europe and the United States. Data show that in 2010, the total value of social responsibility assets in the United States amounted to 3.07 tillion dollars. The European study on responsible Investment (2012), published by the European Forum for Sustainable Investment, shows that the total amount of social responsibility investment in Europe is about 11.7 tillion euros. In April 2008, China also set up its first social responsibility fund-Societe Generale Social responsibility Equity Investment Fund. Throughout the development of social responsibility investment, guided by the concept of sustainable development, with the financial innovation and practice of developed countries in Europe and the United States as an empirical new investment concept will lead to a new trend in the field of investment. However, how to make this market behavior more efficient in the traditional profit-oriented market, under the potential threat of information asymmetry and moral hazard. To protect the interests of investors better, or to make investment institutions more environmental and social governance in the context of the public interest, has become the natural mission of the legal system. In reality, on the one hand. The current international financial supervision system and the typical trust system are not conducive to reduce the transaction costs of social responsibility investment. On the other hand, the European and American countries in information disclosure, financial incentives. The institutional innovation in the compulsory regulation of public investment sector has not produced synergistic effect, and the information asymmetry in the process of social responsibility investment is still prominent. In addition, the information disclosure system itself in the prevention of adverse selection and moral hazard caused by information asymmetry brought about by the market institutional advantages. This led to a deep discussion on the legal system of social responsibility investment information disclosure. Therefore, Britain, France, Germany, Australia and other countries have taken legislative measures on the disclosure of social responsibility investment information, but these systems either focus on the initial disclosure of social responsibility investment strategy. But ignore the actual implementation of social responsibility investment, or there is no clear criteria for social responsibility investment, investment institutions do not need to explain the selection method and composition of specific social responsibility portfolio securities. As a result, the guiding significance of information disclosure rules is greatly reduced. Based on the above considerations, the economic analysis of the law as a means, mainly put forward the following suggestions: first, in the disclosure of content. In view of the international corporate social responsibility standards have been fully tested by practice and their own upgrade, has a strong practicality. It also helps to reduce the information and management costs of investment institutions in re-establishing social responsibility investment standards, and can be applied to social responsibility investment standards; Secondly, in the way of disclosure, considering the conflict between long-term investment culture and public interest, we should set up a professional social responsibility investment forum, and combine the mandatory and voluntary information disclosure system. Third, considering the inevitable impact of social responsibility investment on portfolio diversification, disclosure of special social responsibility investment accounts will be a feasible strategy. Making clear the legal responsibility of mandatory information disclosure is beneficial to the actual implementation of social responsibility investment.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.28

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