分类号密级公开
UDC 编号20223550004
硕士学位论文
（专业学位）
股权国际化与上市公司ESG 表现
——以海尔智家为例
申请人姓名陈焯莹
导师姓名及职称张浩，教授
专业学位类别金融硕士
专业学位领域金融
培养单位金融学院
学位授予单位广东外语外贸大学
2024年5月25日
分类号密级公开
UDC 编号20223550004
广东外语外贸大学硕士学位论文
（专业学位）
股权国际化与上市公司ESG 表现——以海尔智家为例
Equity Internationalization and ESG Performance of Listed
Companies——The Case of Haier Smart Home
申请人姓名陈焯莹
导师姓名及职称张浩，教授
专业学位类别金融硕士
专业学位领域金融
论文提交日期2024年5月25日
论文答辩日期2024年5月16日
答辩委员会姚灿中教授肖磊
周艳利副教授
学位授予单位广东外语外贸大学
摘要
我国企业的可持续发展与资本市场高质量开放有着密不可分的联系。党的
二十大指出将大力推动资本市场迈向高层次开放阶段，这也意味着越来越多境
外投资者会参与到我国资本市场投资当中来，加速我国上市企业股权国际化进
程。随着“双碳”目标的贯彻落实，深化企业ESG 实践以实现可持续发展逐渐
成为共识。在此背景下，企业如何抓紧资本市场高层次开放的机遇，提高企业
ESG 表现，成为本文关注的重点。
首先，本文梳理我国ESG 发展现状，指出问题与不足。进而，以海尔智家
为案例分析对象，梳理了海尔智家股权国际化的历程，分析引入境外战略合作
伙伴以及私有化海尔电器在港交所成功上市两大重要事件，厘清境外投资者进
入前后以及持股比例变化，对企业ESG 表现造成的影响，分析两者的内在联系。
进而剖析海尔智家股权国际化对环境、社会、公司治理三大层面的作用路径，
并分析其对各个层面带来的具体效益。最后，选取格力电器进行对比分析，研
究股权国际化程度不同，有无境外战略投资者持股企业ESG 表现的具体差异，
以期为企业提升ESG 表现提供有效建议。
研究发现，第一，现状分析发现我国上市企业ESG 信息披露质量低下，国
内ESG 评级标准不统一，上市公司ESG 表现普遍处于中下水平，亟待改善。
第二，案例分析得出海尔智家的股权国际化进程促进了企业ESG 表现。第三，
梳理两大关键事件发现境外投资者基于参与内部治理以及外部监督两大方面共
同对企业的ESG 实践发挥作用。第四，对比分析发现，股权国际化程度越高，
具有长期境外战略投资者持股的企业ESG 表现更好。相比起格力电器，具有境
外战略投资者持股的海尔智家在ESG 的三大维度上表现都更为优异。
在此基础上，本文提出我国政府持续深化资本市场开放，加快统一ESG 披
露评价标准以及企业适时引入境外战略合作伙伴，充分发挥境外投资者优势，
重视企业ESG 建设等建议。
关键词股权国际化；ESG 表现；境外投资者持股；信息披露；公司治理
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ABSTRACT
The sustainable development of China's enterprises is inextricably linked to the
high-quality opening of the capital market.The 20th Party Congress pointed out that it
will vigorously promote the capital market to a high-level opening stage,which also
means that more and more foreign investors will participate in China's capital market
investment,accelerating the internationalization process of China's listed enterprises'
equity.With the implementation of the carbon peaking and carbon neutrality goals,it
has gradually become a consensus to deepen corporate ESG practices to realize
sustainable development.In this context,how enterprises can seize the opportunity of
high-level capital market opening to improve their ESG performance has become the
focus of this paper.
First,this paper summarizes the current situation of ESG development in China,
and points out the problems and shortcomings.Then,taking Haier Smart Home as a
case study object,this paper analyzes the history of Haier Smart Home's equity
internationalization,the introduction of foreign strategic partner and the privatization
of Haier Electronics Group in the H-share successful listing of the two important
events,to clarify the impact of the foreign investors before and after the entry of
foreign investors and the change of the proportion of shareholding on the enterprise's
ESG performance,and to analyze the intrinsic connection between the two.Then,it
analyzes the path of the internationalization of Haier Smart Home's shareholding on
the three levels of environment,society and corporate governance,and analyzes the
specific benefits it brings to each level.Finally,Gree Electric Appliances is selected
for comparative analysis to study the specific differences in the ESG performance of
enterprises with different degrees of equity internationalization and with or without
foreign strategic investors'shareholdings,with a view to providing effective
suggestions for enterprises to improve their ESG performance.
The study finds that,first,the status quo analysis finds that the quality of China's
corporate ESG disclosure is low,the domestic ESG rating standards are not uniform,
and the ESG performance of listed companies is generally at the lower-middle level,
which is in urgent need of improvement.Second,the case study analysis concludes
that Haier Smart Home's equity internationalization process promotes corporate ESG
performance.Third,two key events are analyzed and it is found that foreign investors
play a role in corporate ESG practices based on their participation in internal
governance and external monitoring.Fourth,comparative analysis reveals that the
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higher the degree of equity internationalization,the better the ESG performance of
firms with long-term foreign strategic investorspared to Gree Electric,Haier
Smart Home,which has foreign strategic investors,performs better on all three ESG
dimensions.
On this basis,this paper proposes that China's government continue to deepen
the opening up of the capital market,accelerate the harmonization of ESG disclosure
evaluation standards,as well as the introduction of overseas strategic partners by
enterprises in a timely manner,give full play to the advantages of overseas investors,
and pay attention to the construction of corporate ESG.
Keywords Equity internationalization ；ESG performance ；Foreign investor
ownership；Disclosure；Corporate governance
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