碳会计信息披露市场反应的实证研究

发布时间：2018-01-02 17:41

本文关键词：碳会计信息披露市场反应的实证研究　出处：《北京交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：在全球环境问题日益突出,各国政府纷纷出台政策响应低碳经济的背景下,本文着眼于企业信息披露中的碳会计信息,研究了我国上市公司碳会计信息披露的市场反应问题。对于碳会计信息披露这一崭新的研究领域,本文从国内外现有的相关研究成果出发,借鉴环境会计信息披露的研究思路,从碳会计信息披露评价及市场反应评价两方面考虑,确定各自评价指标并通过实证研究的方法得到了二者内在的客观联系。本文选取2011年我国A股上市公司作为样本,以基于节能减排绩效评价的上市公司碳会计信息披露得分为解释变量,以上市公司全年平均超额收益率为被解释变量。首先,以CDP问卷为基础构建适用于我国的碳会计信息披露打分体系,通过高碳污染行业及低碳试点地区的分组对各变量进行详细的描述性统计分析,发现我国高碳污染行业上市公司的碳会计信息披露水平低于其他行业；其次,通过各变量的相关性检验及回归分析,证实了我国上市公司碳会计信息披露质量越高则其在资本市场获得的超额收益越高。全文研究结果表明,我国上市公司碳会计信息披露水平与其资本市场的平均超额收益率正相关；最后在此基础上完成整个研究的逻辑框架,揭示了企业、政府、投资者之间通过资本市场形成的互动脉络,并分别从国家、企业、投资者三个层面提出合理化建议。以期通过研究推动政府制定企业碳会计信息披露的规范性准则,企业在市场规律作用下走上节能环保道路,促进国家节能减排事业发展。
[Abstract]:Under the background of global environmental problems becoming more and more prominent, governments have issued policies in response to the low-carbon economy. This paper focuses on carbon accounting information in the disclosure of enterprise information. This paper studies the market reaction of carbon accounting information disclosure of listed companies in China. For carbon accounting information disclosure as a new research field, this paper starts from the existing research results at home and abroad. Based on the research ideas of environmental accounting information disclosure, this paper considers the evaluation of carbon accounting information disclosure and market response evaluation. The objective relationship between them is obtained by means of empirical research. In 2011, A share listed companies in China were selected as samples, and the carbon accounting information disclosure score of listed companies based on energy saving and emission reduction performance evaluation was taken as the explanatory variable. The average annual excess return of listed companies is taken as the explained variable. Firstly, based on the CDP questionnaire, a carbon accounting information disclosure scoring system is constructed. Through the detailed descriptive statistical analysis of each variable in the high carbon pollution industry and the low carbon pilot area, it is found that the level of carbon accounting information disclosure of listed companies in high carbon pollution industry is lower than that in other industries. Secondly, the higher the quality of carbon accounting information disclosure, the higher the excess return of listed companies in the capital market. The results show that the level of carbon accounting information disclosure of listed companies in China is positively related to the average excess return rate of their capital markets. Finally, the logical framework of the whole research is completed on this basis, which reveals the interaction between enterprises, governments and investors through the capital market, and respectively from the country, the enterprise. Investors put forward reasonable suggestions from three levels in order to promote the government to formulate the normative standards of enterprise carbon accounting information disclosure through research, enterprises in the role of market laws on the road to energy conservation and environmental protection. To promote the development of national energy conservation and emission reduction undertakings.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：X196;F275

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