经济与管理研究2026，Vol.47Issue(6)：63-79,17.DOI:10.13502/j.cnki.issn1000-7636.2026.06.005
ESG理论的体系化建构
Systematic Construction of ESG Theory
摘要
Abstract
As a new management concept and investment philosophy,environmental,social and governance(ESG)has been accompanied by skepticism and criticism throughout its development.A central reason lies in the fact that the ESG theoretical system remains underdeveloped.Therefore,promoting the construction of the ESG theoretical system is of great significance for deepening its theoretical connotation and enhancing the scientific rigor of ESG practice. This paper systematically reviews the theoretical landscape of ESG from five dimensions:legitimacy,motivational drivers,practical pathways,information disclosure,and investment logic.It reveals current limitations in theoretical integration and systemic support.From a layered theoretical construction perspective,this paper constructs the ESG theoretical system centered on bidirectional influence,following the logical progression of bidirectional embeddedness,dual objectives,dual sustainability,and bidirectional influence management.Specifically,new economic sociology,as the root theory,reveals the bidirectional embeddedness between enterprises and society,from which bidirectional influence relations emerge,establishing the theoretical foundation for ESG's rationality.Sustainable development theory and stakeholder theory,as primary theories,propose that corporate objectives should be reconfigured toward dual sustainability for both enterprises and society,thereby justifying ESG's legitimacy at the value level.Institutional logic theory,organizational ambidexterity theory,and system dynamics theory,as secondary theories,respectively explain the intrinsic mechanisms through which ESG achieves dual sustainability,transforming abstract value propositions into actionable and practical logic.ESG issue management theory and ESG value chain theory,as application theories,build upon the preceding three theoretical layers to propose actionable and practical pathways.They transform abstract theoretical logic into concrete management mechanisms,collectively constructing a cross-layered,logically coherent,and practically applicable ESG theoretical system. This theoretical system integrates multiple disciplinary perspectives,systematically addressing core issues related to ESG.It constructs a complete logical loop from theoretical foundation to practical pathways,promoting the theoretical integration of ESG research from fragmented discussions to systematic integration.This paper not only lays an academic foundation for the theoretical development of ESG but also provides a systematic and operational framework for enterprises to formulate ESG strategies and for the government to design regulatory policies.By systematically identifying stakeholders and mapping relationships,enterprises can effectively manage the bidirectional influence between their business activities and the social environment,thereby promoting sustainable development.The government can design relevant ESG policies scientifically and reasonably based on a deep understanding of the bidirectional embeddedness relationship between enterprises and society.关键词
ESG/可持续发展/嵌入性/双向影响/分层建构Key words
ESG/sustainable development/embeddedness/bidirectional influence/layered construction分类
管理科学引用本文复制引用
肖红军,丁凤茹..ESG理论的体系化建构[J].经济与管理研究,2026,47(6):63-79,17.基金项目
国家社会科学基金人才项目"企业数字责任的驱动逻辑、实施范式与治理创新研究"(25VRC094) （25VRC094）
中国社会科学院登峰战略企业管理优势学科建设项目(DF2023YS25) （DF2023YS25）
