КСО-ОТЧЁТНОСТЬ И РАЗВИТИЕ ИНВЕСТИЦИОННОГО РЫНКА В РОССИИ
Authors: Константинов К.Б. , Лисовская И.А. 
Published: February 2025

В статье представлен анализ практики корпоративной социальной ответственности (КСО) в России, в том числе с учётом геополитических событий и экономических санкций. Рассмотрены структура и показатели фондового индекса Московской биржи, выполнен анализ проблем ограниченного применения финансовых инструментов, связанных с КСО, оценена динамика «зелёных» облигаций, используемых Правительством Москвы для финансирования «зелёных» проектов.

Introduction. In Russian and international practice, investors and society continue to pay attention to the implementation of principles of corporate social responsibility (CSR), an innovative model of public corporate reporting by companies which emphasizes their efforts to address environmental and social issues. At the same time, foreign countries are developing trends of de-globalization and, in some cases, outright ban on investing in the financial instruments of companies sharing CSR values. In Russia, CSR development is still in its infancy, but it is necessary to take into account all aspects of CSR development, including the emergence of fundamentally new problems. The purpose of the article is to present the results of the research of the relationship between CSR and dynamics of stock market instruments, among them shares included in the MESG index and green bonds, as well as to identify the problems of CSR-oriented investment market development in Russia. Results. This study analyzes the development of "de-globalization" sentiments in foreign practice, which manifest themselves, among other things, in direct prohibitions of investment by administrative authorities in the financial assets of CSR-oriented companies. In Russia, CSR implementation was carried out at a slower pace compared to the global practice. Given the current macroeconomic situation, it can be argued that it is only national investors who presently have an opportunity to invest in CSR instruments, which means that the pace of their implementation will remain low. The study has made it possible to draw a number of conclusions: 1) the analysis of the MOEX Russia Index dynamics has shown that, despite its positive dynamics, investors who make decisions solely from the standpoint of economic efficiency will not invest in CSR-related stocks unless they are guided by the conscious choice to invest in socially responsible instruments; 2) the amount of money allocated to environment and climate-oriented investments consistently exceeds the amount of money allocated to the other two aspects of ESG - social and corporate governance. This is because the investment instruments related to social responsibility and especially corporate governance are difficult to create, and it is more problematic to attract investors to finance them; 3) the primary way to attract CSR-oriented investors is through liabilities (mainly green bonds), but the volume of their market in Russia is not large, and a significant part of it is occupied by state organizations and companies with state participation in capital. These are predominantly companies from the financial sector, despite the fact that CSR ratings mainly include mining and extractive industry companies.