Between law and market: voluntary ESG disclosure as a legal counterpoint to mandatory governance in China
法律と市場の間：中国における任意ESG開示を義務的ガバナンスへの法的対比として (AI 翻訳)
X Zhao, Xiaoyang Yu, Tao Huang, Yang Wang
🤖 gxceed AI 要約
日本語
本論文は、中国上場企業における任意のESG開示を補完的ガバナンス手段として法的観点から分析する。任意開示は柔軟性と企業固有の情報提供の利点を持つが、グリーンウォッシュのリスクも伴う。中国では執行の弱さやインセンティブの不整合などの課題があり、規制明確化と市場ベースのインセンティブ強化を提言する。
English
This article analyzes voluntary ESG disclosure as a complementary governance tool in Chinese listed companies from a legal perspective. It argues that voluntary disclosure can provide tailored, forward-looking information above a mandatory baseline, but faces risks of selective disclosure and greenwashing. The study identifies challenges in China such as weak enforcement and misaligned incentives, and recommends regulatory clarity, market incentives, and third-party assurance.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ基準の任意適用が始まっているが、本論文は任意開示と義務開示のバランスについて示唆を与える。中国の事例から、日本でも執行力やセーフハーバー保護の重要性が再確認できる。
In the global GX context
This paper contributes to the global debate on mandatory vs voluntary ESG disclosure, relevant to TCFD/ISSB implementation and SEC climate rules. It highlights the role of market mechanisms and third-party assurance in making voluntary disclosure effective, a key consideration for jurisdictions like the EU and US adjusting their mandatory frameworks.
👥 読者別の含意
🔬研究者:Provides a legal-theoretical framework for analyzing voluntary disclosure effectiveness, useful for comparative disclosure studies.
🏢実務担当者:Highlights risks and benefits of voluntary ESG disclosure; useful for corporate disclosure strategy teams evaluating voluntary reporting.
🏛政策担当者:Offers policy recommendations on balancing mandatory baselines with voluntary flexibility, relevant for SSBJ and ISSB adoption.
📄 Abstract（原文）
This article analyzes voluntary Environmental, Social, and Governance (ESG) disclosure as a complementary governance tool in Chinese listed companies from a legal analysis perspective. While most countries initially favored mandatory ESG disclosure, recent regulatory adjustments in Europe and the U.S. have revealed significant drawbacks, including rigidity, high compliance costs, and inconsistent disclosure. In China, these limitations are further complicated by a layered regulatory structure, uneven firm capacity, and the coexistence of administrative guidance, exchange self-regulation, and market-based ESG evaluation. Using soft-law governance as the dominant analytical framework, and drawing on institutional complementarity, signaling theory, the efficient market hypothesis, and policy compliance willingness as supporting mechanisms, this study argues that voluntary ESG disclosure can operate above a mandatory legal baseline. It can provide more tailored, firm-specific, and forward-looking information, improve transparency, and reduce information asymmetry for investors when supported by credible verification, reputational discipline, and market-based rewards. The article also cautions that voluntary disclosure may generate selective disclosure, symbolic compliance, and greenwashing if it is not supported by baseline mandatory rules, credible third-party assurance, and clear liability boundaries. Current voluntary disclosure in China faces challenges, including weak enforcement, vague guidance, insufficient safe-harbor protections, misaligned incentives, free-rider problems, and barriers specific to SMEs. To address these problems, the article recommends improving regulatory clarity, strengthening market-based incentives, developing effective third-party assurance, expanding safe-harbor protections, and investing in ESG capacity building.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3389/frsus.2026.1857419first seen 2026-07-18 06:01:50
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。