Research On Impact Indicators And Optimization Regarding Localization Of ESG Disclosure System In China ——A Case Study Of Ping An Insurance Company

ESG disclosure as an evaluation system to measure corporate non-financial indicators has gradually become the preference of governments,regulators and investors.ESG development has led to the flourishing of ESG rating agencies,and international standards International index systems such as GRI（the Global Reporting Initiative）,MSCI and Bloomberg have received widespread attention,and more and more listed companies are disclosing their social responsibility reports under the guidance of ESG international and domestic guidelines.Forming a set of ESG disclosure system with Chinese characteristics,exploring the impact indicators of the localization of ESG disclosure system in china and optimizing the existing ESG indicator system are inevitable trends for the improvement and development of ESG disclosure in the Chinese market.However,in the process of realistic disclosure,there are peculiarities in China’s ideology and economic environment,but domestic rating agencies have not formed a unified standard for companies to make reference to.At present,international standards such as GRI,which is the main reference for ESG disclosure of Chinese listed companies,cannot fully reflect China’s national conditions.Therefore,there is a problem that the disclosure needs of indicators in China’s ESG development cannot be fully adapted to the indicators listed in the international standards.So,what are the special features of the Chinese ESG disclosure system?What are the representative indicators?This paper will analyze the above questions.This paper selects Ping An of China,a company that represents the policy direction and industry characteristics and has the leading ESG disclosure level in China,as a case study company,and adopts a comparative analysis method to analyze the mismatch between the key contents of Ping An of China’s report disclosure and the GRI international standard,and summarizes the characteristics of the mismatched indicators as the impact indicators of the localization of ESG disclosure system.More specifically,this paper analyzes the universality and applicability of the disclosure of key indicators,and proposes corresponding forms of indicator disclosure and optimization paths.In practice,it can give enterprises clearer ESG framework guidance,promote the positive practice of ESG China indicators,enhance the degree of macro policy completion,increase the scale of ESG investment,and speed up the market development.Through research and analysis,this paper concludes that（1）indicators such as"carbon neutrality",precise poverty alleviation,and green finance are ESG disclosure indicators with Chinese characteristics that cannot be reflected in the GRI guidelines;（2）key disclosure contents that cannot be fully adapted to the ESG disclosure contents of Chinese enterprises by international guidelines such as GRI are mainly（2）the key disclosures that cannot be fully adapted to the ESG disclosure content of Chinese enterprises by GRI and other international standards are mainly at the policy level and are macro policy-oriented;（3）for ESG disclosure of Chinese enterprises,the key disclosure indicators of enterprises such as "carbon neutrality",precise poverty alleviation and green finance have macro policy attributes and are widely applicable in practice due to the wide range of radiating industries.Therefore,ESG disclosure indicators such as "carbon neutrality" are important and universal,and are representative impact indicators of the ESG indicator system with Chinese characteristics for corporate disclosure.