证券市场导报Issue(4)：24-37,14.
气候风险披露动态重大性标准的法理建构:以司法适用为视角
摘要
Abstract
The traditional materiality standard,rooted in the securities law framework,exhibits structural misalignment between its core assumption of"current financial impact"and the long-term,systemic,and uncertain characteristics of climate risks,confronting five judicial application dilemmas:temporal misalignment,causal rupture,scalar dislocation,boundary constraints,and methodological obsolescence.To address this problem,global judicial practices have developed dynamic materiality standards through"judicial law-making".This standard transcends the traditional framework of linear causality and individual attribution,achieving a paradigm shift in legal cognition from deterministic governance to uncertainty governance through temporal reconstruction in risk society and network-based liability identification in complex systems.The dynamic materiality standard is legally grounded in risk society theory,rooted in the precautionary principle,public trust doctrine,and the expansion of fiduciary duties.Its connotation does not negate double materiality but rather introduces a temporal dimension,forming a three-dimensional information disclosure framework with double materiality as the static horizontal dimension and dynamic materiality as the dynamic vertical dimension.The effective application of the dynamic materiality standard necessitates framework legislation with dynamic authorization as the legislative model,procedural innovations in the admission of scientific evidence and burden of proof allocation,and capacity building through specialized climate judiciary,thereby generating multi-dimensional interactions among legislative refinement,judicial activism,regulatory coordination,and upgraded corporate governance to construct a systematic rule-of-law guarantee system.关键词
重大性/气候风险/动态重大性/气候治理/气候变化诉讼Key words
materiality/climate risk/dynamic materiality/climate governance/climate change litigation分类
社会科学引用本文复制引用
叶榅平..气候风险披露动态重大性标准的法理建构:以司法适用为视角[J].证券市场导报,2026,(4):24-37,14.基金项目
国家社会科学基金一般项目"环境治理现代化视域下环境司法权配置研究"(批准号:23BFX096) （批准号:23BFX096）
