Prof. Mike LAI writes in newspaper: Appropriate ESG disclosure is key — accurate reporting matters for corporate risk reduction and competitiveness

Prof. Mike LAI writes in newspaper: Appropriate ESG disclosure is key — accurate reporting matters for corporate risk reduction and competitiveness

Prof. Mike LAI Kee-hung, Co-Director of the Research Centre for Environmental, Social, and Governance Advancement, Associate Dean (Academic Support) of the Faculty of Business, Acting Head of the Department of Logistics and Maritime Studies, and Chair Professor of Shipping and Logistics at The Hong Kong Polytechnic University, recently penned an article for HK01, titled “Bidding Farewell to the ‘More is Better’ Myth – Mastering the Art of Accurate ESG Disclosure”, in which he explores issues related to green finance and ESG disclosure.

Prof. Lai notes that, in recent years, green finance and ESG information disclosure have become global trends, with enterprises generally believing that greater transparency attracts more investors.  However, his research team’s study of listed manufacturing companies in China found that the relationship between ESG disclosure transparency and corporate risk follows a U-shape curve: moderate disclosure helps reduce share price volatility, but excessive disclosure increases risk.  Disclosing an appropriate amount of ESG information can alleviate information asymmetry, boost investor confidence and reduce the impact of unexpected events on share prices.  Conversely, over-disclosure of commercially sensitive information may enable competitors to copy business practices, thereby weakening a company’s advantages and increasing its risk exposure.  The research also indicates that artificial intelligence and intellectual property protection can mitigate the risks associated with excessive disclosure and enhance corporate competitiveness.

Prof. Lai believes that the priorities of institutional investors also affects the impact of ESG disclosure on risk, and that enterprises should adjust their disclosure strategies according to market conditions.  For Hong Kong’s small and medium-sized enterprises, accurately disclosing information about the most distinctive and improvable ESG aspects, alongside technological and patent planning, can help enhance bargaining power and secure green loans.  At the policy level, the government should emphasise the quality and relevance of disclosures, encourage enterprises to make good use of artificial intelligence tools, and improve the efficiency and accuracy of reporting.  ESG disclosure should be seen as a strategic tool for enterprises to manage risk and strengthen competitiveness, rather than merely a compliance burden.

Online coverage: HK01 - https://polyu.me/4bZibB7

黎基雄教授於報章撰文：ESG資訊披露需適度 精準披露助企業減風險、強競爭力

香港理工大學環境，社會，和治理促進研究中心聯席主任、工商管理學院副院長（學務統籌）、物流及航運學系暫任系主任、航運及物流講座教授黎基雄教授，近日於《香港01》撰文，以「告別『愈多愈好』迷思——掌握ESG精準披露的藝術」為題，探討綠色金融及ESG資訊披露的議題。

黎教授指出，綠色金融及ESG資訊披露近年成為全球熱潮，企業普遍認為透明度愈高，愈能吸引投資者。然而，其研究團隊針對中國製造業上市公司的研究發現，ESG披露透明度與企業風險呈現「先降後升」關係：適度披露有助減少股價波動，過度披露反而增加風險。適量公開ESG資訊能紓緩資訊不對稱，提升投資者信心，降低突發事件對股價的衝擊；但若過度披露商業敏感資訊，其營運模式則可能被競爭對手模仿，削弱企業優勢，導致風險上升。研究亦指出，人工智能及知識產權保護可緩衝過度披露帶來的風險，提升企業競爭力。

黎教授認為，機構投資者的關注焦點亦會影響ESG披露對風險的作用，企業應根據市場情況調整披露策略。對香港中小企而言，精準披露最具特色及改善潛力的資訊，配合技術與專利佈局，有助提升議價能力及獲得綠色貸款。在政策層面，政府應重視披露質量與相關性，鼓勵企業善用人工智能工具，提升報告效率與準確度。ESG披露應成為企業管理風險及強化競爭力的策略工具，而非單純合規負擔。

網上報導：HK01 - https://polyu.me/4bZibB7