分类号F832.3密级公开
收藏编号学号190727083
学校代码10386编号
(专题研究)
我国金融行业上市公司环境信息披露
问题研究
研究方向：财务管理
研究生姓名：张菲菲
指导教师、职称：邓晓岚教授
协助导师、职称：
所在学院：经济与管理学院
答辩委员会主席：周辉芳正高级会计师
二〇二二年六月
我国金融行业上市公司环境信息披露问题研究
摘要
为助力“碳达峰、碳中和”战略目标的实现，中国人民银行确立了“五大支
柱”的绿色金融发展策略，其一就是强化金融机构监管和信息披露要求，持续推
动金融机构提升环境信息披露的强制性和规范性。开展金融机构环境信息披露工
作，有助于金融机构环境与气候风险的有效管理，并推动金融机构将环境要素纳
入投融资决策中，倒逼贷款企业披露环境信息，以减少信息不对称，引导资金流
向绿色领域，推动经济可持续发展。中国人民银行高度重视金融机构环境信息披
露，联合多个金融机构共同探索环境信息披露框架，积极开展环境信息披露试点
工作。目前，金融机构环境信息披露正在大力推进，但是由于我国环境信息披露
制度制定与执行起步较晚，金融机构环境信息披露尚未成熟，环境信息披露工作
还需不断完善与改进。
本文采用内容分析法、定性比较分析法与案例研究法，对我国金融行业环境
信息披露进行研究。首先，选取A 股上市金融公司为样本，分析环境信息披露现
状与问题。其次，采用定性比较分析法，研究环境信息披露的影响机制。再次，
以中国工商银行股份有限公司（简称“工商银行”）为案例，分析其环境信息披
露的形式、内容及影响机制，总结经验与不足，为金融机构提高环境信息披露质
量提供借鉴与启示。最后，基于前文分析提出金融机构环境信息披露的改进建议。
主要研究发现如下：（1）金融上市公司对气候风险评估、环境治理结构、投
融资活动产生的碳排放等信息的披露较为缺乏，且信息可靠性不足。（2）具备试
点效应的大型金融公司，或者数字化建设完善且公众关注度高的大型金融公司，
均有较大可能形成高质量环境信息披露。（3）工商银行在较强的外部监督下，积
极履行环境责任，并通过严格的绿色金融管理和完善的数字化建设，获取充足的
环境信息，提高了环境信息披露的全面性与可靠性。同时，工商银行在绿色运营
数据的统计范围、“两高一剩”行业贷款数据、范围三温室气体排放量的披露等
方面有待完善。（4）为了改进金融机构环境信息披露，公司应提高对环境信息披
露的重视程度、完善绿色金融管理体系、加快数字化建设；政府应加强环境信息
披露政策引导、助力环境信息量化计算；利益相关者应提高环保意识。
本文分析了上市金融公司环境信息披露现状，并针对环境信息披露的前因复
杂性，采用定性比较分析方法（QCA），对环境信息披露的影响机制进行多因素
的组态分析，拓展了金融机构环境信息披露方面的研究。
关键词：金融行业；环境信息披露；定性比较分析
I
Research on environmental information disclosure
of Listed Companies in Chinese financial industry
Abstract
In order to help achieve the strategic goal of "carbon peaking and carbon
neutralization",the People's Bank of China has established the green financial
development strategy of "five pillars".One is to strengthen the supervision and
information disclosure requirements of financial institutions and continue to promote
financial institutions to improve the mandatory and normative environmental
information disclosure.To carry out environmental information disclosure of financial
institutions is conducive to the effective management of environmental and climate
risks of financial institutions,promote financial institutions to take into account
environmental factors when they make investment and financing decisions,and force
loan enterprises to disclose environmental information,so as to reduce information
asymmetry,guide capital flow to green areas and promote sustainable economic
development.The People's Bank of China attaches great importance to the
environmental information disclosure of financial institutions,jointly explores the
framework of environmental information disclosure with multiple financial institutions,
and actively carries out the pilot work of environmental information disclosure.At
present,the environmental information disclosure of financial institutions is being
vigorously promoted.However,due to the late formulation and implementation of
Chinese environmental information disclosure system,the environmental information
disclosure of financial institutions is not yet mature,and the environmental information
disclosure needs to be continuously improved.
This paper studies the environmental information disclosure of financial industry
in China by using the methods of content analysis,qualitative comparative analysis and
case study.Firstly,select listed financial companies in Chinese A-share market as
samples to analyze the current situation and problems of environmental information
disclosure.Secondly,using the method of qualitative comparative analysis,this paper
studies the impact mechanism of environmental information disclosure.Thirdly,taking
industrial and Commercial Bank of China Limited (hereinafter referred to as "ICBC")
as a case,this paper analyzes the form,content and impact mechanism of its
environmental information disclosure,summarizes the experience and shortcomings,
and provides reference and enlightenment for financial institutions to improve the
II
quality of environmental information disclosure.Finally,based on the previous
analysis,this paper puts forward some suggestions for the improvement of
environmental information disclosure of financial institutions.
The main findings are as follows:(1)financial listed companies lack the disclosure
of climate risk assessment,environmental governance structure,carbon emissions from
investment and financing activities,and the information reliability is insufficient.(2)
Large financial companies with pilot effect,or large financial companies with perfect
digital construction and high public attention,are more likely to form high-quality
environmental information disclosure.(3)Under strong external supervision,ICBC
actively fulfilled its environmental responsibility,and obtained sufficient
environmental information through strict green financial management and perfect
digital construction,which improved the comprehensiveness and reliability of
environmental information disclosure.Meanwhile,ICBC needs to improve the
statistical scope of green operation data,loan data of high-pollution and high-
consumption industries,and the disclosure of Scope III greenhouse gas emissions.(4)
In order to improve the environmental information disclosure of financial institutions,
the company should pay more attention to environmental information disclosure,
improve the green financial management system,and speed up the digital construction;
the government should strengthen the policy guidance of environmental information
disclosure and help the quantitative calculation of environmental information;
stakeholders should raise awareness of environmental protection.
This paper analyzes the current situation of environmental information disclosure
of listed financial companies,and in view of the complexity of the antecedents of
environmental information disclosure,uses qualitative comparative analysis (QCA)to
make a multi factor configuration analysis on the impact mechanism of environmental
information disclosure,expands the research on environmental information disclosure
of financial institutions.
Key words:Financial industry;Environmental information
disclosure;Qualitative Comparative Analysis
III
目录
第一章绪论...............................................................................................1
1.1研究背景...........................................................................................1
1.2研究意义...........................................................................................2
1.2.1理论意义.....................................................................................2
1.2.2实际意义.....................................................................................2
1.3国内外研究现状...............................................................................3
1.3.1环境信息披露内容的研究.........................................................3
1.3.2环境信息披露形式的研究.........................................................3
1.3.3环境信息披露动因和效益的研究.............................................4
1.3.4环境信息披露影响因素的研究.................................................4
1.3.5环境信息披露质量评价的研究.................................................5
1.3.6金融机构环境信息披露的研究.................................................6
1.3.7国内外研究现状述评.................................................................7
1.4研究内容与研究方法.......................................................................8
1.4.1研究内容.....................................................................................8
1.4.2研究方法.....................................................................................9
1.4.3研究框架.....................................................................................9
1.5创新点.............................................................................................11
第二章相关概念和理论分析................................................................12
2.1相关概念的界定.............................................................................12
2.1.1金融行业...................................................................................12
2.1.2环境信息与环境信息披露.......................................................12
2.2相关理论的分析.............................................................................13
2.2.1信息不对称理论.......................................................................13
2.2.2利益相关者理论.......................................................................13
2.2.3可持续发展理论.......................................................................13
2.2.4合法性理论...............................................................................14
2.2.5企业社会责任理论...................................................................14
第三章金融行业环境信息披露现状研究............................................16
3.1现状研究的样本与数据来源........................................................16
3.2金融机构环境信息披露动因分析................................................17
3.2.1满足监管和政策要求...............................................................17
3.2.2保障利益相关方知情权...........................................................17
3.2.3承担环境和社会责任...............................................................18